Research On The Motivation And Performance Of Chinese Listed Companies With Tender Offer Events

In the context of economic globalization,it is both a risk and a challenge for enterprises.There are two general ways of expansion.mergers and acquisitions can achieve faster and more effective expansion.At present,M & A has become one of the important means for the rapid development of listed companies.At present,China's main M & A methods include agreement acquisition and tender offer.Although China's mergers and acquisitions are still dominated by agreement acquisition,compared with agreement acquisition,tender offer has the advantages of fairness,impartiality and openness.It has been widely used in developed overseas financial markets.Approved,so with the gradual development and improvement of China's financial system,tender offers have great room for development.Therefore,in this paper,we take listed companies that have been tendered for acquisition as the target,and study the motivations and performance of the tenders.At the theoretical research stage,this article first summarizes domestic and foreign M & A performance research and M & A motivation research in the literature review section.At present,domestic and internationally recognized merger and acquisition drivers can be divided into two categories,namely,synergy drivers and agency drivers.The research on M & A performance is mainly divided into short-term performance and long-term performance.Regarding whether mergers and acquisitions have a positive effect,scholars at home and abroad have not yet reached a consensus,and the author believes that there are many factors that affect stock prices,so this article only focuses on the study of long-term performance.Subsequently,this paper studies the relevant theories of tender offers,explains the different types of tender offers,and gives examples.In the stage of experimental demonstration,because a single financial indicator is difficult to represent the performance of the company,the author refers to 14 financial indicators and uses the factor analysis method to build a performance evaluation system.In addition,the author also divides the research sample into two types: collaborative motivation and agency motivation.The two groups of samples are also scored using the performance evaluation system of factor analysis.In the end,it is found that neither the collaborative motivation nor the agency motivation has any effect on corporate performance.Significant impact.Finally,based on the results of the empirical analysis,the performance difference of listed companies in other tender offers is not obvious,and relevant suggestions are put forward,which can be used as a reference for Chinese listed companies to obtain greater benefits in tender offers.