Institutional review of China's M&A policy and an analysis on its effectiveness: With iron & steel industry as example

First, this paper reviews the M&A policy for iron & steel industry in China, then evaluates the effectiveness of M&A policy based on meso-industry data and micro-data According to this paper, the M&A policies promulgated in China failed to reduce excess production capacity, promote technical progress and improve industry profitability. Finally, this paper puts forward a suggestion on the scope of application, principles, goals and orientations of M&A policy.