Based On The Historical Data Of Listed Companies To Analyze Enterprise Acquisition Performance Under The Corporate Life Cycle Perspective

The businesses are difficult to keep up with market changes as their growth, but mergers and acquisitions can provide a way for enterprises to speed development. Through mergers and acquisitions, companies can expand production scale, lower transaction rates and improve the vitality of enterprises, so the acquisition plays a key role in the development of enterprises in the process. Domestic and foreign researchers focus on the post-merger changes in corporate performance when they are in the study of mergers and acquisitions, However, due to the standards of the statistical sample and related performance measures are different, leading to the answers on the merger will affect the business performance or not are different in academia.Based on the analysis of existing research on M & A Performance conclusion, combing enterprise life cycle theory, dividing into the life cycle of the 123 sample listed companies, developing a new corporate acquisition performance metrics according to the differences of existing research results on M & Performance. According to corporate profitability, solvency and growth capacity and operational capabilities of these four comprehensive criteria to judge the improvement of enterprise performance. Meanwhile, according to different corporate life cycle perspective, to make the ten financial data which can reflect the four standard as key indicators of performance measurement information, constructing performance composite score change function of a year before merger, acquisition year, a year after the merger and acquisition of the second year with factor analysis, and using the score differences to analyze business performance. We can learn based on the results of empirical research, the companies are not suitable for mergers and acquisitions in the initial stage of the life cycle of enterprise, the businesses in growing corporate life cycle are suitable for horizontal mergers and acquisitions, but the mature businesses are suitable for vertical or mixing mergers or acquisitions, recession suitable for mixed enterprise mergers and acquisitions, it is explained the gang angle selection for enterprise life cycle performance significantly for us.Based on the current situation as well as mergers and acquisitions M & A market problems in the process, put forward policy recommendations in two different angles. Consideration from the government level, to avoid unnecessary intervention policies, laws and regulations should establish a sound M & A market, proper assistance and guidance mergers and acquisitions; From the enterprise level, companies should select a good acquisition opportunity, and in a timely manner after the merger integration work to improve business efficiency.