| In recent years,the Central Committee of CPC and the State Council have always attached great importance to the coordinated development of regions and have actively shaped a new pattern of regional development.The report of the 19th National Congress of the Communist Party of China clearly states that we need to implement the coordinated development of regions strategy,establish a new mechanism for the coordinated development of regions.Therefore,we need to promote the free and orderly flow of production factors across regions,improve the efficiency of resource allocation,and speed up the establishment of an unified,open and competitive market system.As an important way to adjust the regional economic structure and transform the regional economic growth pattern,corporate cross-regional M&As can promote the flow of various factors,and help us to achieve the goal of coordinated development of regions.Therefore,the research of cross-regional M&As can have an important strategic significance for promoting the coordinated development of regions.According to Corporate Endogenous Growth Theory,the internal characteristics such as resource and ability are the fundamental driving force of corporate growth,which determines the direction and mode of corporate growth.Therefore,the internal growth characteristics are the critical factors of cross-regional M&As.Corporate life cycle is a comprehensive reflection of the internal growth characteristics such as resource,ability and growth needs,which will have a critical impact on cross-regional M&As.At the same time,entrepreneur's social capital can change the internal growth characteristics,therefore,it has a certain impact on cross-regional M&As at different stages of corporate life cycle.Therefore,this paper studies the impact of corporate life cycle on the strategic choice and performance of cross-regional M&As,and discusses the moderating effect of entrepreneur's social capital at different stages of corporate life cycle.It helps us to understand the internal factors and influence mechanism of strategic choice and performance in cross-regional M&As.Taking the M&As of A-share listed companies in China from 2010 to 2015 as a sample,based on the perspective of corporate life cycle,this paper studies the strategic choice and performance of cross-regional M&As.It also proves the moderating effect of entrepreneur's social capital and its subdivision dimensions between them.Specifically,this paper mainly studies that how corporate life cycle influences the strategic choice of cross-regional M&As through the two paths of cross-regional M&As motivation and cross-regional M&As capability.It also proves that how entrepreneur's social capital and its subdivision dimensions play the moderating effect through the influence of cross-regional M&As motivation and cross-regional M&As capability.At the same time,this paper studies how corporate life cycle influences the performance of cross-regional M&As through cross-regional M&As integration capability,and also proves that how entrepreneur's social capital and its subdivision dimensions play the moderating effect through the influence of cross-regional M&As integration capability.The conclusions of this paper are as follows:Firstly,in view of the choice of cross-regional M&As strategy at different stages of corporate life cycle,the study finds that the tendency of cross-regional M&As is relatively large in growth firms,the tendency of cross-regional M&As is relatively small in mature firms,and the tendency of cross-regional M&As is relatively large in decline firms.Secondly,in view of the moderating effect of entrepreneur's social capital and its various dimensions at different stages of corporate life cycle,the study finds that at different stages of corporate life cycle,the moderating effects of entrepreneur's social capital and its various dimensions are different:entrepreneur's social capital can increase the tendency of cross-regional M&As in growth firms,and it can reduce the tendency of cross-regional M&As in mature and decline firms;entrepreneur's political capital can increase the tendency of cross-regional M&As in growth firms,and it can reduce the tendency of cross-regional M&As in mature and decline firms;entrepreneur's commercial capital can increase the tendency of cross-regional M&As in growth firms,and it can reduce the tendency of cross-regional M&As in decline firms;entrepreneur's financial capital can increase the tendency of cross-regional M&As in growth firms,and it can reduce the tendency of cross-regional M&As in decline firms;entrepreneur's reputation can increase the tendency of cross-regional M&As in growth firms,and it can reduce the tendency of cross-regional M&As in mature and decline firms.In addition,the moderating effects of entrepreneur's commercial capital and entrepreneur's financial capital in mature firms are not obvious.Thirdly,in view of the performance of cross-regional M&As at different stages of corporate life cycle,the study finds that the performance of cross-regional M&As is poor in growth firms,the performance of cross-regional M&As is high in decline firms,while in mature firms,with the continuous improvement of maturity,the performance of cross-regional M&As has gradually improved.Finally,in view of the moderating effect of entrepreneur's social capital and its various dimensions at different stages of corporate life cycle,the study finds that at different stages of the corporate life cycle,the moderating effects of entrepreneur's social capital and its various dimensions are different:entrepreneur's social capital can improve the performance of cross-regional M&As in growth firms,and weaken the performance of cross-regional M&As in decline firms;entrepreneur's political capital can improve the performance of cross-regional M&As in growth firms,and weaken the performance of cross-regional M&As in decline firms;.entrepreneur's commercial capital can improve the performance of cross-regional M&As in growth firms,and weaken the performance of cross-regional M&As in decline firms;the moderating effect of entrepreneur's financial capital in growth firms is not obvious,but it can weaken the performance of cross-regional M&As in decline firms;entrepreneur's reputation can improve the performance of cross-regional M&As in growth firms,and weaken the performance of cross-regional M&As in decline firms.At the same time,in mature firms,entrepreneur's social capital,entrepreneur's political capital,entrepreneur's commercial capital,entrepreneur's financial capital and entrepreneur's reputation can weaken the positive relationship between maturity and the performance of cross-regional M&As.Compared with the previous researches,the innovation points of this paper are as follows:Firstly,this paper studies something about cross-regional M&As based on the perspective of corporate life cycle,so it can expand the relevant research on cross-regional M&As.At present,most scholars have discussed the strategic choice and the performance of cross-regional M&As from the perspective of institutional environment,regional environment,government intervention and the social attributes of executives.Corporate life cycle is a comprehensive reflection of the internal growth characteristics,which will have a critical impact on cross-regional M&As.This paper studies the strategic choice and the performance of cross-regional M&As from the perspective of corporate life cycle,which will help to expand the relevant research on cross-regional M&As,and provide the strategic guidance for cross-regional M&As.Secondly,this paper takes entrepreneur's social capital as the situational moderating variable,discusses the influence of entrepreneur's social capital on cross-regional M&As at different stages of corporate life cycle,so it can enrich researches on the relationship between entrepreneur's social capital and M&As.At present,researches on the relationship between entrepreneur's social capital and M&As mainly focus on the direct impact of entrepreneur's social capital on M&As,and rarely consider the moderating effect of entrepreneur's social capital.Based on Corporate Endogenous Growth Theory,this paper holds that corporate life cycle is a comprehensive reflection of the internal growth characteristics,which will have a critical impact on cross-regional M&As,entrepreneur's social capital can change the boundary of the internal characteristics such as resource and capability,and thus has a moderating effect on cross-regional M&As at different stages of corporate life cycle.Therefore,by collecting data of entrepreneur's social capital by hand,this paper discusses the moderating effect of entrepreneur's social capital,so it can enrich the research on the relationship between entrepreneur's social capital and M&As.Thirdly,this paper uncovers the "black box" of corporate life cycle affecting the strategy and the performance of cross-regional M&As,and the exploration of the"black box" can enrich the research on the relationship between corporate life cycle and M&As.The existing research on corporate life cycle and M&As mainly demonstrated its impact on strategy and performance from the perspective of the overall characteristics of corporate life cycle,they regarded the impact process between corporate life cycle and M&As strategy or value creation as a "black box"without difference,and the inner process relationship between them has not been clearly revealed.This paper analyzes the impact of corporate life cycle on the strategic choice of cross-regional M&As based on two paths of cross-regional M&As motivation and cross-regional M&As capability,and demonstrates the impact of corporate life cycle on the performance of cross-regional M&As based on the specific path of integration capability.It can help us to clarify the internal mechanism between corporate life cycle and cross-regional M&As,and enrich the research on the relationship between corporate life cycle and M&As.Finally,this paper comprehensively considers the multiple functions of entrepreneur's social capital,analyzes its impact on the strategy and the performance of cross-regional M&As at different stages of corporate life cycle,so it can expand the research on the efficacy of entrepreneur's social capital in M&As.Most scholars have verified the influence of the positive or negative effects of entrepreneur's social capital on M&As from two independent perspectives,and have not analyzed the specific mechanism of the influence of entrepreneur's social capital on M&As.This paper comprehensively considers the impact of multiple functions of entrepreneur's social capital on cross-regional M&As,and discusses the specific mechanism of various functions of entrepreneur's social capital at different stages of corporate life cycle,so it can enrich the research on the efficacy of entrepreneur's social capital in M&As,and provide practical reference for the flexible use of entrepreneur's social capital. |
PDF Full Text Request