Acquirer's Comparability Of Accounting Information?Environmental Uncertainty And M&A Performance

In the capital market,mergers and acquisitions have been widely recognized as an important way for companies to expand their business areas,gain industry status,and achieve rapid growth.In recent years,mergers and acquisitions among well-known enterprises have emerged in an endless stream,and entrepreneurs are increasingly recognizing the long-term significance of mergers and acquisitions for enterprise development.With the development of the wave of mergers and acquisitions,academic research on M&A activities has become more and more,and academic research on M&A performance has maintained a very high level of heat.Studies have shown that higher accounting information quality has the function of identification and governance,which can reduce the negative impact of information asymmetry on M&A decisions,and the M&A performance will also be improved.As one of the important characteristics of the quality of accounting information,the research on comparability has become a hotspot in recent years with the continuous improvement of its measurement methods.Comparability can help information users better identify and understand the commonalities and differences between economic matters,and then it can help to reduce information asymmetry and agency problems,so that management to make reasonable M&A decisions and performance of M&A will get improved.At the same time,the activities of any enterprise are inseparable from the impact of the environment.The uncertainty of the micro-environment will bring greater operational risks,while expanding information asymmetry and agency costs,which in turn will reduce the M&A performance.Therefore,based on the information asymmetry theory and principal-agent theory,this paper takes the merger and acquisition events of A-share listed companies in Shenzhen and Shanghai between 2014 and 2018 as samples,and analyzes them through theoretical analysis and empirical test methods.Firstly,this paper respectively studies the impact of the comparability and environmental uncertainty on M&A performance,and further studies the relationship between comparability and M&A performance under different environmental uncertainties.The conclusions of this paper are as follows: First,comparability can effectively improve the performance of M&A;Second,the environmental uncertainty will significantly reduce the M&A performance;Third,the environmental uncertainty will affect the relationship between comparability and M&A performance,that is,for companies with large environmental uncertainty,comparability has a stronger effect on M&A performance.This paper is helpful for us to further understand the economic consequences of comparability and environmental uncertainty.It has certain significance to encourage companies to increase the comparability of accounting information voluntarily,and also promotes companies to put more attention to the environment,and for enterprises in an uncertain environment,it will be more important to improve information comparability to achieve better M&A performance.