Research On Merger Performance And Influencing Factors

In recent years,China's economy is in a period of rapid development.M&a has become an important way for enterprises to formulate correct development strategies and redistribute resources.As more and more listed companies invest in mergers and acquisitions,a large number of m&a cases and m&a data have been accumulated.Through the study of the quantitative analysis of m&a performance,combining with the characteristics of China's national conditions and the capital market and find out the key factors influencing the m&a performance,both make the m&a expansion strategy for enterprise and government related m&a policy has certain practical significance.This paper mainly extracts the cases of the listed companies in the information technology industry in China from 2013 to 2014.Through the event research method,we calculate the cumulative normal rate of return to analyze the short-term performance of the listed companies.At the same time,multiple financial indicators were screened and the medium-term performance of m&a was compared based on molecular analysis.Combining theoretical research with empirical analysis,the characteristics and influencing factors of short-term performance and long-term performance of listed companies in the industry are analyzed.It mainly includes the type of merger and acquisition,transaction premium,payment method,equity structure,and the level of the buyer's own business.The empirical results show that the m&a event has significant abnormal returns in the event window period(-30,10),especially in the five trading days after the first announcement date of the merger.Market for m&a events generally present a positive and optimistic attitude,thinks that m&a can improve the company's operating conditions,developing the company's business scope,and there will be more,in the future cash flow.Mergers and acquisitions can bring significant market value growth and bring positive wealth to the shareholders.In terms of financial performance in the medium term,the financial scores of m&a companies have not been significantly improved.In particular,in the second year after the merger,the overall financial index showed a significant decline,even less than the level of the previous year.There are two main reasons for this result.Firstly,the m&a management ability of listed companies in China is not enough.The second is when choosing targets lack of in-depth investigation in the subject matter of the mergers and acquisitions,for acquisition targets for the future development of judgment and evaluation,there is a certain deviation purchase price,there is a big premium result in subsequent years to cash is difficult.Finally,the author puts forward some Suggestions from three aspects:buyer,investor and supervisor.At the same time,the shortcomings of the article are sorted out and summarized,and the direction of follow-up research is put forward on this basis.