Empirical Study Of Dynamic Competitiveness On The Performance Of M&A

In the market economic environment, due to the impact of the global financial crisis and the wave of economic integration, no only which provide a good opportunity for our company to catch up with the world advanced level, but also brought unprecedented challenges. How to deal with our company’s complex economic environment at home and abroad to survive and develop, occupy a competitive position in this fierce market competition at home and abroad, which is a major issue must seriously consider our company. But also the theory and practice sector, the relevant government departments are very concerned about a hot topic. M & A has become an important and effective way to expand the scale of many companies, access to new resources, improve efficiency, and increase corporate value and shareholder wealth, and enhance the competitiveness of companies. Our companies are more and more deeply involved in the global mergers and acquisitions intense tides. Existing study on mergers and acquisitions on competitiveness directly or indirectly affect a relatively large study, How do the role of the company’s competitiveness in the M & A process,which impact on the post-merger performance. Either in theory or in practice sector few studies in this regard, so the impact of research on its acquisition of the company’s competitiveness, the company revealed its competitive effects of mergers and acquisitions actual performance has important practical significance.In this paper, Management, Economics and Multivariate Statistical analysis theory, which drawing on previous research results, the use of normative analysis and empirical analysis, qualitative and quantitative research methods to analyze the dynamic competitive M & A Performance of conduct the study.232 listed companies in this paper, the Shanghai Stock Exchange and the Shenzhen Stock Exchange-listed company manufacturing class acquisitions occurred in 2007-2010 to conduct empirical research sample. First, the use of factor analysis to evaluate companies competitiveness before merger in each year for three years, the introduction of time weight to calculate the dynamic competitiveness of the company’s pre-merger composite score based on subjective assignment method. Then, in terms of M & A performance measure use of ROE(ROE) of individual accounting indicators to measure the performance of the company’s mergers and acquisitions. Again, the use of multiple linear regression empirical affect the competitiveness of the company’s acquisition of dynamic performance. Finally, Tobin’s Q single accounting firm M & A performance indicators were robust test.The paper find that:(1) Overall, the company’s M & A performance has a significant change after the merger, showing an upward trend after the first decline in the first year(T1) after the merger, the second year(T2) decline of trend, the second year after the acquisition of M & A performance of the inflection point, M & A performance in the third year(T3) rose after the merger;(2) the acquisition performance and dynamic competitive relationship, whether it is short-term performance merger or acquisition of long-term performance a significant positive correlation between the dynamic and competitive. Among them, the performance of M & A year T0, three years after the merger(T1, T2, T3) correlation between performance and competitive dynamics in the 5% significance level.