| From the perspective of complex scientific management,this paper constructs the network model of enterprise merger and acquisition system,analyzes the macro statistical characteristics and evolution law of enterprise merger and acquisition network,and conducts a comprehensive,scientific and interdisciplinary in-depth study on the importance of enterprises in the merger and acquisition network,the relationship between corporate attributes and corporate structure of listed companies,and the relationship between the merger and acquisition network and the amount of merger and acquisition.After five waves of M&a development in the west,M&A has become one of the important measures to realize cross-border operation because of its advantages of rapid integration of resources.Since 1984,China began to try to merge and acquire enterprises.At present,China has experienced three waves of M&a development,and achieved prosperity in 2015.At present,the core literature is mainly the theoretical analysis,the risk analysis and the performance analysis of cross-border M&A.In recent years,more and more researchers pay attention to the analysis of the structure,community structure and system flexibility of complex systems such as economy and society from the perspective of system.As a modeling tool of complex system,network science has attracted more and more scholars’ attention.In recent years,many scholars have introduced the theory of complex network into the study of M&A,and discussed its influence on M&A behavior from the perspective of network structure.Therefore,based on the data of Chinese M&A,this paper establishes a network model to analyze.According to the theory of complex scientific management,a system is composed of numerous economic activities of individuals or organizations.In the M&a network,every M&A or merged enterprise will be related to each other,and then it will affect the macro statistical characteristics of the system.At present,a large number of literatures mainly discuss the relationship between complex networks and M&a performance from the perspective of geography,director structure,senior management or political system.However,few literatures study the macro evolution characteristics of M&A networks,the importance of network nodes,community structure and the attributes of listed companies from the perspective of M&a complex networks.Firstly,this paper constructs the network model of enterprise merger and acquisition,and analyzes the phenomenon of enterprise merger and acquisition from a global perspective based on the network.Furthermore,some basic statistical characteristics of network science are given,including basic topological structure,network centrality index and community structure identification of directed network.This paper analyzes the structural attribute of M&a network and its relationship with M&A.The main research results are as follows:Firstly,the company M&A network model is constructed from a system perspective.The company M&A,as an important decision for enterprise development and corporate profitability,plays an important role in promoting the rational development of the national economy.Most of the previous researches focused on the merger and acquisition theory and the case of corporate mergers and acquisitions.How to systematically understand the mergers and acquisitions of enterprises and analyze the characteristics of mergers and acquisitions is a key point of this dissertation.One first establishes a corporate M&A network model from a global perspective.Based on the theory of network science,the research on enterprise mergers and acquisitions analyzes the phenomenon of mergers and acquisitions from different perspectives,and provides the basis for decision-making of enterprise managers.Then,this dissertation analyzes the node importance of the company M&A network.Mergers and acquisitions(M&As)have important implications for the long-term development and profits of companies.In this dissertation,from the viewpoint of network science,this dissertation investigates the evolution patterns of M&As for Chinese companies.Firstly,by taking into account the M&A flows of Chinese company’s M&As for the period 2000-2017,this dissertation construct temporal directed M&A networks(MAN),then the temporal MAN are integrated into one global network(IMAN).The empirical statistical results show that the IMAN has a scale-free feature with a pothis dissertationr-law degree distribution,is a low density and heterogeneous network.For the largest connected component(LCC),the company centrality for the M&A behaviors is calculated based on the degree,betthis dissertationenness,closeness and PageRank(PR)measurements.The experimental results show that the importance of the nodes for each node centrality index is different,which reflects the importance of enterprises in M&A from different aspects.Finally,this paper analyzes the robustness of the enterprise M&A network,analyzes the network structure change attribute after deleting the importance node,and finds that the destruction strategy based on the node interface has the highest destruction efficiency,indicating that the mediation is the evaluation of the enterprise M&A network node.As a key indicator of the importance of the network structure,the central indicator medium gives a reference to the decision of the enterprise manager to a certain extent.This work provides a way to analyze the importance of a corporate M&A network from a complex system perspective.Furthermore,this dissertation investigates the community structure of M&A networks for Chinese listed companies.Community structure is one of the important attributes of complex systems.The corporate structure of the M&A network is defined as a dense merger relationship within the community,and there is a sparse M&A relationship betthis dissertationen the communities.The community structures of the mergers and acquisitions(M&As)could bring deeply insight on the company complex system from the viewpoint of macroscopic level.Firstly,this dissertation constructs a directed merger and acquisition network(MAN)for the M&A events from 2000 to 2017 initiated by Chinese listed companies,where the node represents the companies and the links denote the relationship.Regarding the fact that the M&As network is a directed network,by using the Infomap algorithm,this dissertation investigates the community structures of the M&As network,and find that the network has the clear community structures with the modularity Q=0.8757.Furthermore,this dissertation presents a parameter 77 defined as the ratio of the number of companies belonging to the same industry to the total number of companies in the community for analyzing the company industry characteristics within community.The empirical results show that there are a large proportion of companies belonging to one industry for each community,which illustrates that the characteristic of M&As is generally occurred betthis dissertationen the same industry within communities.Finally,this dissertation calculates the clustering coefficient of directed networks to analyze the clustering properties of the network with the community structures.The clustering coefficient of the network indicates that the number of triangular configurations is few,which illustrates that the relationship of a company’s neighbors is this dissertationak.This work provides insight to structural properties of directed networks based on the M&As from the perspective of complex systems.Finally,the relationship betthis dissertationen the network structure of enterprise M&A network and enterprise mergers and acquisitions is analyzed.The network-based enterprise M&A research has a preliminary understanding of the M&A network.The relationship betthis dissertationen network structure and corporate mergers and acquisitions is a concern of many corporate management decision makers.Enterprises under what kind of network structure are more likely to acquire M&A,which provides a pothis dissertationrful reference for the company’s long-term development.This dissertation introduces a multiple linear regression model to analyze the impact of network centrality indicators on corporate mergers and acquisitions.This dissertation studied the correlation betthis dissertationen various explanatory variables.The experimental results show that the correlation between the explanatory variables and the explanatory variables could be interrupted by the explanatory variables.The correlations betthis dissertationen the node importance and the amount of money for a company’s M&As are 0.4653 and 0.3319 for the out-degree and PR indices respectively,which indicates that the out-degree and PR measurements could be used to predict the M&A price.The multiple linear regression model results show that the out-degree and PR measurements are significantly related to the company’s M&As and the significance coefficient p values are 0.000 and 0.007 respectively,which illustrates that the centrality of a company could be provided with reference to make decision for managers.The research works in this dissertation analyze the M&A problem from the perspective of complex systems,and show some characteristics of M&A from a new perspective.It helps companies make sound decisions and contributes to the long-term development of the company,helps more researchers explore such issues and propose with more effective methods or models. |
