Study On The Influence Of Supply Chain Concentration On The M&A Value Of Manufacturing Listed Companies

The real economy represented by the manufacturing industry is the foundation of China’s economic development.In 2015 after the supply side structural reform,the competition pressure between enterprises is becoming more and more big,supply chain management theory became popular,let people began to realize the importance of supply chain management,supply chain management can help enterprises to better face the uncertainty of the environment,and enhance their competitiveness in the supply chain advantage.Therefore,it is essential to study the supply chain concentration of manufacturing enterprises.And now the environment is complicated,manufacturing enterprises in the complex environment development often to mergers and acquisitions as an important way of enterprise development and expansion,but 61% of mergers and acquisitions is failed,enterprise mergers and acquisitions value did not ascend,and the cause of mergers and acquisitions failure and did not give enough attention to the supply chain problem.Therefore,the factors affecting the value of enterprise merger and acquisition from the concentration of the external supply chain.Based on this,this paper takes the supply chain concentration as the entry point to study whether the supply chain concentration has an impact on the value of enterprise merger and acquisition,and whether the environmental uncertainty plays a regulating role in the impact of supply chain concentration and enterprise merger and acquisition value.This paper first reviews the existing literature on supply chain concentration,enterprise acquisition value,and environmental uncertainty,and defines relevant concepts.Then,it puts forward relevant assumptions according to resource dependence theory,stakeholder theory,weight change theory,transaction cost theory,and literature research.Finally,the financial data of listed companies in the manufacturing industry in the A-share market from 2013 to 2021 are used to make A theoretical deduction and empirical test of the above hypothesis model,and finally form the research conclusion of this paper.The empirical results show that:(1)supply chain concentration has a significant positive impact on the value of enterprise mergers and acquisitions.By strengthening the strategic cooperation with supply chain enterprises,the related costs can be reduced,the income can be increased,and then the enterprise can be acquired,and the value of enterprises by integrating the supply chain can be improved;(2)the environmental uncertainty will inhibit the positive impact of supply chain concentration on the acquisition value of enterprises.Environmental uncertainty is bigger,the enterprise management risk is bigger,the enterprise supply chain concentration is high,will rely on upstream and downstream supply chain,can lead to suppliers and customers bargaining power is too high,reduce the enterprise profit level,while lose big suppliers or customers will make the enterprise face greater risk,so environmental uncertainty will curb the positive influence on the value of enterprise mergers and acquisitions;...