Research On The Merger And Acquisition Performance Of Chinese Enterprises Under The Mode Of "PE+Listed Companies"

Mergers and acquisitions have always been a hot topic in the capital market,an important part.The upsurge of mergers and acquisitions of Chinese enterprises is later than the five wave of mergers and acquisitions in Europe and America,and the mergers and acquisitions market is not perfect and mature.In recent years,"PE + Listed Companies" model has become popular in the capital market,and is widely known in the industry.It has gradually attracted the attention of academia,but the substantive progress of M&A under this model is rare.This paper takes the "PE + listed company" model and the representative cases under this model as the research object.The main problem is: What is the M&A performance of enterprises under the "PE + listed company" model?This paper mainly uses case study method and quantitative analysis method to study and analyze the case of Boying Investment M&A Steyr.The paper is mainly divided into six parts in structure.The first chapter is an introduction,which elaborates the research background,research purpose and significance,research status and research ideas of the topic;the second chapter is a review of relevant theories and literature,mainly aiming at the related theories of M&A and the effects of PE and PE participating in M&A;the third chapter is the basic situation of Boying’s investment and M&A of Steyr.The fourth chapter is the short-term performance analysis of Steyr’s M&A case,using event analysis method to study whether Steyr can improve Steyr’s stock price in the short term;the fifth chapter is the long-term performance analysis of Steyr’s M&A case,using factor analysis to study Steyr’s M&A case.Whether Taier can improve Steyr’s financial performance in the long run? Chapter VI is the conclusion,which summarizes the research of the full text and draws relevant conclusions,and provides experience and suggestions for the effect of "PE + listed companies" M&A model.Through research,this paper finds that the short-term impact of Boying’s investment and acquisition of Steyr is positive,and in the short term it has greatly raised the stock price;but in the long-term performance,Steyr’s long-term performance has dropped dramatically,even to below zero in the fourth quarter of 2015.This shows that M&A events have a negative impact on Steyr’s corporate performance in the long run.This paper argues that the short-sightedness of PE+listed company model andSteyr’s performance commitment to betting agreements are the main reasons that lead to the short-term performance stimulation of M&A events in Steyr’s M&A cases,but not conducive to long-term development.