| In the context of the rapid development of various production technologies and the increasingly specialized technologies,the diversity of consumer demand guided by the improvement of efficiency and welfare requires higher standards of product process quality and heterogeneity of product functions.This makes it necessary for Chinese companies,especially high-end manufacturing companies,to occupy a place in the fiercely competitive market and realize value creation by improving the level of product-specific technology and optimizing the effective deployment and integration of dedicated resources.Mergers and acquisitions are an important way to invest in dedicated assets.Studying the impact of the specificity of the target assets of mergers and acquisitions on company mergers and acquisitions will not only help alleviate the "winner’s curse" problem that still exists in the mergers and acquisitions market,but also help promote company-specific asset investment decisions.Build core competitiveness.Asset specificity has an important impact on corporate strategy,corporate performance and other aspects.The relevant research on asset specificity mostly focuses on topics such as capital structure adjustment and contract incompleteness,and there are relatively few related researches that take the specificity of the underlying asset as the starting point.Therefore,this paper takes the target asset specificity as the starting point,explores the impact of asset specificity on the company’s M&A decision,performance,and risk premium,and explores the calculation method of asset specificity based on the ability to redeploy.The research in this paper provides an important reference for the relevant market supervision departments to formulate corresponding laws and regulations,and to promote the rational and effective allocation of market resources.After systematically sorting out the theoretical research on asset specificity and the theory of corporate mergers and acquisitions,this paper introduces the resource-based view,the theory of core competitiveness and sustainable competitiveness,the theory of information transmission,and the theory of information asymmetry,which are the theoretical analysis of this paper.laid a solid foundation.On this basis,this paper discusses the impact of target asset specificity on M&A decisions,M&A performance,M&A risk and risk premium in Chapters 4,5 and 6 respectively,and analyzes the impact of international giant companies through case studies in Chapter 7.A sequential M&A strategy to acquire underlying dedicated assets.Finally,this paper summarizes the research conclusions,and proposes research deficiencies and future directions for efforts.The main conclusions of this paper are as follows.First,through the study of target asset specificity and M&A decision,it is found that when other conditions remain unchanged:the higher the target company’s asset specificity,the higher the possibility of the implementation of the M&A decision;under the adjustment effect of the company’s financial distress,the asset specificity The positive correlation with M&A decision is more significant;under the moderating effect of high-quality information environment,the positive correlation between asset specificity and M&A decision is more significant.This shows that dedicated assets can convey positive information such as the company’s future profitability,while a market with a high degree of marketization and a good information environment can capture positive information and trigger market reactions.Second,through the study of target asset specificity and M&A performance,it is found that when other conditions remain unchanged:the higher the target asset specificity,the better the shortterm performance of the company’s mergers and acquisitions;the higher the target asset specificity,the better the long-term performance of the company’s mergers and acquisitions,so that the ROA of the M&A company in the next two years will be significantly improved;the high-quality information environment can positively promote the positive correlation between the specificity of the target asset and the M&A performance.This verifies that asset specificity can enhance the company’s core competitiveness,thereby realizing the value creation of mergers and acquisitions;the high-quality information environment can help alleviate the information asymmetry of special assets in the pre-assessment stage of mergers and acquisitions,thereby improving the efficiency of the connection between special assets and the allocation environment,and realizing mergers and acquisitions.Value creation efficiency.Third,through the research on the specificity of the underlying asset and the risk premium of M&A,it is found that when other conditions remain unchanged:the stronger the specificity of the underlying asset,the higher the risk level of the M&A company;the higher the specificity of the underlying asset,the higher the risk premium of the M&A company.High;the quality of the information environment can alleviate the positive correlation between the specificity of the underlying asset and the company’s risk level.This supports the "allocation risk hypothesis" on the one hand,and supports the specificity of the underlying assets while increasing the potential excess return while increasing the company’s risk premium.Fourth,through the case study of Johnson Controls,it is found that the specificity of target assets can accelerate the company to break through the limitations of technical barriers,and its core competitive advantages and market returns can be significantly improved;To build the company’s sustainable competitiveness,and then achieve sustainable value creation.The contributions of this paper are mainly reflected in the following aspects:First,it enriches the system of the role of asset specificity in corporate mergers and acquisitions.This paper takes the asset specificity of the M&A target as the main research object,and analyzes and tests the effect of specific asset specificity on the company’s M&A decision,M&A performance,and M&A risk from the information transmission effect,core competitiveness construction,"allocation risk hypothesis" and other logical mechanisms.Influence,provides a new explanation idea.Second,on the basis of sorting out the logic of the effect of target asset specificity on M&A decision-making,M&A performance and M&A risk,it reveals the law that factors such as financial distress,information environment and property rights have a moderating role in the relationship between asset specificity and M&A..This supplements the important influencing factors of the relationship’between asset specificity and corporate mergers and acquisitions,and enriches the literature on the intersection of asset specificity theory and corporate mergers and acquisitions theory.Third,the asset specificity measurement method based on asset allocation capability is applied and extended.Based on the asset redeployment capability proposed by Kim and Kung,the company’s asset specificity index is constructed through the consumption among product sectors in China’s input-output table.In addition,supplementary tests are carried out on the investment density of fixed and special assets and the investment density of intangible assets.The research in this paper not only expands the research in the field of asset specificity and corporate mergers and acquisitions,but also helps to deepen the correct understanding and understanding of the value and risk characteristics of special assets by listed companies and relevant regulatory agencies.The development of the new industrial economy has certain practical significance. |
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