Empirical Analysis Of The M&A Performance And Influencing Factors Of China’s A-share Listed Companies

M&A activity is a complex and scientific economic activity in business operations.Beginning with the reform and opening up of China,the merger and acquisition activities of Chinese enterprises have gradually developed,and currently maintain a relatively high number of transactions and transactions each year.This page selects the recent mergers and acquisitions in China’s capital market as a sample,and also makes some attempts on how to evaluate the performance of mergers and acquisitions and what factors affect the performance of mergers and acquisitions,trying to provide some suggestions for companies that are about to merge.Firstly,this page analyzes its short-term performance using the event analysis method and its long-term performance using the panel data policy effect evaluation method proposed by Hsiao et al(2012),based on the relatively new M&A samples and mergers and acquisitions of Chinese A-share listed companies.Finally,the factors affecting M&A performance are analyzed by analysis of variance and multiple linear regression.The final research results show that China’s A-share listed companies can achieve positive M&A performance after one year of M&A activity.In addition,the occurrence of related party transactions in mergers and acquisitions will negatively affect the performance of listed companies’ mergers and acquisitions.At the same time,state-owned holdings will also negatively affect listed companies.The conclusion shows that for listed companies,the occurrence of related party transactions will affect the ability of listed companies to operate independently and reduce their ability to resist external risks.The M&A activities issued by state-controlled companies may not be purely for profit,but more because of Regulation of economic policies.Finally,combined with the results of empirical analysis,suggestions are given from aspects such as paying attention to the participation of state-owned capital and not carrying out related party transactions when issuing M&A activities.