Measurement Of Cross-border M&A Performance Of Manufacturing Companies In China And The Affecting Factors Research

Under the background of economic globalization. Since1980s,cross-border M&A ofenterprises in china has already passed more than40years, which is a long journey forChinese enterprises entering the global market. In nowadays stage, China has huge foreignexchange reserves, overinvestment and excess capacity, Chinese enterprises going out andcapital output gradually become a trend. In addition, our country enterprises in China’smarket is saturated, enterprises actively "go out" to open up new markets abroad, anddevelop new channel. The western world has not completely out of the crisis, according tothe Chinese and global macroeconomic conditions, scale of transnational M&A in ourcountry will continue to increase in the future.Chinese enterprises cross-border M&A scale is more and more big, but there are a lotof enterprises operating performance after M&A is not ideal and the management isdifficulty. How can the enterprises "go out" and "go steady" at the same time, this is theproblem that needs attention, when the cross-border M&A scale will continue increase inour country. So this article focuses on cross-border M&A in our country, especially themanufacturing enterprise performance after M&A, then studies the influence factors ofinfluence performance. This article selects the26China’s manufacturing listed companiesin China as samples, to establish a reasonable performance measure system, using the factoranalysis method to calculate the performance change before and after M&A, and then studyrelationship between enterprise performance and related influence factors through themultiple regression method. The study found that M&A for a year before M&Aperformance is best, occurred to a greater influence on the performance after the merger,but will be recovered after the merger but short-term wasn’t up to the level before M&A. Interms of factor influence, founding that the size of acquirer has a positive effect on M&Aperformance and culture differences has a negative effect on the performance.Domestic scholars have had a lot of research about performance of M&A before, thisarticle selects the samples in the new economic situation, enterprises are studied for theimplementation of cross-border M&A providing a theoretical guidance for Chineseenterprises.