How Does Resource-institution Fit Affect Firms' Merger & Acquisition Performance?

In recent years,mergers and acquisitions(hereinafter referred to as M&A)in the global market have reached an unprecedented level.Domestic M&A market,due to the promotion and deepening of supply-side reform and enterprise reform as well as the rapid speed of industrial integration,has developed into a remarkable scale than ever before.However,contrary to this,the rate of failure in global M&A is very high,let alone the domestic M&A performance.In order to raise the success rate of M&A,many strategic researchers have explained the problem of M&A performance from a single perspective such as the resource-based view or institution-based view,but such a single theoretical perspective can not effectively explain the poor performance of domestic M&A in the context of China's transformation.Based on the status quo of M&A performance and research status,this paper aims at investigating the impact of resource-institution fit on M&A performance from an integrated perspective of a combined resource-based view and institution-based view.Firstly,this paper presents the theoretical framework and conceptual model of the study,and puts forward four research hypotheses on the basis of literature review.Then the author conducts an empirical study on 356 M&A carried out by A-share listed companies in manufacturing industry in Shanghai and Shenzhen during 2012-2014.By conducting a multiple regression analysis with the adoption of SPSS statistical software,we conclude that both slack resources and accumulation of M&A experiences have significant positive influence on M&A performance.Meanwhile,institutional environments exert negative regulating effect on the relationship between slack resources and M&A performance,which means the better the institutional environment is,the more the positive relationship between slack resources and M&A performance will be weakened.Institutional environments also exert negative regulating effect on the relationship between M&A experiences and M&A performance.That is to say,the better the institutional environment is,the more the positive relationship between M&A experiences and M&A performance will be weakened.The significance of this study lies in three aspects.Firstly,expand the research object of resource-based theory by investigating the role of slack resources and M&A experiences in M&A studies from a resource-based view.Secondly,enrich the M&A studies in institutional theory.Although the research has proved that institution has animportant impact on M&A,our evidence also confirms that.Thirdly,make up for the deficiency of the current M&A studies and expand the boundary of M&A theories by investigating the impact of resource-institution fit on M&A performance from an integrated perspective,which may serve as reference for future studies.