Stakeholder financial theory holds that since corporate finance is guided by the maximization of stakeholder value and corporate governance is implemented, business decisions will also be affected by stakeholders.

The important decision making behavior of merger and acquisition must reflect the opinions of stakeholders, and it is the ultimate goal of the interests of all stakeholders.

Here we analyze the motives of M & A of various stakeholders.

The motive of M & A of 1. shareholders.

Investors' finance is essentially a constraint on the financial behavior of the operators to ensure capital security and value added.

At present, the research on M & A motives is mostly from the perspective of shareholders or operators, and agency theory is typical.

In addition, mergers and acquisitions will lead to changes in the value of the stock market, causing strong stock price volatility, forming stock opportunistic opportunities and increasing the capital gains of shareholders, especially in China's weak or semi weak stock market environment.

2. motives of M & A operators.

The object of the operator's finance is all the assets of the company. The goal is to maintain and increase the value of the assets under control, and to equitably coordinate various financial interests.

Synergy theory, paction cost theory and undervalued theory can well explain the motivation of operators to maximize the value of the company.

At the same time, because operators have the preference to control more assets, even if mergers and acquisitions sometimes do not necessarily increase the value of enterprises, they may still make M & A decisions.

The motives of merger and acquisition of 3. creditors.

Creditors are mainly concerned about the safety of their assets and the possibility of repayment.

When a part of a joint venture fails in operation, the creditor can get compensation from another part of the profits. This mutual guarantee is called the co insurance effect, which can reduce the risk of debt and increase the value of debt.

Mergers and acquisitions provide conditions for such guarantees.

After mergers and acquisitions, the volatility of the value of the Commonwealth is usually smaller than that of their respective independence.

This is because mergers and acquisitions often reduce the risk of non system, thereby reducing the possibility of financial distress and bankruptcy costs. The decrease of volatility will reduce the cost of borrowing and make creditors get better returns than before.

The 4. government's motives for M & A.

M & A is a tool for the government to implement economic policies.

At present, some large and medium-sized state-owned enterprises in China have carried out the pilot reform of property rights pfer and asset stock reorganization. Mergers and acquisitions, as an important structural reform, have been supported by government policies.

The special property relations of multi-layer Principal-agent of state-owned enterprises in China lead to different levels and different government departments have the property rights of state-owned enterprises assets.

With the deepening of reform, the interests of central and local governments have changed greatly, and the interests of local governments have been strengthened.

The local government not only owns the property rights of the local state-owned enterprises, but also has the de facto property rights of the state-owned enterprises invested by the central government but devolved to local management. If these enterprises lose money and are on the verge of bankruptcy, the local government will have to shoulder a heavy burden.

Therefore, local governments tend to pfer state-owned enterprises' property rights in the form of annexation.

More importantly, most of the state-owned enterprises owned by local governments are small and medium-sized enterprises. Compared with large state-owned enterprises, they are not only without scale advantages, but also in a weak position in the supply of funds, energy and raw materials. In market-oriented reforms, they feel the pressure of competition first and fall into a loss.

This also constitutes a major motivation for local governments to actively promote mergers and acquisitions of state-owned enterprises.

5. motivation of ordinary employees.

According to Maslow's hierarchy of needs theory, employees are mainly concerned about salary, respect and self-worth.

For employees whose benefits are not good and are on the verge of bankruptcy and liquidation, it is undoubtedly the best way for enterprises to be bought and sold without having to bear the cost of unemployment and continue to work in familiar environment.

If a company makes a merger decision that can increase the value of the enterprise, it will be equivalent to raising the remuneration and remuneration of employees, which is bound to be supported by them.

In the successful strategic mergers and acquisitions, it is often accompanied by the input of corporate culture, and to a certain extent, it promotes the reform of governance mechanism.

If M & A is expected to create more satisfactory working atmosphere and greater promotion space for employees, employees will not object.

In China's state-owned enterprises, the staff congress is the representative of the interests of all employees, which has a great influence on the decision making of mergers and acquisitions.