Research On M & A Performance Of Manufacturing Listed Companies In China

With the acceleration of global economic integration process and the expedite pace of foreign manufacturing enterprises into the market in China, our country manufacturing industry is facing unprecedented opportunities and challenges. The scale of manufacturing industry in our county is very large, but it’scapabilityisnotstrong. In order to improve the competitiveness of manufacturing industry in our country, enterprise will accelerate the process of M&A. Firstly, thispaper reviews the research on the performance of M&A at home and abroad and in-depth analysis the purpose of merger and acquisition in manufacturing industry, then elaborated the theory of M&A in our country’s manufacturing industrycombining with the situation of our country’s characteristic. Secondly, combining with the results of previous scholars and the background of manufacturing industry in our country, using event study method to research the short-term performance of sample company’s M&A and choosing 12 indexes of accounting to build amodel to evaluate the long-term performance of sample company’s M&A. Last, this paper respectively from the perspective of the correlationof M&A、the wayof M&A、the attitude of M&A to investigate how they influence the short-term and long-term performance. Results show that the long-term performance and the short-term performance of M&A appear abnormally. Overall, the short-term performance of sample company’s M&A is notgood enough than long-term performance. Considering the influence of different factors, the short-term performance of non-affiliated M&A appears good,but in the long term, the performance of affiliated M&A appears better; no matter in the short time or in the long time, the Equity transfer of M&A have a better performance; In short term, hostile takeovers performance better, but in long term, they performanceopposite. With the further development of China’s economy andthe continues Improvement of capital market, it is necessary to further research theshorttermperformanceandthelongtermperformanceof M&A in our country’s manufacturing industry. It is very important to improve the performance of M&A in China’s manufacturing industry. This paper not only in-depth analysis the change of M&A performance intheshorttermandlongterm, but also analyzes the factors that affect manufacturing M&A performance. I hope that the research results in this paper can provide references for M&A in China’s manufacturing industry.