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| The Empirical Study of Retail Enterprise M&A in China——Based on the Data of Listed Enterprises |
| FAN Xiu feng2,HAN Ya feng2 |
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Abstract Does the horizontal merger and acquisitions of retail enterprises reinforces market power or improve the scale efficiency? Different interpretations will not only impact retail industry policy arrangements but also affect the choice of strategies for retail enterprises development. In view of the above questions, the article uses panel data of M&A of retail enterprises in 2005-2011 and GMM estimation method to evaluate the changes of the market power and elasticity of scale of Sample companies. Through the empirical tests Efficiency Theory and Market Power Theory, according to the estimate analysis, it concludes as follows: first, scale elasticity rises after M&A in the observation period, but the market power has decreased significantly. Secondly, it is advantageous for the retail enterprises to obtain coordination effect and scale economics through M&A. Besides, M&A can increase the operating cash flow in the short term and long-term.
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Received: 05 April 2012
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Corresponding Authors:
HAN Ya feng
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2012, Vol. 1 
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