An Empirical Study On The Cross Regional Mergers And Acquisitions Impact On Performance Of Different Types

M&A is increasingly becoming an important means for enterprises to expand the scale and financing. Listing Corporation are through mergers and acquisitions to expand their territory, to improve their own competitiveness, to participate in the global competition.In the past 10 years, the majority of Chinese entrepreneurs to become familiar with and master the "M&A" transaction, and regard it as the enterprise of epitaxial growth development strategy. From the China M&A data China Venture see, Chinese in 2005 to 2014 10 years, the number of mergers and acquisitions at a 20.5% annual compound growth rate steadily increases, the amount of M&A is a 55.1%compound annual growth rate of rapid growth in. Whether the number of mergers and acquisitions and the amount of the transaction, domestic M&A in the past 10 years are still as the first-- Chinese territory the number of mergers and acquisitions accounted for 93.1% of the total Chinese about M&A method of mergers and acquisitions, involve amount accounted for all of about 66.9% of the amount of M&A. Therefore, the research on M&A performance pay more and more attention. M & a is it right? Can create value for the enterprise, it is the key to the success of M & a is it right? Problem, from this perspective, the research on M&A performance is very necessary.At the same time, experience and influence by transnational M&A case, cross regional mergers and acquisitions on the domestic research also gradually surfaced. Mostly one-way research across the region between the culture or system influence the performance of M&A.In1996 theBritish Management Association(APM) for multiple M&A event concludes, often found the failure of mergers and acquisitions is underestimated or ignored the differences in tissue culture, the process of cultural integration after M&A is the key of the merger, is the key to the success of mergers and acquisitions(TerryandBelcher,2000).This leads to the relative differences between regions, the influence on Enterprise M&A is what?This article selects the 2009-2011 listing Corporation merger events occurred as there search object, according to certain standard selected 291 companies as the Sample Firms, first carries on the descriptive statistical analysis of performance of the Sample Firms.Then the performance the explained variable, payment methods, related party transactions, ownership concentration and the state-owned equity as explanatory variables, select the asset liability ratio as control variables, the different types of M&A as a dummy variable region. The empirical results show that, cross regional mergers and acquisitions of different types do have influence on the performance of M&A. Finally according to the conclusions, combined with China’s specification conditions, put forward to improve China’s listing Corporation mergers and acquisitions performance effective policy recommendations.