Research On The Effect Of Transformation And Upgrading Of Manufacturing Listed Companies Driven By Mergers And Acquisitions

In recent years,China’s manufacturing industry is in relatively competitive development environment,and countries around the world have developed and issued relevant strategies and policies to promote the development of manufacturing industry.Driven by the fierce international competition environment,the development of China’s manufacturing industry is imperative.In addition,in order to change the mode of economic development mainly relying on resource consumption,conform to the new normal of economy and cope with the impact of the development of manufacturing industry in various countries,China should focus on promoting the development of manufacturing industry.As a micro-economic entity,enterprise transformation and upgrading is a solid foundation for the rapid development of manufacturing industry.Therefore,it is of great significance to carry out research on enterprise transformation and upgrading.This paper uses factor analysis and multiple linear regression models to research the effects and influencing factors of mergers and acquisitions on enterprise transformation and upgrading.Firstly,this paper determines the research perspective by reading relevant literatures,that is,from the exogenous path of transformation and upgrading--mergers and acquisitions to analyze its effect on transformation and upgrading,and expounds the concepts and relevant theories of transformation and upgrading and mergesr and acquisitions,so as to provide scientific theoretical basis for the following argumentation.Then,factor analysis is used to explore the transformation and upgrading effect of sample companies in the five years before and after mergers and acquisitions.Research shows that transformation and upgrading effect decreased in the first and second years after the merger and reached the lowest levels in the second year after the merger.In the third year after the merger,the effect of transformation and upgrading was improved and exceeded the level before the merger.This shows that in the long run,mergers and acquisitions promote the realization of the transformation and upgrading,but this is not appeared immediately after mergers and acquisitions,but need to experience certain adjustment.Thirdly,multiple linear regression method is adopted to explore the influencing factors of transformation and upgrading effect.The research shows that enterprises with abundant internal resource endowment get better transformation and upgrading effect.Enterprises with strong management ability get better transformation and upgrading effect;Relevant mergers and acquisitions are conducive to better transformation and upgrading effect;The effect of merger and acquisition scale on transformation and upgrading is not significant.Finally,according to the results of the demonstration,relevant countermeasures are proposed from company and government aspects to provide some suggestions for enterprises that are expected to achieve transformation and upgrading through mergers and acquisitions.