The Test Of M&A Market Resource Allocation Efficiency Based On The Perspective Of Industrial Upgrading

M&A market is a resource redistribut ion mechanism in essence,with the funct ion of social resource allocat ion, opt imizing the allocation of product ion factors, and gradually realizing the Pareto opt imal. With China’s M&A market gradually mature,it benefits from econo mic restructuring, industry conso lidation, restructuring and epitaxial growth. M&A market’s activity and business scale grows high. At the same time, the t ype of merger arbitrage has decreased gradually, the number of industrial M&A has increased. Under the background of econo mic transformation and upgrading, enterprise must optimize the allocat ion o f resources, restructure industrial chain, lead the capital to the advantage firms and achieve the effect ive flow of assets through M&A, in order to promote industrial upgrading.This thesis states fro m the theories o f resource allocation efficiency and industrial upgrading, finding a theoretical basis for the effect of M&A market to industrial upgrading. From the industry aspects, by analyzing status o f M&A descriptive statist ics, this thesis studies the effects of the theory o f industrial upgrading of the M &A market mechanism analysis, puts forward related hypotheses using Pooled OLS, Fixed Effects o ls to test the efficiency o f resource M&A market promoting industrial upgrading. At the enterprise level, this thesis tests efficiency of resource allocation, by construct ing the model o f enterprise upgrading, using the factor analysis method to get the co mprehensive scores with Wilcoxon signed rank. According to the results, this thesis concludes that, first ly, the M&A market prompts the efficiency o f industrial upgrading, with promoting the opt imal allocation of resources at the macro level, and the efficiency o f resource allocat ion is high; Secondly, at the enterprise level, the M&A market pro motes enterprise upgrading, with a funct ion of resource allocation, but the effect is limited. These factors, such as enterprise merger integration effect and lack of core co mpet it iveness, affect the enterprise transformation and upgrading evaluation of all M&A market.Finally, this paper summarizes the main conclusions and provide advices for improving the efficiency of resources allocation, in order to provide reference for enterprises and establishment for the nat ional industrial po licies.