Research On The Factors Influencing The Success Rate Of Chinese Enterprise's Domestic M&A

With the continuous development of China's economy and the continuous improvement of the capital market,mergers and acquisitions among enterprises are becoming more and more frequent.From the national level,mergers and acquisitions are one of the important steps to invigorate state-owned assets,invigorate industries with excess capacity and create world-class enterprises.For a single enterprise,the success of a merger and acquisition activity is not only related to the smooth progress of corporate strategic planning,but also affects the company's stock price and the interests of many investors.For a long time,domestic scholars have focused on m&a motivation and performance evaluation,and few studies have been conducted on the influencing factors of successful implementation.On the basis of summarizing predecessors' research theory,this paper analyzes the current status of m&a in our country,put forward to the future development of view,finally based on the influence factors of implementation of the success of m&a in our country to carry out empirical research,in the territory of China listed company m&a events in 2017-2018 as sample,combining previous research theory,put forward the corresponding assumptions,and introduces a set of control variables,through the binary logistic regression model to conduct an empirical analysis,validate the hypothesis.Through analysis,it is found that there is a significant correlation between the payment method of the m&a party,the premium rate of the m&a transaction price and the performance commitment and the success or failure of the m&a.Simply put,when the payment method of the m&a transaction is pure cash,the m&a transaction is more likely to succeed.The premium rate of m&a transaction price is higher,and m&a transaction is easier to succeed.Mergers and acquisitions are easier to execute when there are performance commitments.Innovation of this study is from the empirical perspective,select the latest data of mergers and acquisitions in China,from the perspective of transaction level,explore its correlation with m&a success or failure,in particular to explore more involved in current m&a premium rate and the factors influencing the performance commitment to m&a success or failure,hope to provide reference for our country enterprise merger and acquisition activity within the territory of ideas and innovation direction.