Study On Performance And Influencing Factors Of The Chinese National Machinery Industry Overseas M&A

In recent years,the momentum of overseas M&A of Chinese enterprises performance aggressive.And the difficulty of M&A is becoming more and more prominent.Overseas M&A of machinery industry is increasingly becoming a hot topic,but few scholars between domestic and overseas have some system research on the performance of the overseas M&A cases.With a rapid economic growth of China in the past years,the strength of domestic enterprises would also increase.More and more Chinese enterprises enhance the global competitiveness into the top of the global industrial value chain through the overseas M&A.Therefore,it is of great practical significance to study overseas M&A performance of the machinery industry and its influencing factors of China,whether it is formulate relevant M&A policies or overseas M&A strategies for these enterprises.Firstly,this paper summarizes the theory of M&A based on reviewing the current situation of domestic and foreign research from the specific situation of China.And elaborates the research model-panel data model and multiple linear regression model.Then,the paper uses descriptive statistical analysis of econometric analysis software EViews to summarize the sample performance before and after the M&A activity after the hypothesis.And then give a detailed analysis of the sample and construct the panel data model.Then use the likelihood ratio test and Hausman test to determine the model.Take "M&A" as the explanatory variable and the performance index as the explanatory variable to research the correlation between "M&A" and "performance".This paper constructs the multiple linear regression model and analyzes the influence factors of M&A performance from the M&A type,the proportion of outstanding shares,the transaction scale and some other factors.Finally,give suggestions on improving enterprise performance after M&A activities at an angle before the acquisition of planning and after the merger of integration to make such listed company reach the ideal effect,so as to promote our country's machinery industry companies M&A activities effective continued to implement.