A Study On The Influence Of Listed Company Executives’ Participation In Different Places Chamber Of Commerce On M&A

With the continuous development of the world socialist market economy,the degree of market globalization continues to improve,the rapid growth of the market,enterprise mergers in the world gradually formed.In recent years,due to the reform of China’s system and the development of socialist market economy,the total volume and scale of Chinese mergers have been greatly improved.Despite the impact of the global financial crisis,the M&A market of our country has maintained the growth momentum,and the largest M&A market in the past years.However,because M&A is a very complex business activities,it brings huge profit expectations for enterprises,but also has a huge business risk.Therefore,it is still of great theoretical and practical significance to study the factors and mechanism of M&A.This paper tries to expand the influence factors and mechanism of M&A by examining the relationship between the participation of listed companies in chambers of commerce and M&A.Based on the theories of resource dependence,governance,cooperatives,"third sector",contract and social capital,this paper selects A-share listed companies from2004 to 2018 as research samples.The results show that the number of M&A and the amount of M&A can be significantly increased by having listed companies participate in the chamber of commerce in different places.Through the tests of control year,industry fixed effect,propensity matching score method and unshrinking tail test,the positive influence of listed companies’ participation in LCCC on M&A.The research results of this paper enrich the role of chamber of commerce in the field of M&A,and have great enlightenment to China’s enterprises to participate in social activities.Finally,this paper gives some policy suggestions on the low proportion of listed companies’ participation in non-local chambers of commerce,the existing problems and the role of the government.