Empirical Research On M&A Synergistic Effect

In the background of today’s market economy, merger and acquisition has been recognized as a world trend. M&A in western developed countries has a history of over100years, according to statistics, there have been five merger and acquisition tide. Since China had entered into WTO, under the background of the integration with the world’s financial markets and the rapid growth of economy, enterprise mergers and acquisitions has played a vital role in the development of market economy in our country. Mergers and acquisitions can development rapidly in the world because it can obtain synergies, create more wealth for shareholders. But not all M&A can generate positive synergies, a lot of enterprises received a zero or negative synergy. Synergistic effect of mergers and acquisitions is still a problem that must be discussed by academicians. This paper selects Shanghai stock exchange and Shenzhen stock exchange of the companies in2009as the research object, and was based on an empirical study of m&a events of107companies to analyze the synergy effect in merger and acquisition, then evaluate the efficiency of enterprise merger and acquisition.This paper first uses literature analysis to research and sort the existing results and conclusions of the predecessors. And summarize and review the relevant theories of merger synergies, as to provide theoretical basis for the empirical research. Then it uses the method of quantitative analysis and qualitative analysis. Through combining specific financial index and factor analysis to construct the comprehensive score model to calculate the scores of m&a synergy effect, it decides whether to realize the merger synergies with quantitative research. This is the main part of the empirical research. Finally it analyses the empirical results of synergistic effect with qualitative analysis.Through empirical research, results are as follows:After mergers and acquisitions occurred in a short period of time, the synergistic effect of enterprises has increased significantly. From a long-term point of view, synergy also has a positive impact, but the impact is greatly decreased than before. But from individuals, there are huge differences in individual synergistic effect, even some companies gets the negative synergistic effect. In general, for the vast majority of listed companies, Mergers and acquisitions has brought the negative synergies. The paper finally puts forward three policy proposals to create value for the enterprise for a long time.