Research On The Impact Of M&A On Organizational Resilience In China

At present,C hina is in a period of in-depth adjustment of the great changes that have not been seen in a century,the continuous impact of the great epidemic that has not been seen in a century,and the historical intersection of the "two centenary" goals.These three centenary situations are superimposed and interact with each other,shaping the complex background of C hina’s economic and social development.In this era,the business environment of enterprises is more unpredictable than ever before.Organizational resilience is an important ability for enterprises to survive and develop in a complex and changing environment.In-depth and detailed research on it has become a practical issue that global enterprises must face.At the same time,with the promotion of China’s high-quality economic development and the gradual improvement of the capital market,M &A has gradually become a common way for enterprises to allocate resources.However,many studies have found that the impact of M&A on enterprises is uncertain,and there are differences in the impact of different ways of M&A on enterprises.However,few studies focus on organizational resilience and explore the logical relationship between M&A and organizational resilience.In this context,it is very important to study the impact of M&A on organizational resilience and the differential impact of different types of M&A on organizational resilience.Based on the above background and the combing of relevant literature,firstly,based on the theory of information asymmetry and principal-agent theory,the research expounds the internal logic between M&A and organizational resilience,as well as the internal logic of the differential impact of different types of M&A on organizational resilience according to different classification standards,and constructs a theoretical framework.Secondly,the study takes C hina’s A-share non-financial enterprises from 2009 to 2018 as the research sample,constructs an empirical model and uses O LS method for regression.It is found that M&A has a significant negative impact on organizational resilience;After distinguishing the distance of M&A,the negative impact of off-site M&A on organizational resilience is more significant than that of local M&A;After distinguishing whether cross-border or not,domestic M&A has a more significant negative impact on organizational resilience than cross-border M&A;After distinguishing whether it is related M&A or not,the negative impact of non-related M&A on organizational resilience is more significant than related M&A.The study further explores the impact of M&A on the change of organizational resilience and the impact of property rights on the relationship between them from the perspective of vertical dimension and property right respectively.It is found that the negative impact of M&A on organizational resilience is not only in the horizontal comparison,but also in the vertical comparison.Compared with state-owned enterprises,the negative impact of M&A on organizational resilience is more significant in non-state-owned enterprises.Among M&A enterprises,the organizational resilience of non-state-owned enterprises decreases more significantly after M&A.On the one hand,the research provides a theoretical contribution to further complete the causal chain of organizational resilience,enriches the empirical research of organizational resilience,provides a new perspective and ideas for exploring the economic consequences of M&A,and expands the relevant research on the impact of M&A activities on enterprises;On the other hand,the main content of the research is helpful for enterprises to understand the internal logic of the impact of M&A on organizational resilience,and provides empirical evidence for enterprises to reasonably choose M&A methods to maintain high organizational resilience;It provides micro evidence for relevant depart ments to issue policies related to M&A,supervise the healthy development of enterprises,and provide micro evidence for the stable operation of Chinese enterprises and the high-quality development of economy.