Research On Efficiency Of China's Nonferrous Metals Listing Corporation From The Perspective Of M & A

At present, the non-ferrous metals market has entered the depth adjustment phase, the non-ferrous metal industry development in China is facing a serious challenge. In the face of the international nonferrous metal industry speed up the pace of structural adjustment, China's nonferrous metals industry behind the excess capacity, low market concentration, independent innovation ability is not strong and so on unceasingly highlighting disadvantages. To reverse this pattern, starting in 2009, the government policy of non-ferrous metals industry consolidation, dense prompted the non-ferrous metal industry the speeding up of merger, acquisition and reorganization, hope that through the way of merger, acquisition and reorganization to integrate resources effectively, optimize the market structure, economies of scale and synergy effect.Based on this background, in this paper, the development status quo of China's nonferrous metals industry m&a, evolution characteristics and resource allocation efficiency and technical progress level comprehensive explanation and empirical analysis, to study the efficiency of China's nonferrous metals industry after the merger, acquisition and reorganization, to find out the key contradictions, a study on corresponding development countermeasures accordingly.Based on the sum-up of merger, acquisition and reorganization, merger and acquisition efficiency, etc, on the basis of related theories and literature, mainly on the study of four aspects. First, the overall grasping of the features of the evolution of China's nonferrous metals industry m&a and development environment, on the basis of both at home and abroad of China's nonferrous metals industry of merger, acquisition and reorganization problems existing in the process of in-depth analysis; Secondly, on this basis, adopt the method of empirical analysis of the above theoretical derivation, it is using the three stage DEA model 66 listed non-ferrous metal companies in China in 2009-2014 static efficiency of mergers and acquisitions is evaluated. Clarify the impact of various factors on the efficiency of enterprise merger, acquisition and reorganization, the second stage USES SFA regression analysis, factors affecting the efficiency of listed companies of nonferrous metals has carried on the regression analysis; Third, analysis of the dynamic efficiency of merger, acquisition and reorganization of non-ferrous metals industry in our country, respectively from such aspects as overall, industry chain, area, estimates the 2009-66 of 2014, China's nonferrous metals industry the comprehensive technical efficiency of listed companies (EFFCH), technical progress (TECH) and total factor productivity (TFPCH) index changes; Fourth, combined with China's nonferrous metals industry enterprise efficiency and technical progress trend analysis and conclusion, from the long-term development of the enterprise strategy, choice of the target company, to strengthen the integration after the merger, strengthening the guiding role of government policy, actively involved in cross-border m&a, multiple perspectives such as improving technology innovation ability, improve the efficiency of the non-ferrous metal industry and countermeasures and Suggestions to promote technological progress.Combining with the development of the non-ferrous metal industry present situation and evolution characteristics of merger, acquisition and reorganization, surrounding the industry integration under the guide of the non-ferrous metal industry, merger, acquisition and reorganization behavior embedding efficiency of merger, acquisition and reorganization research into the development of the industry analysis framework, will increase the efficiency analysis of merger, acquisition and reorganization to the industry level of efficiency of study, and put forward our country from the perspective of merger, acquisition and reorganization, the non-ferrous metal industry in the development of new thinking, new path.