An Empirical Study On The Merger And Acquisition Performance Of Chinese Manufacturing Companies

Today,in the context of the economy into the new normal,China's economy is facing a slowdown,irrational structural pressures.The revitalization of the real economy,especially the development of manufacturing industry,can effectively solve the problem of stagflation at present,which is one of the supply side reforms required tasks.At present,for the manufacturing industry transformation and upgrading,the state has launched a series of relevant policy documents,and made the "Made in China 2025" plan.Among them,M & A transactions with its transformation and upgrading of the industry as well as the control of the upper and lower reaches of the industrial chain as the focus of a new round of reform.Since 2012,China's M & A market has become increasingly prosperous,more and more enterprises through mergers and acquisitions to achieve the expansion of enterprises.In 2016,the number of mergers and acquisitions in China's manufacturing enterprises,trading volume reached a record high,most of which is the purpose of mergers and acquisitions of industrial technology upgrading.Scholars have done a lot of research on whether the M & A can bring growth to the enterprise.M & A is a good news for Target Corp,Target Corp shareholders can benefit.In different periods,different types of M & A transactions have different effects on the performance of the main M & A companies.This paper takes 2012 as the starting point to observe the changes of the performance of 83 A share manufacturing listed companies.Select a series of financial indicators on behalf of the company's operating capacity,the establishment of the company's performance evaluation system,based on the performance of the company's performance evaluation of the company's mergers and acquisitions.And for different types of mergers and acquisitions,to make further research.The results show that the manufacturing enterprises can improve the performance through mergers and acquisitions,and the effect is significant.For different types of mergers and acquisitions,horizontal mergers and acquisitions and vertical M & A performance fluctuations are small,while the effect of mixed M & A performance fluctuations.The use of these three types of mergers and acquisitions in mergers and acquisitions after the performance of the second year decline in the past third years to pick up.In the last year of the observation period,the highest score of vertical M & A performance.Finally,according to the research conclusion,we provide policy support in the company management level and government administration level.