Starting from three perspectives,namely,related M&A,traditional related M&A and production related M&A,this article explores the impact of different categories of related M&A on the short-term M&A performance of listed companies in turn,and examines the moderating role of finan-cing modes in this context.Subsequently,a coun-terfactual analysis based on different related M&As and financing methods is conducted.It is found that related M&As significantly reduce the short-term performance of listed companies,but there is no heterogeneity in terms of company ownership attrib-utes;production related M&As have a significant negative impact on the short-term M&A performance of state-owned listed companies only;and there is not even a significant correlation between different categories of related M&As and the short-term per-formance of listed companies under the traditional related M&A perspective.Furthermore,the negative impact of related M&As on firms'short-term M&A performance under all three perspectives is strength-ened after considering the moderating effect of finan-cing methods,especially debt financing.The results of the counterfactual analysis section further support the above findings.Based on this,this article puts forward rationalized policy recommendations in terms of optimizing M&A mode,innovating M&A products and improving financing methods and deepening investment and financing reform.
Related M&AFinancing methodsModerating effectsCounterfactual analysis
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