The Impact of Corporate Financial Structure on MA Strategy and Performance—An Empirical Study of Chinese Public Firms

摘要

Many research work have been done how corporate business performance affect its financial structure, but few have studied the impact of corporate financial structure on both M&A strategy and business performance. With the surge of M&As of Chinese enterprises in the last decade, it would be fruitful to find out their relationships. In this study, we have developed a structural framework with eight hypotheses to describe the relationships. A LISREL model and the RESSET data base with Chinese public firms' financial data have been used to test our hypotheses. All the hypotheses are confirmed. The literature contributions and the business implications have been discussed. Finally, the further research work has been indicated.