The Effect Ions Of Industry Characteristics Make On Enterprise M&A Decisions

With the development of world economics and industry,merger and acquisition activity grows fast in our courtry.It cannot only promote wealth centralization and optimization,but also can impulse industry upgrade.In the situation of China's listed companies M&A activities increasingly and the wave of takeover,we should grasp fully the opportunity to use the acquisition as a tool to achieve our goal at industrial structure upgrade.In this regard,focused on the analysis of acquired characteristics of the industry is not only meaningful to enterprise M&A decisions,but also to the government test the effect of industrial policies and applicate market instruments to relevant policies.The article is organized as follows:first it summarizes the historical literature about the merger and acquisition,finding the important factor of industry influencing this acitivity decisions and quantitave thiese indicators.Then we perform empirical reasersh on it. This paper have five chapters.Chpater one introduces research background,singnificance and writing frame works. Chapter two introduces literature review and relevant theoretical.In chapter three,we structure mathematical model and construct five industrial indications of enterprise M&A..Chapter four is the priority of this paper,we have used the data of M&A from the year2003to2009and used the panel data regression model.The empirical results show that acquiring companys'M&A decision vary across different stages of the industry. In the growth industry,it depents on market concentration and government support;in the mature industry,the main factors inculd market concentration,innovation,government support and industry risk;In the recession industry,the acquring company attach importance to the factors of innovation and government support.Part V of this paper give the specific conclusions and policy recommendations.Chapter five makes a summary of the forth part and put forword some policy recommendations.I really hope this study can provide some basis and recommendations on acquiring company M&A decisions and related national industrial policy.