Mergers, Supply-side Structural Reform And Total Factor Productivity

At present,China's economy is in a critical period of transformation and upgrading.The speed of development is changing from high-speed to medium-high-speed.Economic growth is gradually changing from relying on capital accumulation to relying on innovation.That is to say,the long-term sustainability of economic growth has shifted from relying on factor input to relying on improving total factor productivity.At the closing meeting of the Central Economic Work Conference on December 21,2018,it was pointed out again that the structural problem of the supply side is still the main contradiction of China's current economic development.We still need to adhere to the structural reform of the supply side as the main line to optimize the allocation efficiency of resources.On the macro level,the supply-side structural reform aims at "three go,one fall and one supplement",in order to optimize the supply structure and improve the efficiency of resource allocation,and to transform the core growth power of economic development into improving the innovation ability of enterprises,improving the quality of economic development and improving the structure of economic development.At the micro level,merger and acquisition has increasingly become a way for enterprises to expand and develop,and merger and acquisition and reorganization has increasingly become an important way for enterprises to optimize the allocation of resources,thus promoting the realization of "three go,one fall" is an important way for modern enterprises to improve total factor productivity.Firstly,this paper combs the relevant literature of enterprise merger and acquisition,three go one fall and total factor productivity,and then deduces the relationship between enterprise merger and acquisition and total factor productivity through the role of scale economy,the increase of market power and the weakening of information asymmetry.According to the theory of merger and acquisition synergy,this paper makes a theoretical analysis of the relationship between the three and puts forward relevant research hypothesis.Secondly,this paper chooses A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2008 to 2017 as the research object,taking total factor productivity as the explanatory variable,merger and acquisition as the explanatory variable and three-to-one-to-mediate variable,using multiple regression method to verify the hypothesis,and on this basis,usingsample transformation method,main variable replacement method and test method transformation method to test the robustness of the hypothesis.The tendency matching score method is used to solve the problem of sample self-selection.Finally,based on the empirical analysis,this paper elaborates the research conclusions,and puts forward relevant suggestions for the research conclusions and contents.Through research,this paper draws the following conclusions: First,the success of M&A can promote the improvement of total factor productivity.Secondly,M&A success has a lagging effect on the promotion of TFP,and the longer it takes,the more obvious the promotion effect of M&A on TFP is.Thirdly,the internal mechanism of mergers and acquisitions affecting the total factor productivity of enterprises is "three go one fall".Fourthly,different types of mergers and acquisitions have different effects on TFP.Cash-paid mergers and acquisitions and related transactions are more conducive to TFP.The possible innovations of this paper are as follows: Firstly,this paper uses the micro-data at the enterprise level to make a reasonable explanation for the success of M&A to enhance the total factor productivity of enterprises;secondly,this paper provides a new perspective for the impact path of M&A to promote the total factor productivity;finally,this paper enriches the research on the influencing factors of the total factor productivity enhancement,and provides a new perspective for the impact path of M&A to promote the total factor productivity enhancement.The new angle of merger and acquisition type is put forward.