Research of the Performance and Influencing Factors of China's Listed Companies based on regression model

摘要

In the general environment of China's economic structural transformation and debt pressure relief, mergers and acquisitions and reorganizations have played a huge role in the process of corporate transformation relying on the advantages of rapid reduction of excess productivity and improved resource utilization. In econometrics, the regression model containing more than two explanatory variables is called the multiple regression model, and the functional relationship between dependent variables and independent variables are determined by establishing regression analysis, therefore, the correlation between variables is derived. In this study, EVIEWS was used to achieve two regression outputs, including five dependent variables and nine independent variables. Parameters are first estimated using Generalized Least Squares (GLS). Then use the static Panel Date model to analyze the regression results. This article selects five independent variables as indicators of M & A performance of Chinese listed companies, and six independent variables as influencing factors. Then, CSMAR collects financial data of 204 companies from 2013 to 2017 and through the panel data model's empirical analysis, descriptive analysis and importance analysis. The main conclusions of this paper are as follows: firstly, expense level has a negative impact on the M&A performance of the listed companies in China. Secondly, horizontal and vertical mergers have a positive effect on the performance of listed companies' M&A than conglomerate M&A. Then, large-scale transactions have improved M&A performance of companies, and the impact of connected transactions is negative for company performance, but it is significantly positively related to earnings per share. Besides, non-cash transactions are better than cash transactions in China's M&A market.