Bank-enterprise Association?financing Constraints And M&A Performance

In recent years,the pace of mergers and acquisitions in China has been accelerating,and the scale of M & A has been expanding.It has become an important development strategy for enterprises to realize the effective allocation of resources,expand the scale of companies and enhance the value of companies and industries.The creation of M & A value is more and more important to the enterprise.M & A financing as an important part of the acquisition chain,is closely linked to with the completion of mergers and mergers and acquisitions' performance.However,China is in a critical period of economic transition,the capital market is not perfect,most enterprises often face a high degree of financing constraints,especially more vulnerable to credit discrimination in private enterprises,leading to mergers and acquisitions due to lack of funds to fail.Therefore,the problem of private enterprises in M &A activities is how to alleviate the degree of financial constraints,enhance the financing capacity of enterprises to achieve the real value of mergers and acquisitions after the integration of resources.Based on the research results of scholars at home and abroad,this paper focuses on the impact of the bank-enterprise association and the performance of M & A,and examines the role of financing constraints in the performance of bank-enterprise association.This paper analyzes the M & A data of 332 private listed companies in Shanghai and Shenzhen A-share private listed companies from 2011 to 2013.The empirical contents include: There is a significant positive correlation between the relationship between bank and enterprise and the performance of M & A,that is,the existence of bank-enterprise association helps to improve the performance of M & A of private enterprises;The relationship between bank-enterprise relationship and financing constraint has a significant negative correlation,to alleviate the degree of financial constraints of private enterprises;financing constraints in the bank-enterprise association and the performance of mergers and acquisitions play a part of the role of intermediary.The study confirms the importance of the association between banks and enterprises in the process of mergers and acquisitions of private enterprises.Therelationship between banks and enterprises is helpful to promote the improvement of M & A performance of private enterprises.The innovation of this paper is to add the degree of financial constraints to the study of bank and enterprise association and M & A performance,and comprehensively analyze the relationship between bank and enterprise association,financing constraint and M & A performance.The research of this paper further expands the research on the economic consequences of banks and enterprises,enriches the theory of M & A,and provides relevant theoretical guidance for M & A financing.