Empirical Analysis of Performance in Acquisitions Based on Different Motives

摘要

In order to know how the motive of acquisition influences on its performance, multi-Dimensional analysis and regression analysis are used to analyze the sort of motives and relation between motives and long-term performance. Research indicates performance of acquirers in pre-acquisition and post-acquisition increases remarkably based on synergy motive, acquisitions based on agency motive do not create value in long term, acquirers with high ROE and ROA is more possibly based on synergy motive than those based on agency motive.