Research On The M&A Strategic Clustering And M&A Performance Of Chinese Listed Companies

With the economic growth slowing down,trade frictions between China and the United States,the downturn of the industry cycle,and the new crown pneumonia outbreak and other risks,the adjustment of corporate structure and the task of transformation and upgrading are more urgent than ever.M&A,as an important way for the capital market to serve the real economy and optimize resource allocation,plays an important role in helping Chinese enterprises accelerate their transformation and upgrading,enhance their ability to resist risks,and achieve high-quality and innovative development.China's M&A market is in a high-speed development stage.Therefore,it is necessary to study the past M&A events of listed companies,which will provide reference for the strategic planning of listed companies before M&A and improve the success rate of M&A of listed companiesThis paper selects 267 M&A events of Listed Companies in China's A-share market from 2013 to 2015 as research samples.In the research of M&A strategy clustering,the self-organizing feature mapping model of artificial neural network is used to cluster the M&A strategies of Chinese listed companies by selecting 24 input indicators from two dimensions,financial feature dimension and non-financial feature dimension,and the clustering results are interpreted.On the basis of clustering research,this paper uses DEA Malmquist model to empirically measure the M&A performance of Chinese listed companies,analyzes the dynamic changes of M&A performance from the perspective of technological progress,management level,scale efficiency and so on,and makes comprehensive evaluation according to different M&A strategies.The main conclusions are as follows: 1.No matter in the short term or in the long term,M&A does not bring positive M&A performance,and the short-term M&A performance is better than the long-term M&A performance.Only 20.22% of the sample companies' annual total factor productivity has been improved.The decline of the sample companies' total factor productivity is mainly due to the decline of pure technical efficiency and scale efficiency after M&A,and the M&A behavior has been improved as a whole It has improved the technology level of M&A companies,with an average annual increase of about 0.5%,but the long-term innovation ability of sample companies has not been improved;2.After M&A,sample companies in leasing and business service industries have obtained the best M&A performance level,and the M&A performance of non manufacturing industries is better than that of manufacturing industries;3.The sample companies based on four types of M&A strategies have realized the overall M&A performance after M&A Technological progress,but the greater loss of resource allocation efficiency reduces the total factor productivity of these sample companies,and the M&A companies under the balanced development horizontal M&A strategy have achieved relatively optimal M&A performance.After M&A,the market expansion diversified M&A obtains the best comprehensive technical efficiency index among the four types of M&A strategies,while the sample companies that implement the potential acquisition vertical M&A strategy have the lowest comprehensive technical efficiency index after M&A.After the completion of M&A,the degree of technological progress of sample companies under horizontal M&A strategy is better than that under diversified M&A strategy and vertical M&A strategy.