Performance Research Of Merger And Reorganization Of Listed Companies In China

Mergers and acquisitions as an important means to achieve rapid expansion of modern enterprise and capital-intensive, and its importance is increasingly apparent, but a large number of domestic and international studies and reports indicate that mergers and acquisitions do not necessarily improve the company’s operating performance. Theoretically, mergers and acquisitions can improve the company’s competitiveness and bring economies of scale and synergies, however, not all M & A activity has reached the desired goal, there are a number of listed companies because of mergers and acquisitions and integration of resources poor blind, lead to mergers and acquisitions fail.Currently, foreign research methods for M & A performance is mainly event study method, accounting research, clinical diagnostics and research methods, and domestic use are more of an event study method and accounting research, but the two parties.After the message is not to say there are four theories ? To unify around. Law have certain shortcomings, such as event study on the effectiveness of the stock market tend to have higher requirements, accounting research method is often difficult to put the effect of different factors on the performance of the company to separate. To further explore new research methods M & A performance, we use questionnaires to collect way through the company’s internal information acquisition event for independent analysis of the impact of corporate performance, the performance of mergers and acquisitions as a traditional research methods supplement. Specifically, the paper of 625 merger cases in 2010 to 2013 listed companies in the productive sector occurred questionnaires asking corporate executives to evaluate the impact of M & A events, in considering the basis of scale and synergies of up How to analyze the impact of mergers and acquisitions business performance. Through data recovered 117 valid questionnaires of analysis, research found that:(1) the acquiring party is not keen on stripping their assets, but once this happens, it will have a positive impact on cost-cutting, but to enhance the eligible Profitability of the impact is not significant;(2) behavior acquirer divestiture was more common, but this behavior to reduce costs and increase revenues have a negative impact;(3) to configure the advantages of resources to M & A side M & A side, you can cut costs and increase operating income;(4) the configuration is advantageous resources to the M & A side M & A side, though the increase in revenue will have some impact, but could have the final acquisition performance produced a negative impact, the combined effect is not clearBased on the results found in the research process issues and M & A performance, the paper puts forward policy recommendations:(1) after the merger to minimize the divestiture of the acquired party under the circumstances, could be considered at the same time increase the acquirer of divestitures, Reconfigure efforts;(2) enterprises can consider increasing the allocation of resources to the M & A side of the sending behavior, because they bring a positive impact is clear; at the same time to carefully consider the arrangement is resource acquisition to the acquiring party go with.