Research On The Influence Of M&A Transaction Characteristics On M&A Performance Of Listed Companies

With the rapid economic development and increasingly fierce competition in the market,companies have to merge and acquisition.This makes the number of M&A deals more and more,and the characteristics of M&A transactions also show different characteristics.M&A has become an effective means for enterprises to expand production scale,integrate resources and promote industrial restructuring.Whether mergers and acquisitions can improve business performance has become the focus of scholars' attention.It is a question to discuss which transaction characteristics of M&A will affect the performance of M&A.Based on this,this paper takes the characteristics of M&A transactions as the entry point,and analyzes the influence of different M&A transaction characteristics on M&A performance.Firstly,this paper analyzes the present situation of the quantity and amount of the listed companies' mergers and acquisitions in 2011-2016,and analyzes the present situation of the characteristics of mergers and acquisitions from four aspects,such as payment mode,transaction scale,correlation attribute and type of merger.Secondly,we take the M&A transactions of A-share listed companies in China from 2011 to 2013 as the research sample,and select 11 financial indicators for all sample companies according to the four aspects of solvency,profitability,operating capacity,and development capabilities,and then according to the factor analysis of the financial data from the year before to the third year after the merger,We analyze the trend of performance in five years before and after M&A.Finally,multivariate regression model is used to analyze the impact of M&A payment,transaction size,Related M&A and M&A types on M&A performance.Research indicates:(1)Mergers and acquisitions can improve corporate performance in the year and the first year of M&A,but in the second and third years of M&A,performance has dropped significantly,and companies have not been improved through mergers and acquisitions.(2)Compared to the M&A performance of using stocks for payment,the performance of the company's mergers and acquisitions using cash for payment is even worse;(3)The transaction scale has a significant positive impact on the M&A performance.The larger the transaction size,the better the M&A performance of the company.(4)In the year of M&A,the M&A performance of non-related M&A is better than that of related M&A.(5)In the type of M&A,the choice of equity M&A or assets M&A does not affect M&A performance.Based on the research conclusions,this paper is put forward:Information disclosure should be strengthened,so as to improve the policies and regulations related to mergers and acquisitions,to encourage the use of multiple payment instruments and innovate financing methods.Enterprises should adapt to the market environment,combined with its own characteristics,considering the M&A payment methods,the scale of the transaction,whether the selection of M&A and M&A types and other factors affecting M&A performance,so as to make a comprehensive and rational decision-making M&A and focus on the integration of resources after the merger.