| Mergers and Acquisitions is a significant tool for enterprise to achieve rapid growth and development. In essence, Mergers and Acquisitions is to reconfigure and optimize the integration of resources, to prompt the rapid accumulation of capital, to enhance the competitiveness of the company, to develop the marketing capabilities and management capabilities,to promote the industrial technology innovation. The purpose of the article is to find the differences between the State-owned listed company and Private listed company and to find the reason for the differences, to provide direction for future research and ideas.Firstly, this paper defines the concepts about Mergers and Acquisitions, State-owned listed company, Private listed company and M&A performance. Secondly, both domestic and abroad related theory is organized.Thirdly, the paper shows more information on the current status of the development of industry mergers and acquisitions and the driving factors.Upon this, the thesis researched 1916 M&A deals of A-share listed company from 2003 to 2012. Firstly 14 financial indicators from 5 aspects have been chosen to carry out factor analysis, so as to discover how the companies' performance score changed from one year before M&A to two years after M&A. Then let the performance score be the dependent variable, and 8 elements from M&A, industry and shareholders be independent variables, so as to discover which elements resulted in companies' performance change. The thesis finally comes to the following conclusions:1. The results of the factor analysis showed that the state-owned listed company had a significantly downward performance in the year M&A happened, then still downward in the one year after M&A, although two years after M&A the performance rose again but still didn't equal the performance score one year before M&A. It can be seen that M&A didn't bring long-term performance for the state-owned listed company. WhileThe result from private listed companies M & A performance score shows the acquisition significantly improve business performance in the year. Even though a little fall in the first year after the merger, but still get higher than the previous year's performance scores. In the second year after the merger, performance score is much high. During 2003-2012, the acquisition of private listed companies brings a significant performance improvement. Private listed companies on M & A performance was significantly better than the performance of state-owned listed companies.2. According to multiple regression analysis showed that industry factors, the gross margin and shareholder factors institutional ownership ratio, the proportion of outstanding shares occur frequently in the regression model elements more than the acquisition of factors. Relatively, M&A performance of listed companies has a closer relationship with their own situation. The excellent company has excellent management team to explore the subject of high quality, and to promote the smooth progress of mergers and acquisitions. From the comparison of state-owned listed enterprises and private listed enterprises, the factors affecting the performance of state-owned listed company M&A is focused on shareholder factors, and affecting the performance of private listed companies M&A is relatively evenly distributed. It indicates that the M&A performance for private listed company is marketoriented and is more likely to be impacted by outside environment.3. Due to the agency problem for the state-owned listed companies is serious, and incentives are not in place, the local government may intervene the M&A in consideration of the local revenues and social stability. It appear to pursue short-term interests By contrast, private mergers and acquisitions of listed companies has more small-scale, low operating costs, flexible mechanism to effectively integrate all aspects of the company after the merger. As the result, the performance of acquisitions is significantly better than the state-owned listed companies. |
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