An Empirical Study On Tne Performance Of M&A Of Chinese Listed Manufacturing Companies

As an important means of resource allocation and external governance, the role of mergers and acquisitions to expand production scale, the implementation of brand management strategy, and enhance the competitiveness of enterprises, to achieve the company’s development strategy and the implementation of the diversification strategy, more and more scholars and management by the recognition and attention. There was2963number of China disclosed M&A (mergers and acquisitions) transactions in2012, and the manufacturing has661, the scale of financing amounted to＄29.616billion. Our country manufacturing industry has become about the body of M&A, manufacturing M&A Performance improve conducive to the improvement of the overall social welfare.In this paper, to study whether M&A can improve the performance of enterprises, to71M&A events in the manufacturing industry of China in2009years listed Corporation as research object. Firstly, the listed Corporation M&A at home and abroad research status and manufacturing enterprises in China M&A market environment combined, on M&A behavior and motivation of our country manufacturing industry listed Corporation were analyzed, and put forward the hypothesis. Secondly, establishing evaluation on M&A performance of Chinese manufacturing enterprise model as based on the previous analysis. Using event study method and factor analysis of the M&A event sample firms selected, two aspects from the short-term market effect and long-term management effect is an empirical study on the performance of M&A, M&A to test whether increased mergers, short and long term performance; at the same time, from the scale of merger and acquisition, merger and acquisition of type of relationship between the three dimensions were investigated, effects of different factors on long-term performance of M&A.Research results show that the research on the short and long term performance by different methods of sample has not reached the same conclusion, the short term the sample enterprise shareholder value has been destroyed, and the long term performance of M&A has increased, but not significantly enhances effect. The effects of different factors on study of M&A long short-term performance, whether short-term or long-term performance of M&A performance compared to non association better performance; small enterprise in M&A mistress for outstanding performance scale; and in the research of short-term and long-term, different types of M&A have different performance, and did not come to the same conclusion.With the further development and perfection of China’s capital market, a study on M&A performance analysis, China’s manufacturing industry listed corporation, in order to promote the theoretical research on M&A performance, provide more theoretical value;on the other hand, for manufacturing enterprises to provide more practical reference behavior.