Study on the Impact Mechanism of External Mergers and Acquisitions and Internal Productivity of Enterprises on Enterprise Performance
DOI:
https://doi.org/10.54691/bcpbm.v17i.405Keywords:
M&A Decision; Total Factor Productivity; Enterprise Performance; Mechanism Analysis.Abstract
It has been a hot issue in enterprise economy that how to improve enterprise performance. In this regard, the paper has selected the sample of listed companies in Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) from 2016 to 2019, and adopted multiple linear regression model to empirically measure the interactive effect of M&A decision-making and enterprise production efficiency on enterprise performance. The study eventually got the following conclusion. First, in general, the improvement of enterprise production efficiency is more conducive to enterprise performance than M&A expansion. Second, compared with the traditional manufacturing industry and the emerging Internet industry, the supporting effect of enterprise production efficiency on enterprise performance is more obvious in the Internet industry, but the M&A measures in both industries show the delayed effect on enterprise performance. Third, with the expansion of enterprise assets, the influence of M&A decisions and enterprise production efficiency on enterprise performance gradually declines, which indicates that enterprises should adjust their development mode in time according to their own life cycle, and fully cope with the unknown problems and challenges.
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