Executive Social Network,Internal Integration And M&A Performance

For a long time,the field of corporate mergers and acquisitions has been widely concerned by domestic and overseas scholars.The data shows that the number of mergers and acquisitions continues to increase,and that the scale continues to expand.But do mergers and acquisitions bring positive performance? Do mergers and acquisitions achieve the expected objectives? Under what circumstances can mergers and acquisitions bring positive performance to the companies? The question of whether mergers and acquisitions could create value has become an important issue in the field of mergers and acquisitions.On the other hand,internal integration matters as internal integration is a key factor that affects M&A performance.Therefore,the thesis studies the relationship between the position of executive social network and M&A performance,and explores the mediating role of internal integration.The thesis can improve the social network theory and promote the development of the companies.Firstly,the thesis reviews and summaries research of domestic and overseas scholars.Secondly the thesis combs the thinking and builds the framework.Then the thesis explains the concepts and basic theories and reveals the relationship among the position of senior management social networks,internal integration and M&A performance.Furthermore,the thesis proposes nine research hypotheses about the relationship among the position of senior management social networks,internal integration and M&A performance,and designs variables and builds the model afterwards.The thesis collectes the information of executives of A-share listed companies and their part-time jobs in 2014 as the sample,and select M&A performance as the explained variable;The thesis builds executive social network on the basis of the information of executives,and uses the three indicators including degree centrality,intermediary centrality and structure hole as explanatory variables,which reflect the position of senior management social networks.The turnover of total assets that represents the effect of internal integration is also chosen as the mediating variable.The control variables include profitability of net assets before mergers and acquisitions,the size of total assets,the ratio of debt to assets,the share proportion for the biggest shareholder,and the growth rate of revenue.Finally,analysis is performed according to the model constructed by SPSS software,on which the study of relationship between the position of senior management social networks and M&A performance is based.The thesis also verifies the mediating effect of internal integration in the relationship between the position of senior management social networks and M&A performance.The research shows the three indicators including degree centrality,intermediary centrality,and structural hole which represent the positions of senior management social networks have a positive effect on M&A performance.And there is a significant mediating effect of internal integration in the relationship between the position of executive social network and M&A performance.Furthermore,the thesis reveals the impact of position of senior management social networks on M&A performance from the perspective of social networks,and explores the mediating role of internal integration in the relationship of the two foregoing variables.As the result,the thesis enriches the research of social network theory.