Cross-industry MA and Industrial Restructuring in China: A Study Based on Social Network Analysis

摘要

Cross-industry M&A based on capital market plays an important role in industrial restructuring. Based on the cross-industry M&A transaction data of Chinese listed companies from 1998 to 2013, this paper uses Social Network Analysis method to analyze the law of industrial transfer and restructuring indicated by cross-industry M&A from the perspectives of network density, centrality, multidimensional analysis, and core-periphery structure analysis. The results show that the low density of cross-industry M&A networks presents a small-world effect; the centrality of industries varies largely. Manufacturing, as the pillar industry in China, has the highest degree of centrality and is the center of China's industrial transfer and restructuring; cross-industry M&A network shows an obvious Core-Periphery structure feature.