A Study On Relation Of Mergers & Acquisitions Type And Corporate Performance In Retail Industry Listed Companies

Mergers and acquisitions(M&A)has become one of the main ways for modern enterprises to develop rapidly,In recent years,domestic and foreign enterprises generally adopt the M&A as an important way to improve the present situation and improve the performance,and play an important role in the process of enterprise strategic development.With the gradual development of China's retail industry,the M&A events in the retail industry have also occurred frequently.In order to better analyze performance of mergers and acquisitions in the retail industry,the mergers and acquisitions of retail industry as the research object,this paper studies the relationship between the type of M&A and M&A performance of the acquiring enterprise to provide a theoretical reference for the choice of M&A activity.China's capital market started relatively late,but with the gradual development of the capital market,mergers and acquisitions wave is continuing.From a specific industry as a starting point,the study of the impact of M&A on the performance of M&A,has a certain theoretical significance,so as to provide theoretical reference for the choice of the process of M&A activities.By reading a large number of mergers and acquisitions literature,this paper summarizes the current research situation of mergers and acquisitions at home and abroad.With China's Shanghai and Shenzhen two A shares of Listed Companies in the retail industry as an example,with the merger type as independent variables,firm size,asset liability ratio,transfer of control rights of target enterprises,related transaction and payment methods as control variables,put forward relevant M&A performance hypothesis,established the multiple regression model,focusing on the relationship between the influence factors of M&A type and firm performance.By sorting out the retail industry for 2008-2012 years,a total of 5 years of mergers and acquisitions events,and comparing the average performance of three years prior to mergers and acquisitions,current performance,three year average performance after mergers and acquisitions,letting the time period before and after the merger comparable,and the financial data indicators of M&A sample span of 2005-2015 years for a total of 11 years,studying the company's financial performance indicators,and through longitudinal comparison of changes in financial performance indicators before and after the merger,in order to study the relationship between mergers and acquisitions performance;through horizontal comparison of relationship between M&A type and corporate performance.Using the methods of empirical research,EXCEL software is used for data analysis and processing,and SPSS17.0 software is used for descriptive statistics analysis,correlation analysis and regression analysis,and this paper makes a detailed study on the M&A events of the listed companies in China,so as to provide a reference for M&A activities in china in the future.Through the empirical research,the main conclusions are:(1)in general,the performance of retail enterprises after M&A is improved compared with the performance before merger;(2)the factor of M&A types has a significant impact on the performance of retail enterprises;(3)The performance of horizontal merger is better than that of diversification.Enterprises should first consider the types of horizontal M&A when they selection M&A;Enterprises should be merger on a larger scale;Try to avoid M&A in the related party transactions.Compared with the similar research results,this paper analyzes the impact of the merger type on the performance of the retail industry.But there are also some shortcomings,such as the non-financial indicators are not considered,sample size is less.