The Research Of M&A Performance Of Nonferrous Metal Industry Listed Companies Under Supply-Side Structural Reform

With the development of economic society,it is a trend for all the companies to become bigger and improve their core competitiveness.Merger and acquisition provides a new way to achieve this goal.In 2015,the concept of supply-side structural reform was put forward.It is the important period of transformation of economic development patterns.Under this background,mergers and acquisition will become an important method to promote the reform.The nonferrous metal industry is an important part in the national economy,so the result of M&A is critical.In this paper,we choose the M&A events of Chinese nonferrous metal industry listed companies from 2011 to 2015 as the study samples,then use financial indicators study method to find out whether the performance before and after M&A have improved.M&A motivation theory and performance theory is presented in this paper,on the basis of non-ferrous metals listed company as object,draw the conclusion that industry overcapacity pressure is big;Corporate cost pressures are mounting;The lack of innovative capacity still needs to be strengthened;The enterprise of non-ferrous metals has difficulty in operation.Mergers and acquisitions are a quick way to change the business of our nonferrous metals companies.This paper selects 41 sample data from the listed companies of nonferrous metals in 2011 and the following four years,and makes an empirical analysis to explore whether there is any improvement in operating performance.The conclusion is that mergers and acquisitions did not rise in the year,but they didn't rise much,and the business performance fell in the year after the merger.The reason for this analysis may lie in blindly pursuing economies of scale;Excessive government intervention and the dislocation of the M&A body;M&A fail to integrate effectively.In the end,the article thinks that the improvement of M&A performance in the non-ferrous metal industry should be done in the following four areas: making clear the strategic goal of acquisition and making the best of it;We will standardize the subject of government and actively promote market liberalization.Strengthen integration and focus on synergy;Improve the ability of management and control.