Research On The Influencing Factors Of Cross-border M&A Performance Of Chinese Manufacturing Enterprises

The manufacturing industry has occupied an important position in our national economic system.In recent years,the rapid increase of labor cost in the manufacturing industry,coupled with the low added value of products,has led to the development of the Chinese manufacturing industry into a dilemma.However,the implementation of cross-border mergers and acquisitions by Chinese manufacturing enterprises is one of the effective ways to get rid of the current dilemma,improve product quality,enhance the international influence of Chinese brands,and expand overseas markets to realize intelligent manufacturing.The research of this paper starts from two aspects: the external macro-environment and internal factors of enterprises.The factors affecting the performance of transnational mergers and acquisitions are theoretically analyzed from six aspects: the institutional environment of the host country,the cultural gap,the form of ownership of enterprises,the age of enterprises,financial risks and the scale of mergers and acquisitions.In empirical research part,according to the theoretical analysis to establish a measuring model of multiple regression,the dependent variable according to the financial statements of the public,comprehensive financial performance index system is established,in order to show the dynamic change process of cross-border M&A performance,considering acquisitions that year,the first year after the merger,mergers and acquisitions and mergers and acquisitions in the second year,and the three years after the performance of the previous year's difference,the data from the Zephyr global mergers and acquisitions database,CSMAR database and East Money Choice financial terminal.Taking Anhui Zhongding group as an example,this paper first briefly explains the general situation of the enterprise,then systematically combs the 11 mergers and acquisitions since 2008,and finally analyzes the factors that affect the M&A performance of Anhui Zhongding group from two aspects of the external macro-environment and internal factors of the enterprise.Finally,according to the results of empirical research,the author puts forward countermeasures and Suggestions from the aspects of the external macro-environment and internal factors.Suggestions from the external macro-environment include the government building a public service platform for enterprises,providing financing facilities for enterprises,and guiding enterprises to make round-trip investment in China.The suggestions from the internal factors of the enterprise are to strengthen the control of all kinds of risks,actively summarize the M&A experience and select valuable medium-sized or large M&A projects for M&A transactions.The innovation of this paper lies in the innovation of the research viewpoint and research method.In the countermeasures and suggestions for the external macro-environment,this paper puts forward suggestions for the government to guide enterprises to make round-trip investment in the domestic market,firmly grasp the opportunity of the formal implementation of Chinese foreign investment law,and combine the foreign advanced technology with the domestic cheaper production cost.This paper combines the financial index analysis method and case study method to explore the influencing factors of cross-border M&A of manufacturing enterprises from multiple perspectives,so as to make the research conclusion more objective and credible.