The Impact Of Accounting Information Comparability On The Performance Of Corporate Mergers And Acquisitions

M&A is an important strategic means for enterprises to explore new markets,reduce entry barriers,and obtain target resources.But not all M&A transactions can bring expected benefits to enterprises.With the increase in the number of M&A activities,scholars' eyes have gradually focused on the influencing factors of M&A performance,and value creation in the process of M&A has become the focus of research.Existing researches mainly discuss the influencing factors of M&A performance from the five aspects of M&A,target,transaction attributes,industry characteristics,and macro influences,but relatively few studies on M&A performance take accounting information quality characteristics as entry points.This article takes the comparability of accounting information as an independent perspective,based on the information asymmetry theory and transaction cost theory,taking the dual cases of Midea M&A,Toshiba,Japan and Haier's acquisition of GE home appliances in 2016 as a research object,combining qualitative analysis and quantitative analysis,according to The sequence of pre-transaction,intra-transaction and post-transaction in the M&A activity has made an in-depth study on the impact of the comparability of accounting information on the M&A performance of the enterprise,and considered the value creation in the M&A activity from the M&A entity and the market.The study found that the comparability of accounting information affects the performance of M&A by influencing time costs and pre-transaction costs when selecting the target party before the M&A transaction;by pricing the target party in the M&A transaction,by helping the M&A party to understand the target party in depth,Effectively control the target party's premium to accurately set prices to affect M&A performance;when resources are integrated after the M&A transaction,the M&A performance is affected by promoting the rational allocation of resources of both parties.It can be seen that the emphasis on the application of comparability of accounting information in M&A activities is of great value to enterprises.