Emipirical Study On M & A Performance And Influencing Factor Of Listed Company

Since Mergers and Acquisition(M&A) rise in western countries with the United States as their representative, five big tides of M&A have taken place in the world. M&A, as a means of resource redistribution, is playing an important part in the growth of an enterprise. After 1990's, with the establishment and development of security market in our country,M&A of listed companies is becoming a hot issue in our economy. Since our country enter WTO, global competition is more competitive. Our economy will join in the globalization more widely, deeply and rapidly.M&A tides lead scholars, home and abroad, to deeply discuss the performance of M&A from different scientific angles, in general, the value of M&A effect is uncertain. Since 2002, Mergers and Acquisition(M&A) of listed companies in China acts gradually standardized, market-oriented, showing very different from the previous stage of the characteristics, take this as the background, this article carries on the inspection to be listed merger and acquisition management achievements and the influencing factor.The thesis, on the base of reviewing the M&A motive theories and previous research relevant to M&A performance,takes Financial ratio analysis to study on M&A performance. This article has given the sample company's selection principle and the concrete financial norm system, and proposed the research supposition. Examined the supposition which based on the newest research sample research proposed, has analyzed the new time To be listed merger and acquisition achievements dynamic change process, the revelation achievements change direction. And in mergers and acquisitions on the basis of performance, empirical testing of samples of M&A factor that may affect performance.The results show that:As a whole China To be listed's merger and acquisition activity has not created the value or enhances enterprise's operating results, but has not harmed company's value. Such a result in line with the practice of industry experience. Generally, the substantive merger and acquisition will later have resources to redeploy, the personnel system conformity process, the achievements which the merger and acquisition will bring manifests must have certain time, but China's empirical analysis result will be actually opposite, showed that China To be listed's merger and acquisition will have the tendency which the report form will reorganize. Regarding the merger and acquisition achievements influencing factor our analysis conclusion is:The relative size of the transaction significantly positive impact on the performance of the company mergers and acquisitions; Whether the related party transactions and equity structure forward influence enterprise merger and acquisition achievements. But the effect is not remarkable. Payment is also a significant positive impact on the performance of the company mergers and acquisitions; Acquirer's largest shareholder after the merger ratio of short-term impact on performance is positive, long-term negative. The purchase company's stockholder's rights nature and the merger and acquisition achievements obviously are many times related, but presents the merger and acquisition shorter forward influence, after the merger and acquisition, long-term influence for negative; Holding shareholder marking and the merger and acquisition achievements many times obviously are also related, the merger and acquisition are also related, the merger and acquisition in the past was the forward influence, after the merger and acquisition, the first year and the second year was the negative influence.