{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,20]],"date-time":"2026-03-20T14:08:44Z","timestamp":1774015724202,"version":"3.50.1"},"reference-count":29,"publisher":"Emerald","issue":"1","license":[{"start":{"date-parts":[[2016,2,1]],"date-time":"2016-02-01T00:00:00Z","timestamp":1454284800000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2016,2,1]]},"abstract":"\n Purpose<\/jats:title>\n \u2013 The purpose of this paper is to analyze the key influencing factors which affect the performance of M\n\t\t\t\t\t&\n\t\t\t\tA and the key influencing factors by establishing grey relational sequence model. The results can not only perfect the current existing theoretical system, but also provide theoretical guide for M\n\t\t\t\t\t&\n\t\t\t\tA practice. <\/jats:p>\n <\/jats:sec>\n \n Design\/methodology\/approach<\/jats:title>\n \u2013 First of all, this paper analyzes the M\n\t\t\t\t\t&\n\t\t\t\tA performance through the literature reviews, and then establishes the grey model about M\n\t\t\t\t\t&\n\t\t\t\tA performance from three influencing factors: profitability, operational and development capacity to analyze its key influencing factors which affect M\n\t\t\t\t\t&\n\t\t\t\tA performance. Furthermore, the key factors influencing of M\n\t\t\t\t\t&\n\t\t\t\tA performance are analyzed, the results can be obtained through the analysis of the grey relative degree based on six years\u2019 data of state-owned enterprises. <\/jats:p>\n <\/jats:sec>\n \n Findings<\/jats:title>\n \u2013 In this paper, some results can be found that ownership restriction and executive compensation can significantly affect corporate profitability and operation ability. M\n\t\t\t\t\t&\n\t\t\t\tA and institutional investors can be affected greater from the perspective of development ability and profitability. In general, enterprise scale has little affect on the performance after M\n\t\t\t\t\t&\n\t\t\t\tA. <\/jats:p>\n <\/jats:sec>\n \n Practical implications<\/jats:title>\n \u2013 With the sustainable development of economic globalization, M\n\t\t\t\t\t&\n\t\t\t\tA has become an important strategy for the rapid growth of the enterprise, enlargement market and brand effect. But the performance after M\n\t\t\t\t\t&\n\t\t\t\tA in most enterprises does not improve. As the pillar of the national economy, state-owned enterprises have an important impact on China\u2019s economic development and urgently need to be reformed. <\/jats:p>\n <\/jats:sec>\n \n Originality\/value<\/jats:title>\n \u2013 This paper analyzes the key factors through establishing grey relative sequence model to analyze the correlation of M\n\t\t\t\t\t&\n\t\t\t\tA performance and influencing factors, and finds key influencing factors which affect the performance of M\n\t\t\t\t\t&\n\t\t\t\tA. The conclusion can provide policy guidance for the improvement of M\n\t\t\t\t\t&\n\t\t\t\tA performance in the future.<\/jats:p>\n <\/jats:sec>","DOI":"10.1108\/gs-07-2015-0036","type":"journal-article","created":{"date-parts":[[2016,5,9]],"date-time":"2016-05-09T06:43:08Z","timestamp":1462776188000},"page":"41-50","source":"Crossref","is-referenced-by-count":5,"title":["The study on key influencing factors of mergers and acquisitions performance based on China state-owned listed enterprises"],"prefix":"10.1108","volume":"6","author":[{"given":"Xi","family":"Zhao","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Haitao","family":"Qu","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Yimin","family":"Huang","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"140","reference":[{"key":"key2020121803431233400_b9","doi-asserted-by":"crossref","unstructured":"Agrawal, A.\n , \n Jaffe, J.F.\n and \n Mandelker, G.N.\n (1992), \u201cThe post-merger performance of acquiring firms: a re-examination of an anomaly\u201d, \n The Journal of Finance\n , Vol. 47 No. 4, pp. 1605-1621.","DOI":"10.1111\/j.1540-6261.1992.tb04674.x"},{"key":"key2020121803431233400_b7","doi-asserted-by":"crossref","unstructured":"Bae, K.H.\n , \n Kang, J.K.\n and \n Kim, J.M.\n (2002), \u201cTunneling or value added? evidence from mergers by Korean business groups\u201d, \n The Journal of Finance\n , Vol. 57 No. 6, pp. 2695-2740.","DOI":"10.1111\/1540-6261.00510"},{"key":"key2020121803431233400_b4","unstructured":"Baldacchino, P.J.\n and \n Vella, A.\n (2014), \u201cRecent mergers and acquisitions in Malta: an analysis\u201d, \n IUP Journal of Applied Finance\n , Vol. 20 No. 1, pp. 5-22."},{"key":"key2020121803431233400_b18","doi-asserted-by":"crossref","unstructured":"Baldenius, T.\n , \n Melumad, N.\n and \n Meng, X.\n (2014), \u201cBoard composition and CEO power\u201d, \n Journal of Financial Economics\n , Vol. 112 No. 1, pp. 53-68.","DOI":"10.1016\/j.jfineco.2013.10.004"},{"key":"key2020121803431233400_b8","doi-asserted-by":"crossref","unstructured":"Ben-Amar, W.\n and \n Andr\u00e9, P.\n (2006), \u201cSeparation of ownership from control and acquiring firm performance: the case of family ownership in Canada\u201d, \n Journal of Business Finance & Accounting\n , Vol. 33 No. 3, pp. 517-543.","DOI":"10.1111\/j.1468-5957.2006.00613.x"},{"key":"key2020121803431233400_b31","doi-asserted-by":"crossref","unstructured":"Bhaumik, S.K.\n and \n Selarka, E.\n (2012), \u201cDoes ownership concentration improve M\n\t\t\t\t\t&\n\t\t\t\tA outcomes in emerging markets?: evidence from India\u201d, \n Journal of Corporate Finance\n , Vol. 18 No. 4, pp. 717-726.","DOI":"10.1016\/j.jcorpfin.2012.04.001"},{"key":"key2020121803431233400_b6","unstructured":"Bruner, R.F.\n (2002), \u201cDoes M\n\t\t\t\t\t&\n\t\t\t\tA pay? 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