M & A Motives Listed Companies In China M & A Performance Study

The basis of domestic stability in order to the international market, the strong hands in the future occupy a seat location, not only individual companies constantly seek to expand the program, governments have launched the development of many for big companies preferential measures and policies to enhance the its comprehensive national strength.The basis of domestic stability in order to the international market, the strong hands in the future occupy a seat location, not only individual companies constantly seek to expand the program, governments have launched the development of many for big companies preferential measures and policies to enhance the its comprehensive national strength. Today, M & A activity took place almost every day, mergers and acquisitions have become the types of enterprises in order to expand and extensive use of a tool. So, how to find the factors that affect the performance of mergers and acquisitions, how to analyze the performance of listed companies, mergers and acquisitions, and get some effective measures to regulate the behavior of the various mergers and acquisitions, to increase the company's overall performance, there is a great practical significance.After the study, the article shows evidence: In the short term, the target company to be an increase of wealth, increase the value significantly different from 0; acquisition of the company's wealth has not been increased, short-term performance is negative, but the performance in absolute terms are small, and 0 ties not significant; mergers and acquisitions motivated separation results show that the occurrence of most of the M & A activity because of agency motives prompted; in the long run, based on collaborative motives of long-term performance of the acquired companies on the rise, while the agent-based motivation for the acquisition of the company long-term performance was After steady signs of abating. Articles are also based on mergers and acquisitions motivated by two different long-term performance comparison study found the agent-based mergers and acquisitions motivated to behave worse than the acquisition of behavior-based collaborative motives.This study shows that China's current capital market environment, mergers and acquisitions among enterprises has not been achieved to create value function. This may be due to different motives are implicit in which mergers and acquisitions, based on collaborative motives and based on the damage to the interests of shareholders, as well as M & A motives exist post-merger integration is not successful and so on. Therefore, the last in the article, based on empirical results of the analysis of the agent's motive was "rampant" and create value not significant (unrealized synergies) analysis of the phenomenon and put forward relevant policy proposals.