Empirical Research On The Influence Of The M&A Of Manufacturing Listed Companies And Enterprises’ Value Creation

Our country is working hard to push forward the strategic adjustment of state‐owned economic layout and structure, M&A is an important means to adjust the national industrial restructuring and reasonable allocation of resources, also M&A is an important way to make the enterprise stronger and a nimble quickly. The purpose of M&A is to create value for the enterprise, only if the M&A creates value for the enterprise, it can really highlight the real value of mergers and acquisitions. Manufacturing is the pillar of the national economy, the important symbol to measure a country comprehensive strength and international competitiveness, and also the hot area of the merger and acquisition. The M&A of manufacturing industry list the first place in China’s M&A industry, occupy a large proportion of China’s M&A cases. Therefore, it is meaningful to study the M&A of manufacturing listed companies.From the point of view of the M&A companies, combined with the M&A status of China’s manufacturing industry listed companies, this paper takes148companies that occurred M&A in2008as sample companies, selects10financial data of these companies from2007to2011as the sample data, empirical researches on the merger and acquisition of Chinese listed companies value creation and its influence factors.Using factor analysis, this paper studies the issue whether the M&A can create value, draws a conclusion that the M&A can create value. Through the factor score model obtained composite score of the sample companies each year, then adopts the nonparametric test combined with the two paired samples Wilcoxon test and Sign test, through the positive ratio comparing with value changes before and after the merger of the companies,found that M&A create value for enterprises, but presents undulatory property.Using multiple linear regression model of M&A value creation the paper studies the factors influencing the results found, whether M&A between and enterprise value creating significant correlation, and mergers and acquisitions, equity concentration ratio, the proportion of state‐owned shares, the proportion of independent directors, merger and acquisition net cash flow value creation had no significant correlation. Through the positive ratio comparison before and after the merger of company value changes, find related acquisitions of listed manufacturing companies improve corporate value, and better than the unrelated M&A.