Theoretical And Empirical Research On The Impact Of Cross-regional Mergers And Acquisitions Of Chinese Listed Companies On The Regional Industrial Structure

From the point of view of space,Cross-Regional M&A of enterprises is an important manifestation of the spatial M&A of Chinese enterprises.Cross-Regional M&A are defined in this paper as M&A in which a enterprise purchases all or part of the assets(according to the registration place and ownership)of the other enterprises in different provinces,regions and cities.Cross-Regional M&A of enterprises not only has an important impact on the structure(production structure,organizational structure,capital structure,governance structure,etc.)of m&a enterprises and target enterprises,but also has an important impact on regional economic growth and industrial structure.This paper takes the Cross-Regional M&A of listed companies in Shanghai and Shenzhen stock markets of China as an example to study the impact of Cross-Regional M&A on regional industrial structure.Article on the basis of defining the concept of cross-regional M&A,analyzes theoretically the mechanism of Cross-Regional M&A affecting regional industrial structure.Therefore,the author selected 4633 Cross-Regional M&A events in 23 provinces from 2011 to 2016 as samples,conducted empirical research using Fixed Effect Model and Random Effect Model.Article selected the M&A of Xinjiang Bayi Steel CO.LTD by China Baowu Steel Group as an example as case to analysis from the industry and industrial structure.Through the above research,the following conclusions are drawn:First,the status quo of China's Cross-Regional M&A shows a fluctuating growth trend.From the perspective of transaction volume and transaction volume,China's Cross-Regional M&A is developing.In terms of the geographical distribution of M&A,the development of Cross-Regional M&A in the eastern region is obviously superior to that in the western and central regions.From the perspective of M&A scale,the M&A scale of the tertiary industry is significantly larger than that of the secondary industry.In terms of growth rate,the development of Cross-Regional M&A in recent years focuses on the secondary industry in the eastern region and the tertiary industry in the western region.Second,the role of Cross-Regional M&A in promoting the optimization of regional industrial structure needs to be improved.Cross-regional M&A can promote the development of individual industries in the secondary industry,and deepen the degree of specialization by improving the productivity of the secondary industry.However,due to the uneven development within the industry caused by Cross-Regional M&A,the extrusion effect of Cross-Regional M&A on the specialization of the industrial structure of the target region is significantly higher than the spillover effect,resulting in the high efficiency and specialization degree of the industry in the target region still need to be improved.The slow development of the specialization degree of the target region makes the trans-regional M&A play a weak role in driving other industries in the region,so that the industrial structure of the target region is similar to that of other regions.And Cross-Regional M&A directly affect the service level of regional industrial structure.Third,the M&A of Xinjiang Bayi Steel CO.LTD by China Baowu Steel Group has obviously promoted the economic development of Xinjiang province,and the optimization of Xinjiang's industrial structure needs to be strengthened.From the perspective of industry,low-value-added technologies such as mining technology and steel-making technology transferred by China Baowu Steel Group after M&A stimulate the improvement of labor capital and resource productivity in Xinjiang province in a short time,but play a relatively weak role in promoting the development of industrial industry in the long run.From the perspective of regional industrial structure,this event promoted the transfer of human capital and financial capital to the secondary industry in Xinjiang province,which resulted in the decline of servitization level of industrial structure in Xinjiang.Fourth,according to current situation of Cross-Regional M&A and the impact of Cross-Regional M&A on regional industrial structure empirical analysis conclusion,the author puts forward suggestions on two aspects: one is that the government should be innovative interventions and content,improve the means of intervention and the method.The government should formulate relevant industrial structure adjustment plans and programs,play to the government information resources for the enterprise to provide information consultation service;Second,enterprises should pay more attention to the comprehensive integration after M&A.M&A companies should integrate the personnel?technology and culture of M&A resources in various aspects,so as to comprehensively realize the synergistic effect of M&A and promote the optimization of industrial structure in the target region.