| In 2017,China's total foreign direct investment amounted to US$120.08 billion,of which cross-border mergers and acquisitions accounted for US$96.20 billion and became the most active form of foreign investment.Among these,M&A transactions were mainly focus on manufacturing industry.In 2017,the manufacturing cross-border M&A transaction accounted for 41% of the total amount.Cross-border M&A was once considered to be one of the effective ways to increase the company's strength,quickly enter foreign markets and acquire advanced technologies.Can cross-border mergers and acquisitions in the manufacturing industry improve corporate performance and help the industry achieve industrial upgrading?In the theoretical analysis,the factors that may affect M&A performance and its working mechanism are analyzed.In the empirical analysis,after comparative analysis of the merit and demerit of different performance measures,we finally selected the DEA method,the secondyear performance of manufacturing cross-border mergers and acquisitions is 1.031,the third year is 1.043.Then established a GAM model to study the cross-border mergers and acquisitions of manufacturing industries that occurred between 2005 and 2014,the performance of the year of merger and acquisition,the second year of mergers and acquisitions,the third year of mergers and acquisitions was the object of study.We selected seven variables from the external environment level,the enterprise level and the transaction level respectively to analyze their impact on cross-border M&A performance.Finally,we conclude that cross-border M&A can improve performance,and that the target countries' economic development level,the degree of perfection of the target country's legal system,the proportion of shares held,and the transaction price have significant effects on M&A performance.Finally,based on theoretical and empirical analysis we suggestions at the enterprise level and the government level. |
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