An Empirical Study On The Performance Of M&A Of Chinese Listed Companies In Manufacturing Plate

Mergers and acquisitions(M&A)play a decisive role in the development of the market economy as the main way of optimize the allocation of resources.It was a the development of blowout in the year of 2015.The manufacturing industry,as the most traditional and basic industry in China's industrial structure,ranking the first place among the whole industry.Therefore,analyses on the performance of the manufacturing listed company could provide theoretical and empirical guidance for the healthy development of China's listed enterprises M&A market and optimization&upgrading of the huge volume of basic pillar industries.This particle's research method to the listed companies is The event study methodology,and The financial analysis and case studies by empirical research on the sample of listed companies.Then it analyses the short-term performance and long-term performance of listed companies after M&A.Meanwhile,constructive suggestions were proposed considering the present security market situation in China to build a good market economy order and promote the healthy development of M&A.Research shows:M&A announcement can improve overall shareholder's wealth in the short term;the overall performance of M&A enterprises shows a downward trend,which shows that most of the enterprises that produce M&A are poor performance Enterprises;In the long term activity at the 5%confidence level of manufacturing enterprises overall performance has no significant effect,but from the selected ROE,ROA and ROS of three financial indexes change trend can be seen after the merger of enterprise performance is still showing a rising trend,the overall effect is still positive;In the long run,the impact of firm size on total asset yield and net profit is positive,consistent with economies of scale;The influence of capital intensity on performance is positive,which shows that the capital investment of sample enterprises is in the stage of increasing marginal returns,and that the overall investment level of industry enterprises is not high enough.