The Research On M&A Efficiency Of Domestic Nonferrous Metals Listing Corporation Under De-capacity

M&A has always been an important way for enterprises to optimize resource allocation,achieve scale effect and implement diversification strategy.In the context of the national economic development into the new normal background,supply side structural reform is advancing;the M & A of enterprises in various industries are more active.The number and the amount involved of M & A and are increasing year by year.In 2017,after the policy adjustment of "12th Five-Year",the non-ferrous metal industry was still listed as the industry of overcapacity.Then whether M & A can really improve the performance of the company for the non-ferrous metal industry,improve the productivity of the enterprise,and finally reach the task of producing capacity.In order to solve these problems,this thesis will take the M & A and reorganization of the A shares of Shenzhen and Shanghai stock exchanges between 2010 and 2015 as the sample,and construct and evaluate the performance evaluation system of M & A by factor analysis and financial index.With the characteristics of M & A and the characteristics of M & A transactions as seven factors as explanatory variables,the multiple regression analysis on the factors affecting the performance of M & A is carried out,and the management level of the overcapacity by M & A is measured by the data envelopment analysis.The CCR and BCC models are used to calculate the efficiency of static productivity,and the analysis of the efficiency of dynamic overcapacity is analyzed by using the Malmquist index method to calculate the change rate of the whole production factor.The empirical results show that,first of all,the management performance of operation and productivity of non-ferrous metals industry is rising first and then decreasing.It shows that although the enterprises get financial benefits through M & A activities in a short time,they did not achieve substantial economies of scale.Second,in enterprises’ own characteristics,the return of investment capital has a positive effect on short-term M &A performance,but not medium-term performance.The cash flow level of enterprises has a positive effect on M &a performance,but the scale of mergers and acquisitions and the scale of enterprises will bring negative effects to M &A performance.It shows that enterprises should not expand blindly.The enterprises should carefully choose the goal of mergers and acquisitions and optimize the internal management structure of enterprises.Third,in transaction characteristics,horizontal merger and cash payment can promote the performance of M & A.The same jurisdiction will improve the performance in the short term.It shows that the target of M & A of non-ferrous metals industry at the present stage is mainly focused on improving the scale of enterprises and finally realizing the economic benefit of scale.