| As an important means to realize enterprises rapid expansion,the merger and acquisition has a great impact on market economy.Taking a wide view of modern economy history,it is a prominent phenomenon for enterprises to realize expansion by the merger and acquisition reorganization.For example,five merge tides once happened in American history,which had deeply promoted American enterprises expansion and change American economy.Since Reform and opening up in 1978,three merge tides also happened in China,with the economy growth and corporate ownership reform.These tides have had a profound influence on market economy,enterprise development layout and industrial structure in China.At the background of New Normal for Chinese economy,another new merger tide is springing up in China.Objectively in economic situation,it demands Chinese enterprises to strengthen and expand by the merger and acquisition reorganization.By promoting supply side reform,cancel backwards of productivity and increasing effective supply,Chinese enterprises can improve their international competitiveness and go abroad smoothly.Therefore,we should study the influence of the merger and acquisition reorganization on export performance of public companies in China and analyze its key influence factors in order to find a way to improve Chinese enterprises export performance,for it is of important theoretical and practical significance for Chinese economy development and supply side reform.However,there is still little research on this aspect.By deep discussion on the problems above,the paper tries to provide a valuable reference for policies of the merger and acquisition reorganization of Chinese enterprises and enrich study system of the merger and acquisition reorganization.Achievements in the paper are as follow:(1)In the empirical study on the influence of the merger and acquisition reorganization on enterprises export performance,for total specimens,the paper proves that there is a significant and positive effect of the merger and acquisition reorganization on enterprises export performance;From the industry level,the significant and positive effect happens in the industry like materials,mechanical automobile,chemical engineering,agroforestry and paper,medical care,TMT etc,while the effect is little significant in household and food.For all the industries,itpromotes significantly the export performance to increase enterprises' spending on research and development,which is a key factor to improve international market competitiveness.Besides,raising enterprises' productivity also has a little significant effect on their export performance in every industry except mechanical automobile.It goes against Firm-Heterogeneity-Model.(2)In the study on the influence of the merger and acquisition reorganization on export performance of different ownership enterprises,for total specimens,the paper proves that there is a more significant effect of the merger and acquisition reorganization on private-owned enterprises' export performance than that on state-owned enterprises'.From the industry level,the significant and positive effect happens in the industry like materials,mechanical automobile,medical care,TMT etc,while in chemical engineering,agroforestry and paper,there is little difference between private-owned and state-owned enterprises.(3)In the study on the influence of government subsidy on export performance of different ownership enterprises,for total specimens,the paper proves that there is a more significant effect of government subsidy on private-owned enterprises' export performance than that on state-owned enterprises'.From the industry level,the effect of government subsidy on private-owned enterprises is more significant and positive than that on state-owned enterprises in the industry like chemical engineering,agroforestry and paper,medical care,TMT etc,while in mechanical automobile,there is little difference between private-owned and state-owned enterprises.(4)In the study on the influence of types of merger purpose on enterprise export performance,for total specimens,different types of influence from high to low are order as Industry-integrated Type,Diversification-strategic Type,Rest Type,Capitaloperated Type.From the industry level,different industry has a different influence on enterprise export performance:(1)Materials:the influence from high to low are order as Industry-integrated Type,Diversification-strategic Type,Rest Type,Capital-operated Type;(2)Mechanical automobile: from high to low are order as Diversification-strategic Type,Industry-integrated Type,Rest Type,Capital-operated Type;(3)Chemical engineering:the influence from high to low are order as Industry-integrated Type,Diversification-strategic Type,Rest Type,Capital-operated Type;(4)Agroforestry andpaper:the influence from high to low are order as Rest Type,Industry-integrated Type,Diversification-strategic Type,Capital-operated Type;(5)Medical care:the influence from high to low are order as Industry-integrated Type,Rest Type,Capital-operated Type,Diversification-strategic Type;(6)TMT:the influence from high to low are order as Industry-integrated Type,Diversification-strategic Type,Rest Type,Capital-operated Type.Enterprises in different industries can adopt the strategy based on the conclusions above.(5)The paper analyzes the difference of influence of the merger and acquisition reorganization on domestic market performance and export performance,proves theoretically and empirically that it can help China promote supply side reform and improve international competitiveness and conclude the types of the merger and acquisition reorganization for enterprises in different industries.The paper makes a descriptive analysis on state of industries like materials,mechanical automobile,chemical engineering,agroforestry and paper,medical care,household and food,TMT,etc.Based on the industries above,suggestions are respectively given that merger,acquisition and reorganization of intra-industry and upstream and downstream integration of the whole industrial chain should be realized.At the meantime,the paper concludes the advantages and disadvantages of enterprise merger and reorganization and their influences.The innovations of the paper are as follow:(1)There are numerous studies on influence of the merger and acquisition reorganization on enterprise performance,while it is rare to study the influence of the merger and acquisition reorganization on enterprise export performance,especially among Chinese public enterprises.Especially in the present economic environment of China,it is of great practical significance to study the influence of the merger and acquisition reorganization on enterprise export performance,for example,whether the merger between CSR and CNR will improve the export performance or not.It is first time that the paper makes an empirical study on this matter.(2)Research methods of economics and management taken together,the paper makes powerfully theoretical explanation and support to build up research framework and offer practical policies by combining New Trade Theory with New-New Tradetheory,Home Market Effect,Export productivity Paradox,Theory of Scale Economy and Motivation and Category of the Merger and Acquisition..(3)Based on Wind database,the paper makes a detailed descriptive statistics on 7industries like materials,mechanical automobile,chemical engineering,agroforestry and paper,medical care,household and food,TMT,etc.,involving in 1078 public enterprises' merger data.In this case,a firm data foundation is built up for a full understanding on merger features of Chinese enterprises.Building up econometric model,the study applies the multiple regression to quantify the influence of the merger and acquisition reorganization on export performance in enterprises in different industries.According to different merger purposes,the paper also makes an empirical study on export performance of Chinese enterprises from industrial level and provides theoretical basis for Chinese enterprises to choose merger categories.At the meantime,the influences of different industries,different ownership enterprises merger and government subsidy on enterprises export performance are compared in the paper to provide some useful suggestions for governments and enterprises to make reform policies.Besides,the paper concludes performance of the merger and acquisition reorganization between state-owned and private-owned enterprises,which is of some guiding significance for present state-owned enterprises reform.(4)On the background of China's promoting supply side reform,the paper also makes a deep research on the influence of the merger and acquisition reorganization on domestic market performance and its influencing factors and compares with export performance results.According to different industries,the paper suggests that merger,acquisition and reorganization of intra-industry and upstream and downstream integration of the whole industrial chain should be realized and analyzes advantages and potential risks of merger and acquisition.In order to optimizing Chinese enterprises performance of the merger and acquisition reorganization,the paper details logically and practically strategies from the levels of country,industry and enterprise based on the theoretical analysis and research results to provide practical advice for improving Chinese enterprise performance,increasing risk and smoothly realizing industrial updating. |
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