A Study On The Ifluencing Factors Of The Chinese Manufacturing Enterprises' Cross-border Merger And Acquisition Financial Performance

Since the global economic crisis in 2008,the scale and influence of Chinese enterprises' transnational mergers and acquisitions have become more and more important.Especially the development of "the Belt and Road",that is an important opportunity to open international market for China manufacturing enterprises.China's macroeconomic data shows that at present,the domestic market in China has become saturated with symptoms of overcapacity in the enterprises.These current conditions show that enterprises' "going global" and capital export are favorable ways for enterprises to seek better development.Manufacturing is not only China's pillar industry,but also has a high proportion of Chinese companies' cross-border M&A(mergers and acquisitions).However,the results of Chinese manufacturing in cross-border mergers and acquisitions are not satisfactory and there are many failure cases.Therefore,this thesis mainly studies which factors have a greater impact on the financial performance of M&A.This has important implications for China's manufacturing operations after M&A.This thesis selects 36 listed manufacturing enterprises that cross-border mergers and acquisitions from 2008 to 2014 as the research sample.First of all,establish a reasonable financial performance evaluation system,select the accounting index analysis,the use of statistical software(SPSS22)to do factor analysis and principal component analysis to calculate the four before and after the merger of financial performance scores and trends.According to the change of performance,it can be seen that after the cross-border mergers and acquisitions,the financial performance of the enterprises tends to decrease first and then rise,the financial performance in the year of M&A and one year after M&A is declining,and the financial performance in the second year of M&A has been significantly improved and improved.Then,taking the difference in the annual performance of the enterprise as the dependent variable,to study the relationship between enterprise's M&A performance and influencing factors.This thesis determines the influencing factors of financial performance from three levels:environment level(host country system environment and cultural difference),enterprise level(enterprise size and enterprise age),transaction level(transaction amount,transaction equity and payment method),and in-depth analysis of the impact of various factors on the financial performance of M&A.By building a multiple regression model,measure the influence of these factors on the financial performance of M&A.Finally,the results of empirical analysis show that the host country's institutional environment,cultural differences,and transaction size have a significant negative impact on M&A performance,the firm size has a significant positive impact on M&A performance,and other factors have no effect.Combined with the conclusion drawn from the empirical analysis,this thesis puts forward corresponding suggestions to the listed manufacturing industry in the process of cross-border M&A.The main innovations of this thesis are mainly three points.First,select the manufacturing industry to conduct research alone,so that the research is more targeted at the new and practical;Second,this thesis combines the characteristics of the manufacturing industry to establish a suitable assessment of manufacturing M&A financial performance evaluation system;Thirst,this thesis analyzes the influencing factors from three aspects to make the research more comprehensive and in-depth.This thesis provides a valuable reference for China's listed manufacturing industry through a combination of theoretical and empirical analysis.