Different Motives Oriented M & A Activity And Its Performance Study

With the development of stock market and capital market, the mergers and acquisitions behaviors of China's listed companies are more diversified, and different M&A behavior may be implicit in different motives which comes from the listed companies under the different control, the M&A performance is the economic outcomes which are caused by the M&A behavior choice under different motives. In view of this, this paper will along the route of"M&A driven motivation-corporate M&A behavior-M&A performance", and study the M&A behavior of listed companies from the macro-and micro-oriented respectively, and the impact of behavior under the different M&A motivation-oriented on the M&A performance.In this paper, research results and scholars from home and abroad based on the capital markets and the effectiveness of administrative intervention on the impact of acquisitions, the acquisition is divided into government-led mergers and acquisitions and market-driven mergers and acquisitions, the performance of specific behavior pattern for the industry mergers and acquisitions, mergers and acquisitions and related regional mergers and acquisitions, and through empirical analysis to examine the differences of different options and M & M & Performance. This article first occurred in 2006-2008, acquired 613 shares from the acquisition of the incident as a sample, analysis of different motives guided the company's acquisition of behavioral characteristics, and paired samples T test. Then re-select the text in 2006, consistent with the conditions of sample selection, the use of factor analysis of the different Dongji Fenbie Under the Guidance of Listed Companies to M & A year after the two years prior to the long-term performance, and behavior patterns of different performance characteristics under the M & A, regression model was constructed to analyze the different motives guided the M & A and M & A performance relationship. The results show that: As the motivation of different orientation, state-owned holding listed and non-state-owned holding listed on the differences in the behavior of choice, especially in regional M & A choices significant. This difference makes the existence of a market-oriented non-state-owned holding listed company acquisition performance is better than government-led state-owned holding listed company acquisition performance. The performance of M & M relationship with the results of the study found that state-controlled listed companies, cross-regional mergers and acquisitions performance significantly better than with the regional M & A Performance; of non-state holding listed companies unrelated acquisition performance was better than the performance associated with acquisitions; other M & M & A no significant effect on performance.Finally, conclusions Suggestion: to improve listed companies merger performance from M & A orientation and behavior of the government and enterprises to guide and regulate, that is to enhance market-driven mergers and acquisitions, changes in government behavior; guide enterprises to reasonable choice of M & A behavior; deepen the capital market reform and innovation, establish and improve intermediary services market...