Analysis Of The Effect Of M&A In The Adjustment Of Industrial Structure

After decades of rapid development in China's economy since reform and opening up,“decreasing speed and improving quality” has become a new development goal at the current stage.As a powerful promoter of high-quality economic development,the optimization of industrial structure is shouldering the important task of reform.In the middle stage of industrialization,the advanced manufacturing sector in Europe and the United States has maintained technological advantages for China,while Southeast Asian countries are taking advantage of cost advantages to accept the transfer of more and more manufacturing factories,which has caused double pressure on China's living space.The total volume of China's manufacturing industry continues to rise,but it is still at the low end of the global value chain,and "building a strong country with wisdom" has become an urgent need for China's transformation and upgrading.With reference to the development history of developed countries such as the United States,a large number of mergers and acquisitions and restructuring events have accompanied the evolution of the industrial structure.They use the combination of the real economy and finance to make resources fully flow between industries and improve the situation of unreasonable distribution.In the background,in order to explore the relationship between the two,a research topic on "Analysis of the effects of mergers and acquisitions and reorganizations in the adjustment of industrial structure" was proposed.This article reviews the existing research on industrial structure optimization effects of industrial structure adjustment,mergers and acquisitions reorganization,and mergers and acquisitions reorganization.It is found that corporate mergers and acquisitions and reorganizations can promote resource utilization efficiency and reasonable flow,and promote the optimization of industrial structure.Micro enterprises adjust resources through mergers and acquisitions.Allocation,promote the integration of the industrial chain and the quality of the internal development of the industry,the government can guide the merger and acquisition of enterprises to achieve the goal of supply-side reform and provide a path for the transformation and development of the macro economy.Subsequently,this article attempts to theoretically analyze the mechanism of the merger and reorganization of enterprises on the optimization of industrial structure,and believes that mergers and acquisitions and reorganizations have the functions of industrial contraction,expansion,and integration,can optimize the efficiency of resource utilization,and help advance and rationalize the industrial structure.In order to verify this effect,this study uses 2010-2018 Chinese listed companies' M&A cases as samples,analyzes the M&A behavior of high-tech industries in other industries in manufacturing,and uses propensity score matching and multi-period double-difference methods to compare changes before and after M&A.Exploring its impact on the transformation and upgrading of the industrial structure,it was found that mergers and acquisitions and reorganizations can improve the production efficiency of Chinese enterprises,and then trigger the adjustment and upgrade of the macro-industrial structure.The conclusion shows that the merger and acquisition behavior of high-tech enterprises can significantly improve the total factor productivity of the enterprise,and it has a continuous positive effect in the four years after the merger.Among them,the second year after the merger has the largest incentive effect,but it is not significant in the fifth year.As a result,long-term promotion also requires companies to continue their mergers and acquisitions.According to the analysis of ownership system,it is found that the industrial structure optimization effect of M&A and reorganization of state-owned enterprises is lower than that of non-state-owned enterprises,but both can produce a significant promotion effect.In the regional inspection,the optimization effect of the industrial structure in the western region is obviously lower than that in the eastern and central regions,but overall,they are all positive incentives.In terms of other factors,corporate cash ratio,total asset turnover,corporate size,capital density,and R&D investment all contribute to the optimization of the industrial structure during the merger and reorganization process,but the company's age has a significant negative impact,asset-liability ratio The impact is not significant.After the merger and reorganization of the company,the performance of the stock price indicates that the announcement of the merger and reorganization will bring a significantly positive cumulative abnormal rate of return.The comparison of financial performance shows that the income,profit and Tobin Q indicators have all risen.There is a period of break-in afterwards,and the overall results support the previous empirical evidence.Finally,according to the research conclusions,I believe that the Chinese government can give full play to the guiding role,guide enterprises to reallocate resources in a direction consistent with the optimization of the industrial structure,form a wave of mergers and acquisitions,and give full play to the role of the capital market to realize the role of China's manufacturing industry in the global value chain.Climb and put forward the following suggestions for the future development of China's M&A and reorganization market: First,the government should clearly define its role in the M&A and reorganization market;second,reduce the obstacles to enterprises in the process of M&A and reorganization;and third,make full use of the M&A and reorganization market to deepen the reform of state-owned enterprises The fourth is to provide richer and more diverse financial support for the M&A and restructuring market,and the fifth is to explore the role of M&A funds in the adjustment of industrial structure.