| M&A activities increasingly active in the industrial countries since the 20th century 70s.Especially in the mid-90s the M&A increases unceasingly between the big companies, many international giant companies have been involved in the enterprise M&A upsurge. In our country, the socialist market economic system reform goal's establishment in 1992, enterprise merger and acquisition reorganization day by day was also frequent, along with capital market's growth and to be listed unceasing increase, but compared with the Western developed country still had the quite big disparity.M&A business has been a hot issue of capital markets, the motives and form of mergers and acquisitions are markedly different. After the merger and acquisition, enterprise's state of operation is very different, some enterprises has realized the qualitative leap, other enterprises cannot do strongly does in a big way, instead has implicated the original enterprise. There are a few factors affecting the performance of mergers and acquisitions. Why some enterprises haven't been able realizes a better development. What factors affect the performance of M&A.? This issue has been the focus attention of the theoretical study and practical operation.Most previous research samples were selected from the domestic stock market before 2000; this did not reflect the domestic M&A market accurately, due to incomplete and related systems. M&A activities of listed companies developed into a new stage facing the "Securities Law"" Acquisition of Listed Companies." This selected domestic listed company involved in M&A events of 2003&2004. And study the performance of its acquisitions according to listed companies in M&A event classification of the different status. Analysis of the factors affecting acquisition performance, and discuss the case of GITI TIRE CORPORATION merger HUALIN TYRE CO., LTD. Revealing the factors which affects the performance of mergers and acquisitions. The contents of this paper presented the following order around the above problem.The first chapter introduced this article research background, the research significance, the literature summarize, the research technique and the mentality, the research content and the innovation spot.The second chapter reviewed the theories related to the M&A and defined concepts; described the meaning, characteristics, types of mergers and acquisitions; introduced the path of mergers and acquisitions development in domestic and abroad; discussed the inherent nature motivation and extrinsic motivation of M&A;defined the related concepts of M&A according to analysis the different motivations.Listed companies were classified according to M&A events in the different status of listed companies. The third chapter's empirical study accorded to different categories M&A of listed companies. First, the hypotheses were proposed; then, Selected indicators and designed research methods; third, did empirical study according to different categories; finally, analyzed the results. The performance of M&A need to manifest through the management. Generally speaking, the results of the change actual controller were ideal. This may be the results of injected assets and improve the management.The fourth chapter discussed the factors affecting M&A; analyzed the factors affecting the performance of M & A; uncovered the special factors in domestic market under the case of GITI TIRE CORPORATION merger HUALIN TYRE CO., LTD. First consider the impact of macro factors; then analyzed the factors affecting the micro factors. Finally explain the role of local government in M&A.The fifth part summarized the full text, generalized the empirical results of this paper; pointed out the limitations of this study and future research directions. |
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