| Mergers and acquisitions, both internationally generally used in combination, collectively known as M&A. Merger means two or more enterprises merge into a business, it is often a dominant enterprises to absorb one or more other companies. Acquisition refers to use cash or securities to buy another business, in order to achieve a controlled manner.As the market economy develops to a certain extent, out of the industrial expansion or capital needs, resulting in corporate mergers and acquisitions. When capitalist society came from the free competition to the monopoly, mergers and acquisitions began to appear in the capitalist society. With the social progress and economic continuous development, market economy is expanding. Mergers and acquisitions as a way to facilitate business expansion and upgrades, are playing an increasingly important role, and will have a profound impact on all enterprises of the acquisition.In our country, the first M&A event came after the reform and opening, then M&A began to become an important way that companies seeking to expand. Since 2002, with the rapid development of China’s economic strength and capital markets, regulatory of mergers and acquisitions tend to standardize and improve, enterprises face to a better external environment, M&A event in terms of quantity and size of the point of view have emerged dramatically growth. In 2008, the US subprime mortgage crisis led to a worldwide economic crisis, taking international opportunities to Chinese enterprises. At present, China’s economic reform policies and frequent, the economic development is faced with a crucial stage, and after joining the WTO, China’s enterprises are facing increasingly fierce domestic and foreign competition. In the tide of economic globalization and the domestic economic reform, whether M&A can achieve optimal allocation of resources, whether companies can get the performance from M&A improvement of survival and grow up to pursue long-term development to achieve strategic objectives of expansion has become the focus.Mergers and acquisitions occurred earlier in Western countries. Many examples show that through mergers and acquisitions, Western companies can complete their rapid growth. And from the perspective of implementation of the strategy, the enterprise regards mergers and acquisitions as an important strategic tool. According to statistics, the Western developed countries has experienced five “M&A wave”. Now scholars think that the first M&A wave in developed countries can be traced to the period of 1895-1904. The fifth Western merger wave occurred in 1992-2000 in developed countries. Based on the importance of mergers and acquisitions of companies and many Western countries have experienced some waves of mergers and acquisitions, the study of M&A activity in western countries has been more mature. Western academics have for corporate mergers and acquisitions formed a relatively complete theoretical system. However, theoretical research on mergers and acquisitions in china is still small, so this paper will combine china’s economic situation to do the research.Based on past research on mergers and acquisitions, macroeconomic factors that impacting on M&A include capital market, economic development, money supply, exchange rates, interest rates and other factors. Macro factors are used to measure the impact on the overall size of mergers and acquisitions as well as overall performance. This article will follow the logic architecture of “Ask a question- hypotheses- analysis of the problem- concluded that”, at the conclusion of the relevant existing domestic and international M&A theory, combining china’s economic situation, uses historical research to seek the main economic factors of M&A. Use test methods with descriptive study to explore the different factors influencing mechanism of M&A. With empirical research methods, establish the economic model to draw conclusions by quantitative analysis, and verify related hypotheses. |
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