| M&A(Mergers and Acquisitions)has become an important part of Chinese economic activities,which have a profound impact on firms’ structure.Although many scholars have conducted in-depth research on mergers,most of them focus on the economic perspective,and few studies examine firms’ operational performances associated with M&A.To this end,this paper chooses operational performance-related measures and verifies the relationship between horizontal M&A and operational performance from the perspective of supply chain integration.Finally,we will put forward some relevant managerial insights.We examine the change of operational performance after M&A,and analyze the relationship between horizontal M&A and operational performance.Through the collection of 523 M&A samples from 2005 to 2013,we match the performances of one year before,one year after and two years after the completion of the merger.By excluding the influence of the industry,we analyze the change by Wilcoxon signed-rank test,and the results indicate that the firm’s and operational performance after the horizontal M&A are significantly lower than those of the previous year.What’s more,by matching the corresponding samples of non-M&A,multiple regression analyses show that the horizontal M&A and the operational performance have a significant interaction role in the influence of the firm’s performance.Specifically,operational performance seems to assume the role of “amplifier” to enhance the horizontal M&A’s relationship to the firm’s performance,which is similar with the influence of horizontal M&A under the different market structure.We also examine the influence of operational performance on the decision of M&A.Although the overall operational performance associatd with M&A takes a downward trend,initial good operational performance can partially lead to positive change.Through the collection of 1018 data(including 509 firms of M&A and 509 of matched non-M&A firms),other things being equal,the empirical result indicates that,the better the initial operational performance,firms are more inclined to horizontal M&A,but this result is not significant.Moreover,the better the intial firm’s performance,the firms are more significantly inclined to horizontal M&A. |
