The Influence Of Regional Human Capital On The Mergers And Acquisitions Of Enterprises

With the rapid development of our country’s economy and the coming of the knowledge economy era,the core competition among enterprises has changed from the material competition in the industrial economy era to the competition between the human capital of knowledge-based enterprises,and M&A is the most direct and effective way for enterprises to gain competitive advantage.At the same time,one of the core features of the sixth global M&A wave is the emphasis on human capital as the target,which fully explains the important influence of human capital on M&A behavior.However,there are serious regional imbalances in the development of China’s human capital,which may have a negative impact on the development of M&A and limit the speed and quality of enterprise growth.Therefore,through empirical analysis,this thesis directly explores the impact of regional human capital on M&A in order to provide theoretical guidance and practical support for the investment of human capital in M&A in China.Based on the data of 31 provincial regional statistics and A-share listed companies in China from 2009 to 201 8,this thesis analyzes the impact of regional human capital on the number and number of mergers and acquisitions at the regional level,and the impact of regional human capital on the probability,number and size of mergers and acquisitions at the enterprise level.The empirical results show that,first,at the regional level,the improvement of human capital level in the provinces where the enterprises are located will promote the M&A of the enterprises on the whole,but there is regional heterogeneity.The eastern region shows a promoting relationship,some indexes in central and western regions are significant.Secondly,at the enterprise level,the overall regression results are consistent with those at the regional level.In the regional heterogeneity,regional human capital in the east,middle and western regions has a significant positive correlation with the impact of individual M&A.In the analysis of ownership nature,the improvement of regional human capital plays a significant positive role in promoting mergers and acquisitions of state-owned enterprises,private enterprises and foreign enterprises.