| In recent years,China’s electronic information industry has developed rapidly.The scale of industry has been expanding.But the industry is lacking of innovation capacity.The internal structure of the industry needs to be optimized.Our country continued to introduce relevant policies to encourage mergers and acquisitions,to encourage some of the industry,including the electronic information industry through mergers and acquisitions to achieve industrial upgrading.The industry has responded positively to the call of the state,since 2013,it has been active in the M&A market,and continuously integrated the internal resources through mergers and acquisitions.A number of internationally renowned large enterprises have emerged.This paper selects 52 listed companies of electronic information industry which went through with merger in 2013 as samples to collect the financial data of Sample Firms in 2011-2015.And study the performance changes before and after the merger and acquisition of Sample Firms.This paper uses the accounting research method to select 13 indicators to construct the comprehensive performance evaluation system,and uses the factor analysis to obtain the annual performance score of the sample companies in the research period.By analyzing the trend of the average performance of the sample companies,this paper explores whether M&A is good to the development of the industry.The results show that the average performance level of the sample companies will rise short-term in the year of mergers and acquisitions and begin to decline in the first year after the merger.On the basis of the study of the overall trend of change,this paper also classifies the sample companies according to the characteristics of M&A,and explores the trend of M&A performance under different classification standards.The study found that:Overall,Mixed payment performance is optimal.Industry differences in small,performance better.Related M&A performance is better.The larger the size of the firm and the bigger the M&A transaction,the higher the performance of M&A.In addition,this paper also uses the method of multiple linear regression to study the influence of six possible influencing factors on the performance of M&A,and obtain the following conclusions:(1)During the first year of mergers and acquisitions and the first year of acquisition,the size of the firm was significantly positively correlated with overall performance.The first year after the acquisition,the related transaction is significantly positively correlated with the performance of M&A.The industry difference in the second year after acquisition is significantly positively correlated with overall performance.(2)The effect of firm size on overall performance is gradually weakened over time.Finally,according to the conclusion of this paper and the current situation of the electronic information industry,this paper puts forward the countermeasures and suggestions for the development of the electronic information industry.The listed companies in the industry should be encouraged to choose their own M&A plan to grow and develop with the positive role of mergers and acquisitions;at the same time hope that the state to improve the acquisition of the relevant legal systems;strengthen supervision and management,to maintain a good market order of mergers and acquisitions.In this paper,starting from the performance of merger of listed company of China’s electronic information industry,further study of the factors that may affect the performance of mergers and acquisitions,and combining with the current characteristics of the industry,puts forward the countermeasures and suggestions.Although there are many researches on M&A,but there are few researches on the electronic information industry.So the research of this paper has some practical significance for the development of the industry. |
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