The Analysis Is The Factors Of Impact On China’s Listed Companies’ Merger Performance Enterprises

With the world development of economic globalism and internationalization, M&A has become a high-profile economic phenomena. With The internationalization of the economy, the capital market is perfected gradually, M&A has been rapid development. Although the M&A in China starts late, we must overcome all difficulties, to take the opportunities and challenges by merger wave. According to the theory of synergies——M&A can bring cost savings and economies of scale, so get around the world. As the core issue of M&A is performance, also get the wide attention of the academic and practical circles, if enterprise operating performance is improved, what factors influence the performance change before and after M&A. These problems can cause the attention of the academia.This article selects listed companies in the manufacturing of M&A in 2012 as research samples by normative research and empirical research. Firstly, elaborated the M&A theory and motivation. Then combined the theory at home and abroad, analyzes the six major factors affecting enterprise performance including stake after M&A, including merger type, intra-group transaction, mode of payment, the proportion of the state owned ship centration and so on. And puts forward the related hypothesis, through factor analysis and regression analysis get the following conclusion: performance is strong in short-term, long-term running out of steam; Share holding rate after M&A and related transaction have a significant positive correlation; Industry Association have positive correlation, but not significant; The proportion of state-owned shares have positive correlation in the short term, but long time is opposited; The proportion of the first shareholder have negative correlationt obviously. Finally, forward constructive suggestion and shortcomings.