The Industrial Structure Optimization Effect Of The Merger,Acquisition And Reorganization Of Listed Companies In China

In retrospect,the financial crisis in 2008 to make major changes have taken place in the world economy,the contradictions and problems in the development of our country's economy is increasingly prominent in the financial crisis.According to existing historical experience shows that economic development and industrial structure between the inseparable relationship.To cope with the urgent needs of the current economic structure transformation,the country launched a series of guidelines to push forward the reform of supply side structural.Promote structural reform,the supply side is adapt to and lead the economic development of the new normal big innovations,standing in the perspective of financial enterprises,support structural reform is the financial service supply side of the real economy.To make a real economy revitalize the stock will be fully the use of merger,acquisition and reorganization of the market: on the one hand,the enterprise m&a can improve the efficiency of resource utilization,cost savings,expand the market share and achieve economies of scale,enhance enterprise competitiveness;Mergers and acquisitions,on the other hand,helps to break the resources in the economic development and geographical limitations,to speed up the mobility of resources,improve industrial concentration.Mergers and acquisitions as a way of transfer of ownership and property rights,is an important means to promote the optimization and upgrading of industrial structure,provide enough power for industrial structure adjustment.Facts have proven that the financial crisis,the national policy series,after our country entered a new round of economic cycle,set off a new wave of mergers and acquisitions in China,this is for our further study listed merger and acquisition of the industrial structure optimization effect provides a good opportunity.At first,this paper theoretically analyzes the effect of merger and acquisition(effects of the allocation of resources,the industrial transfer effect,the industrial connection effect and investment effect,management into effect,the market competition effect)on the action mechanism of our country's industrial structure optimization.Then in to our country enterprise mergers and acquisitions market,based on the descriptive statistical analysis will be divided into our country industrial structure rationally and highly two dimensions,using provincial data from 2008 to2015 as samples,to our country 31 provinces(autonomous regions and municipalities directly under the central government,not including Hong Kong,Macao and Taiwan)a comparative study on industrial structure rationally and highly,and then through thestatic panel data model and dynamic panel data model with the combination of empirical research method to deduce a nationwide enterprise merger and acquisition the optimization of industrial structure effect is.In mergers and acquisitions and industrial structure optimization effect in the empirical test shows that although the research on the relationship between the industrial structure through mergers and acquisitions,we found that may be due to the development of local economic dependence of the second industry,the tertiary industry have not developed to the dominance of reason,economic development level and industry structure index(value)there is a negative correlation relationship between empirically.But,overall,both number of enterprise mergers and acquisitions and mergers,the increase of the m&a behavior,industrial structure rationally and highly will promote role,through m&a,and guide enterprises to promote the optimization and upgrading of industrial structure,and the early stage of the process of the development of the industrial structure rationally and highly will be late for the optimization of industrial structure have a significant impact.