The Obstacle Factor Analysis Of Cross-Regional Mergers And Acquisitions In Our Country

Our country has experienced three decades of rapid economic growth and the traditional mode of economic development are seriously challenged, the economy has entered a "new normal" of the three period superposition, the double pressure of energy-saving and emissions reduction and overcapacity accelerate the pace of economic transition and the adjustment of structural.So the State Council has issued a number of policies and measures to promote cross-regional M&A(mergers and acquisitions), cross-trade M&A and cross-ownership M&A,also to speed up the enterprises’ transformation and upgrading, to dissolve the excess production capacity, to improve enterprises’ the overall competitiveness.At present, due to the restriction of the traditional systems and mechanisms, M&A in our country especially cross-regional M&A still face great difficulties, against the strategic restructuring of the national economy. This paper focused on the obstacle factors of domestic cross-regional M&A in our country, used the dynamic game theory, the factor analysis and econometric theory, constructed the dynamic game model, the evaluation model of M&A performance and multiple regression model along the way of theoretical deduction and empirical test, systematacially analysed the obstacle factors of cross-regional M&A, and drew the following conclusions:(1)Through establishing the dynamic game model of cross-regional M&A to analyze the M&A behavior characteristics, we found that the price of cross-regional M&A and the willingness of cross-regional M&A are closely linked.(2)We built multiple regression models to verify the influence of the obstacle factors of cross-regional M&A on cross-regional M&A,divided the sample into two groups according to the regional attribute, made empirical analysis respectively, and found that the factors affecting the performance of M&A are owing to the different regional attribute.(3) Through the theory analysis of game model and the empirical test of multivariate regression models,We found that the intervention from local administration government and the external macro environment companies facing, such as the financial market’s degree of development, the legal system environment’s degree of development, did hinder the efforts of cross-regional M&A.At the same time, the control benefit compensation of management in company and the characteristics of both M&A and M&A enterprise itself affect cross-regional M&A.