The Performance And Influencing Factors Of Chinese GEM Mergers And Acquisitions

For more and more Chinese enterprises mergers and acquisitions in the gem,the rapid development of the situation,the actual situation on the basis of the gem,acquisition related theories based on mergers and acquisitions in China,in recent years China's gem merger as a case,through the analysis of the performance of mergers and acquisitions on acquisition performance in gem in the short term and long term were selected financial data of abnormal returns and the company,selected factors may affect the long-term and short-term performance were factors of multiple linear regression to explore the influence of the performance of mergers and acquisitions.This paper make a sort of performance of mergers and acquisitions at home and abroad,in the literature review on M & A performance,from the different research methods from two aspects of the event study method and accounting research method were studied,again factors on the performance of M & A literature review.Then it focuses on the analysis of the theoretical basis of the impact of mergers and acquisitions,respectively,from the synergy effect,the principal-agent theory,the signal hypothesis of free cash flow hypothesis and other aspects of the theoretical basis for a sort of.For the empirical study after the theoretical analysis,the influence on the performance of mergers and acquisitions will be divided into short-term and long-term,event study method and accounting research method were used to analysis,abnormal return and construction factor influence on merger and corporate performance model based on.Study on the end effect of M & A performance,we explore the factors which lead to mergers and acquisitions will affect the performance of the company,in the second part,from the perspective of six possible eight indicators were selected to construct the regression model,using these indexes affect every index on the performance were discussed through the model.The empirical results show that the short-term mergers and acquisitions can significantly increase the company's excess returns,and have a positive impact on the company's performance.It is found that the performance of M & A in the M & A has brought the growth of the company's performance in the long term.The empirical analysis to reflect the short-term excess returns and long-term acquisition of long term performance analysis of the factor score as the dependent variable,the influence factors as explanatory variables,the establishment of the corresponding model,through testing the relevant hypothesis,draws the following conclusion: the short term ownership concentration and corporate performance are negatively related to long-term negative correlation and the performance of the company;the short-term executive compensation and corporate performance is negatively related to the long term,high compensation and company performance is positively related to the number of shares;short term executives are negatively correlated with the long term performance of mergers and acquisitions,executives holdings and purchase and performance is positively related to asset liability ratio in the short term;and acquisition performance is positively related to the assets.The long term debt ratio and the company performance is positively related to the short term;Tobin's Q value is positively correlated with corporate performance in the long term,Tobin's Q value is positively related with corporate performance;in the short term The cash payment is better than other payment to the company performance,the long term cannot be verified by cash payment is better than other methods of payment;short term transactions and corporate performance are positively related to the long term related party transactions and corporate performance is positively related to the number of shares in the short term;the board of directors and corporate performance is negatively related to the long term,the board of directors the number of shares and corporate performance is negatively correlated.After that,according to the research and analysis of this paper,we put forward the suggestion to the listed companies,the regulators and the investors.