An Empirical Study On The Types,the Mode And The Performance Of M&A

Mergers and acquisitions between companies has been the focus of academic research and practice areas,M&A payment and the relationship between M&A performance" is the core research topic.The past two years,China's economy into the new normal economic development stage,government enterprises are also actively promote the upgrading of industrial structure,plus a series of favorable policies and regulations and the global economic downturn in this background,mergers and acquisitions between enterprises once again into the small climax.And with the post-shareholding era of full circulation of equity and financial instruments of continuous innovation.At the same time,it can provide some guidance for the M&A activities of the M&A,and provide reference for the relevant regulators to make relevant policies.Throughout the literature,there are some differences on the impact of payment on short-term performance and long-term business performance after acquisition,and there are few literatures to analyze the relationship between M&A payment and M&A performance and performance.Therefore,this paper chooses the sample of M&A from 2009 to 2013,using the method of event study and financial index to study the relationship between M&A type,payment method and short-term performance and long-term performance systematically and deeply.The empirical results show that M&A can bring short-term excess returns to the M&A enterprises,but the long-term performance is not sustainable.Under the M&A,the performance of the M&A is larger than the cash payment,but the difference of the long-term operating performance The M&A performance of the share-based payment method is significantly larger than the cash payment method.This paper consists of five main parts:The first chapter,introduction.This chapter mainly discusses the research background and value,logical thinking,innovation and logical framework.The second chapter,domestic and foreign research summary.This chapter reviews the domestic and foreign references from the aspects of M&A type,M&A performance,payment method and M&A performance.The third chapter,theoretical basis and research hypothesis.This chapter mainly from the following four aspects of work,first of all,with the help of past scholars of the definition of the definition of mergers and acquisitions defined;Secondly,the acquisition of mergers and acquisitions in accordance with the industry's relevance and payment methods to divide the acquisition activities;And the internal motivation of M&A and the choice of payment methods are reviewed and analyzed.Finally,the relevant hypotheses are put forward with reference to the existing research conclusions of scholars at home and abroad on the premise of theoretical analysis.The fourth chapter,research design.And the related design of the article,including the definition of the variables,the construction of the model and the selection of the sample,and so on.The fifth chapter,empirical results analysis.This paper analyzes the short-term performance and long-term operating performance of M&A events from the perspective of the initiators of M&A activities by means of event study and financial indicators.First of all,this paper selects the M&A events from 2009 to 2013,calculates the abnormal cumulative excess return of the sample during the event period,measures the short-term performance of M&A,and further divides the sample into relevant M&A,Term performance of the various payment methods under different samples.Secondly,the financial indicators are used to measure the long-term business performance.The public accounting data of the subjects are collected.The factor analysis method is used to analyze the total sample and each sample.Long-term operating performance under M&A.Finally,based on the above two kinds of analysis,the short-term performance and long-term operating performance of different M&A payment methods under different types are evaluated and analyzed by regression analysis with fewer variables.The sixth chapter is the conclusion and suggestion.Based on the above empirical part,this chapter forms the empirical conclusion of the article and puts forward the relevant reference.The innovation of this paper is that M&A events are further divided into relevant M&A and non-related M&A.On this basis,this paper studies M&A 's short-term performance and long-term performance under different M&A influences.In addition,the past scholars in the study of performance or performance often separate the use of event approach or financial indicators of the law,the two split to carry out research,the event study method and the financial indicators method,and multiple linear regression,to study mergers and acquisitions The Impact of Payment Modes on Short-term Performance and Long-term Operating Performance.