The Research On The Factors Of Chinese Manufacturing Enterprises In Cross-border M&A Performance

With the further development of world economic integration, the scale and impact of cross-border M&A is bigger and bigger all over the world. With rapid development of China’s enterprises in their own at the same time, also gradually to join the tide of cross-border M&A. Among them, in the total cross-border M&A in our country has been very high proportion of manufacturing enterprises. Therefore, study the factors affecting the performance of our manufacturing enterprises transnational M&A and under the influence of these factors and the change of performance of M&A, has important practical significance.This article is in the current comprehensive domestic and foreign scholars on the influencing factors of M&A performance, on the basis of existing research results, will affect the performance of M&A manufacturing factors from politics, economy, culture, management and law in five aspects to the comprehensive analysis; In terms of current status of China’s manufacturing industry mergers and acquisitions, through collecting2000-2012,116manufacturing enterprises cross-border M&A cases, the number of M&A transactions, mergers and acquisitions, mergers and acquisitions location of induction; In cross-border M&A performance, screening for30manufacturing companies as sample, the sample enterprise’s financial performance, it is concluded that China’s manufacturing enterprises cross-border M&A performance as a whole is to fall after rise trend; Then, on the basis of M&A performance analysis, selected the eight quantifiable factors as independent variables, in the second year after the enterprise transnational merger and acquisition of comprehensive performance as the dependent variable, through multiple linear regression analysis found that cultural differences, get rights and interests of target enterprise, mergers and acquisitions experience and significantly associated with the dependent variable, while other factors failed to pass the test of significance. Finally, this paper puts forward some measures to improve manufacturing performance of cross-border M&A in our country, these measures are mainly clear former strategy and plan of merger and acquisition, merger and acquisition integration after work seriously and the perfection of laws and regulations and so on.