Empirical Analysis of the Impact of Chinese M&A on Industry Based on Panel Data

Abstract

Abstract: Based on the performance theory, this paper uses a panel data model to analyze the impact of M&A (merger and acquisition) on the performance (return on equity, ROE) of 20 industries in China. The results show that the number of M&As has a significant negative impact on the industrial performance, while the relative size (the amount of industrial M&A/industrial assets) has a positive but not significant impact. Besides, the debt paying ability, growth ability, shareholder profitability and enterprise value play an important role in the industrial performance, and all of them have significant positive effects. A further research shows that the negative effect of the number of M&As in the medium and long term is weakened over time.

Key words: M&A, industry ROE, performance theory, panel data

Han Xiaoliang, Jing Lang, Cui Ruhong, Lu Fengbin. Empirical Analysis of the Impact of Chinese M&A on Industry Based on Panel Data[J]. Management Review, 2020, 32(12): 78-85,100.

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