The Motivation And The Performance Study Of The Mergers Of Listed Companies

With the rapid development of China's economy,the adjustment of the national industrial structure and the transformation of economic growth mode,the competition of various industries is becoming more and more fierce.In recent years,both in the state-owned enterprises or private enterprises,both in listed companies and non listed companies,mergers and acquisitions emerge in an endless stream.Civil aviation transportation industry as a strategic industry in China's economic development,its importance is self-evident,because of civil aviation transportation industry was born with high risk,high cost,long investment return period,and it is affected by the factors of international oil price fluctuations and natural weather,the airline's merger has become one of the important ways to the development of civil aviation the transportation industry growth.M & A is one of the most important ways for China's enterprises to become bigger and stronger,many companies try to achieve synergies through mergers and acquisitions,rational allocation of resources,enhance the overall competitiveness.Therefore,it is very important to study the performance of M & A enterprises under such circumstances.Eastern Airlines mergers and acquisitions in Shanghai aviation incident,the development of the civil aviation industry and the national strategic level has a significant impact.Because of the different nature and characteristics of the enterprise itself,it is necessary to select appropriate research methods and ideas for the characteristics of the enterprise.Evaluating the Mamp A performance can be selected by different methods and different indexes from different angles,in order to more comprehensive and detailed evaluation,this paper based on the combination of the relevant motivation theory and performance theory of mergers and acquisitions,using event study method,financial index and non-financial indicators combined with the comprehensive performance of the longitudinal analysis before and after the acquisition.And a comparison with other airlines,explore the merger performance really achieve the desired results,and the time for mergers and acquisitions beneficial effects of enterprise performance,the corresponding conclusions and inspirations.It is of practical significance for the future research and development trend of China's civil aviation industry mergers and acquisitions.incident of Eastern Airlines merges Shanghai Airlines,the development of the civil aviation industry and the national strategic level has a significant impact.This paper based on the combination of the relevant motivation theory and performance theory of mergers and acquisitions,using event study method,financial index and non-financial indicators combined with the performance of the longitudinal analysis before and after the acquisition.Make comparison with other airlines,explore the merger performance really achieve the desired results,and the time for mergers and acquisitions beneficial effects of enterprise performance,the corresponding conclusions and inspirations.It is of practical significance for the future research and development trend of China's civil aviation industry mergers.In this paper,a case study of mergers and acquisitions,the synergistic effect and the merger of state-owned enterprises to consider the motivation,combined with China's national conditions and regional monopoly factors for personalized analysis.It is not only helpful to provide more sufficient data support,but also to study the impact of mergers and acquisitions on the performance time.Through the research,this paper draws a conclusion that the post merger market performance has significantly improved the state within a week,a week after the change of market performance gradually stabilized;post merger financial performance in the first year after the merger of the best,although after most indicators of good performance,but compared to the first year of data down by two airlines;typical comparison in the same industry,Eastern Airlines both in the financial performance and non-financial performance are better than the short-term performance and long-term performance phenomenon.In this paper,a case study of mergers and acquisitions,the synergistic effect and the merger of state-owned enterprises to consider the motivation,combined with China's national conditions and regional monopoly factors for personalized analysis.It is not only helpful to provide more sufficient data support,but also to study the impact of mergers and acquisitions on the performance time.