| In the times that stock market has achieved a full circulation,market value is very important as an evaluation of the company's actual performance and future development,so the management of market value matters a lot for the company's managers.As a common tool used by listed companies to management market value,mixed mergers and acquisitions,especially successful mixed M&A is closely related to the effectiveness of the company's market value management.Therefore,this paper's research is based on the successful merger and acquisition of A-share listed companies during the period 2011-2015.This paper analyzes the influence of mixed M&A on the market value management of listed companies by means of empirical methods on account of the different life cycle and industry of each company.Based on the theory and practice of the existing market value management at home and abroad,this paper first introduces the definition of market value management,including the three aspects of content and market value management of the importance of listed companies.Secondly,it introduces the definition and connotation of mixed M&A,and the theory of how mixed M&A affects the market value management of listed companies.In the empirical analysis section,the paper uses the principal component analysis method to calculate the market value management comprehensive score based on the market value management evaluation system of listed companies.The sample enterprises are divided into 6 groups according to their life cycle and mixed M&A industry status.The results are first analyzed by independent sample t-test and then re-analyzed by multiple linear regression.The results find that no matter what kind of industry options they have made,mixed M&A isn't a good choice for growth-oriented enterprises,mature enterprises can achieve a better effect by mixed M&A,and recovering companies can significantly improve their market value management when choosing to enter a comparative advantage industry. |
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