How to Achieve High Performance Through Cross-industry Continuous Mergers and Acquisitions of Listed Companies—Method Based on fsQCA
From 2014 to 2018,a total of 95 consecutive cross-industry mergers and acquisitions of 43 A-share listed companies were screened,and based on the company's internal/external governance environment and merger characteristics,three aspects were selected:equity balance,business environment index,policy support,merger type,whether the type of mergers and acquisitions has changed,the order of mergers and acquisitions,and the interval of mergers and acquisitions are seven conditional variables.By using the method of fsQCA,we study the effective path of continuous cross-industry mergers and acquisitions of enterprises that can obtain high merger and acquisition performance.The research shows that if enterprises try to achieve high performance in vertical mergers and acquisitions,the key lies in the opportunities of mergers and acquisitions and national policy support;if they try to achieve high performance in hybrid mergers and acquisitions,the key lies in the positive learning effect of management.
listed companiescross-industry continuous mergers and acquisitionsmerger and acquisition performancecomparative qualitative analysis
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