An Empirical Study On The Performance Of Listing Corporation In The Perspective Of M&A Motivation

At present, China is in the early stage of the development of market economy.There is a big gap between real significance and the market. In the early stage of stock reform, special listing system has many problems, which led to widespread Chinese listing Corporation mergers and acquisitions. However, with the development of China's economy, company's pace of expansion is accelerating. Mergers and acquisitions has become an important means for companies to enter the industry or enhance the company's competitive strength. With the wide M & A, has attracted great attention in academic circles, more and more research found that different motivations have important influence on the performance of mergers and acquisitions. However, the research found that not all mergers and acquisitions are to improve the value of the company. Company's merger and acquisition activity is extremely complex. Causing different merger behavior motivations are also different. Different M & A Motives play a decisive role in the development of the strategic objectives of the company.Therefore, Based on different motives of M & A, there will be differences in the performance of the company's mergers and acquisitions. It is of great significance to study the influence of different M & A Motives on the performance of corporate mergers and acquisitions.The thesis selects 27 listing Corporation in our country as the sample, which successful completion of major asset restructuring during 2010-2011.First of all, through the analysis of the influence of different acquisition motives to the performance of the main factors to parse out the effects of different motivations. Secondly, factor analysis of different factors.The 18 factors of dimensionality reduction into six common factors. Thirdly, Using Tobin Q value as the dependent variable to measure the performance of M & A, six common factors as the independent variable, multiple linear regression analysis was carried out to obtain the relationship between the public factors and the performance of M & A. Finally, using the paired sample T test to test the factors that affect the common factor, and observe the difference between the factors before and after the merger and acquisition, in-depth analysis of the relationship between the public factors and the performance of M & A.The conclusion of this research shows that the listing Corporation's profitability, solvency, operational capacity and the performance of the listing Corporation is positively correlated,while the growth ability of the listing Corporation is negatively correlated with the performance of the company. The ability to resist financial risk and equity concentration degree is not related to the performance of M &A; After the listed companies in the successful completion of a major reorganization of assets, the company's profitability,operational capacity increased, and the listing Corporation's ability to repay the debt and growth capacity is fall after the merger. Financial anti risk ability is little change before and after the merger.