Research On The M&a Performance Of China Listed Companies In New Energy Vehicle Industry And Its Influencing Factors

With the rapid development of new energy vehicles in the world,the merger and acquisition of new energy vehicles in China is being more active too.The influx of capital has boomed the new energy automobile market in China,and the scale of industrial mergers and acquisitions has been rapidly expanded.As one ofmain industries,this industryis not only supported by the government in recent years,but also paid more attention by more and more people.Expectation all over the world is that new energy vehicles will play a pivotal role in the country's economic development.Therefore,a large number of studies on this industry havebeen discussed by scholars.The new energy automotive industry has taken a short period of time to develop.There are many studies on the new energy automotive industry,butresearch on mergers and acquisitions in this industry is almost blank.Therefore,this article will focus on mergers and acquisitions of the new energy automotive industry.We wonderwhether the performance of the energy automotive industry listed company after M&A is improved,and what are the factors affecting performance,and how to improve or enhance the M&A performance of China's new energy automotive industry.Specifically,this article firstly includes a literature review of domestic and foreign scholars on the research of performance and performance factors,as well as a review of the theoretical basis of mergers and acquisitions.After that,it details the development of new energy automotive industry and the status quo of mergers and acquisitions,including the definition of the new energy automotive industry,history,government roles,industry mergers and acquisitions,and current status of mergers and acquisitions.Next,the sample data of the listed companies in the new energy automotive industry during 2013-2014 is selected.Nine financial indicators are selected from the four aspects of corporate profitability,operational capability,solvency and development capabilities by accounting research methods.Then a comprehensive index evaluation system is constructed.The factor analysis is used to analyze and calculate the comprehensive performance scores of the year before the M&A of the sample companies,the year of that,the first year and the second year after that.The performance score isaimto analyze the performance of mergers and acquisitions.The results show that the overall M&A performance of listed companies in the new energy auto industry in China shows a trend as increasing at first and then decreasing in general.To be specific,horizontal M&A performance scores rise firstly and then go opposite,whilst vertical M&A performance scores keep rising,and the conglomerateonesstay declining.Therefore,the short-term performance of M&A enterprises after the M&A is improving,however the long-term performance is declining.The sample of vertical mergers and acquisitions has improved significantly in general.After obtaining the sample performance score results,this article continues to select the largest shareholder's shareholding ratio,relative M&A scale,free cash flow,enterprise size,payment method,associated transaction and government relevance from the aspects of transaction characteristics and company characteristics,combined with the M&A characteristics of the new energy auto industry.Subsequently,a multiple linear regression model is used to conduct a regression analysis of these factors and each year's performance and performance differences.Although the adjustedR~2 in the model is not high,the variables are significant in a single model.After analyzing these variables,it is found that the largest shareholder's shareholding ratio,relative M&A scale,the enterprise size,cash payment have a positive relationship with M&A performance,whilst associated transaction,free cash flow,government relevance have a negative correlation with M&A performance.Finally,based on the conclusions of the full text research,I proposes to pay attention to the risk of diversified acquisition,formulate a scientific acquisition strategy,give priority to vertical mergers and acquisitions,improve industrial chain integration,give full play to the advantages of enterprise assets,reasonably control the relative scale of mergers and acquisitions,play the role of government supervision and management,standardize connected transactions,concern about the risk of agents,rationally use free cash flow,take the market mechanism as the leading factor,give full play to the government's guiding functions.I look forward to these suggestions can provide reference and practical guidance for entrepreneur about mergers and acquisitions in the new energy auto industry.