Research On M&A Performance Of Manufacturing Listed Companies And Its Influencing Factors

Due to the extensive influence of the financial crisis in 2008,the economic environment has changed greatly,which has caused the growth of our manufacturing industry to be greatly hindered,and the problems of the survival and development of the related enterprises need to be solved urgently.In order to get out of business difficulties and promote their own development,the vast majority of manufacturing listed companies choose mergers and acquisitions.Because mergers and acquisitions can make the capital of the company reasonably used,on the one hand,through horizontal mergers and acquisitions to expand the scale of production and operation of enterprises to reduce the related costs,on the other hand vertical integration through vertical mergers and acquisitions to promote diversified development of business,thus reducing the risk of wind and promoting healthy development of enterprises.Therefore,whether mergers and acquisitions can really enhance business performance is particularly important for enterprises.Careful selection of mergers and acquisitions is conducive to long-term development of enterprises.On the basis of reading a large number of domestic and foreign documents,this paper,based on the reading of a large number of domestic and foreign literature,has done the research on the influence of merger and acquisition on the business performance of the enterprises at home and abroad.According to the related concepts of M & a performance and the related theory of M & A,this paper puts forward the research hypothesis.Secondly,we use the event study method and factor analysis method to investigate the short-term market effect and long-term operating performance of all the sample enterprises.The three directions of relevance,payment and industry relevance are selected to study the impact of different factors on the long term performance of mergers and acquisitions.The empirical research results show that: 1,Sample Firms’ s M & A transactions can enhance short-term performance,but damage the long-term performance of enterprises.2,mergers and acquisitions in the same industry improve short-term performance better than cross industry mergers and acquisitions,and long-term performance is not a conclusion.3,short-term and long-term performance of related mergers and acquisitions is better than non related mergers and acquisitions.4,the way of equity payment is better than the way of cash payment for long-term performance improvement.Finally,according to the empirical research results,this paper puts forward relevant suggestions from two aspects,including government,intermediary and enterprises.