The Research On The Market Value Management Effects Of Merger And Acquisition Of The Listing Companies

After the share splitting reform,the stocks have realized the full circulation.Listed companies have a strong market value management initiative and urgency.The cooperative between market value and intrinsic value in these companies are pursued.Scientific and reasonable market value management can not only enhancing the value level of the listed company,but also protecting the interests of all shareholders.How to carryout the market value management scientifically and effectively is the listed companies in recent years the focus of the content.Mergers and acquisitions as an important means of listed company to market value management have become increasingly interesting in recent years.Therefore,in this paper,the author studies on the influences merger and acquisition behavior of listed companies to market value management.In this paper,through analyzing and summarizing the related theory of market value management and M&A,and inferring for the mechanism of listed companies M&A behavior affect the market value management.As a result,it theoretically explains that M&A impact on market value.This article selects 2010-2012 Shanghai and Shenzhen A shares completed mergers and acquisitions of listed companies as samples,and simply eliminating the influence of the market of stocks,the samples are divided into a-share listed companies overall,different plate,based on different motivation of mergers and acquisitions of listed companies.This paper constructs the research model and proposes the related hypothesis to study the effects of M&A to the market value management.The final conclusions of this article are as follows.Generally,the M&A behavior of listed companies have the forward influence on market value.Secondly,the M&A behavior of the not main-board listed companies have no improved market value,and it has a negative influence on market value.Finally,it shows that the effects to market value are better of which based on industrializing integration of horizontal merger than vertical mergers.The results are different from the research achievement of previous scholars.The possible reasons are as follows.On one hand,according to the theory of efficiency synergies can make horizontal mergers and acquisitions of enterprises rapidly expanding scale,dominating market position,improving the company's market value;on the other hand,the implementation of vertical mergers and acquisitions is difficult,and the asset specificity is stronger,and the effective combination on every step after the merger exists a running process.These will affect the overall effect and market value of companies.