Merger And Acquisition Performance Of Listed Companies In China's Manufacturing Industry And Analysis Of Its Influencing Factors

In recent years,companies want to acquire more economies of scale through mergers and acquisitions(M&A),and achieve the development strategy of enterprises.Therefore,the number of M&A in China continues to increase,and the amount involved increases,too.Manufacturing industry is an important industry,and M&A are conducive to the promotion of national industrial restructuring and upgrading.At present,domestic manufacturing M&A frequently occurs.Therefore,research on manufacturing M&As,how the M&A performance of the company is performed,and what are the influencing factors of M&A performance,with a view to making suggestions on manufacturing M&A is still very necessary.The research content of this paper is mainly divided into three blocks.Firstly,statistical analysis of M&A in manufacturing industry is conducted,the main characteristics of M&A companies,M&A forms,objectives,targets,etc.are analyzed and the reasons are analyzed,too;secondly,a financial index evaluation system is constructed.Combining factor analysis method to obtain the overall performance of M&A,test M&A performance;Finally,regression analysis is used to further explore the influencing factors of M&A performance.The research content of this paper is mainly divided into three blocks.Firstly,statistical analysis of manufacturing M&A events is conducted,the main characteristics of M&A companies,M&A form,purpose,and targets are obtained and the reasons are analyzed;secondly,a financial index evaluation system is constructed.Combining factor analysis method,the comprehensive performance of M&A was obtained to test the performance of M&A.Finally,This article selects 82 listed manufacturing companies in China's 2013 and 2014 A-share mergers and acquisitions in Shanghai and Shenzhen as samples.Through empirical testing of the sample,the following conclusions are drawn: First,the company's performance levels in the current and short-term of M&A both are better than the year before M&A.Mergers and acquisitions played a positive role in corporate performance,but their performance is still lower than the two years prior to M&A,so their effectiveness was limited.Second,there are M&A experiences and M&A relative scale conferences that have a positive impact on the company's M&A performance.The related type of M&A will have a negative impact on the M&A performance of the company.