Reseach On The Performance Of Cross-border M&a Of A-share Listed Manufacturing Companies In China

Manufacturing a-share listed companies are the main force in the new wave of cross-border merger and acquisition of Chinese enterprises.Evaluate the cross-border M&A performance of these companies from the perspective of shareholders' wealth and analyze its influencing factors from the company level is a subject with theoretical significance and practical significance.First of all,I use Event-study to evaluate the performance of cross-border M&A in the short term,find that these companies have received a significant cumulative abnormal return between the cross-border M&A announcement day,and the turn rate do not have a significant relationship with the stock market year quotes;Further,I divide the sample into growth enterprises,technical change enterprises and recession enterprises,according to the industry cycle theory,find that these three kinds of enterprises in cross-border M&A window all have received a significant cumulative abnormal return,but the horizontal is different,recession enterprises in the share price performance are the least,while growth enterprises are the most;Furthermore,I also find that the performance of the share price of non-state-owned enterprises are better than that of state-owned enterprises.And,I use Accounting-study to evaluate the performance of cross-border M&A in the long term,find that the enterprise's financial performance is not ideal,growth enterprises,technological-change enterprises and decline enterprises overall show a trend of declining the total return on assets in 3 years after completion of the M&A,and financial performance do not improve as time goes on.When compared,the loss of growth enterprises is the smallest,while the most is decline enterprises.Same like the performance of the share price,I also find that the financial performance of non-state-owned enterprises are better than that of state-owned enterprises.Then,the influence factors of cross-border M&A performance are analysis from the enterprise level.In the short term,the shareholding of management personnel can significantly improve the performance of non-state enterprises' stock performance,but it is not significant in state-owned enterprises.In the long term,there is a significant negative correlation between the salary and financial performance of non-state managers.The shareholding of management personnel and their education level are positively correlated with financial performance,but none of these relationships are significant in the state-owned enterprises.In addition,I also find that the performance of M&A are related to the same industry M&A,the industrial cycle stage,the size of the assets and so on.Finally,based on the research conclusion,this paper puts forward some countermeasures and Suggestions on how to improve the cross-border M&A performance,try to make a certain value for companies involved in cross-border M&A and government regulatory supervision of cross-border M&A.