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Abstract Based on the financial data of China’s listed corporation from 2008-2014, this paper investigates the effect of M&A behavior of state-owned enterprises (SOEs) on total factor productivity. The investigation employs the difference-in-difference and propensity score matching methods. The empirical results show that the M&A of SOEs can increase total factor productivity, and become an important measure of supply-side reform to improve enterprise competitiveness. Compared to SOEs, private and foreign enterprises are the better choice of M&A for SOEs to enhance enterprise efficiency, but the stability of long-term performance is negative.As a moderating variable, the change of control plays a negative role on M&A effects, so that to keep the stability of control is important.
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Received: 30 November 2016
Published: 15 April 2017
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Corresponding Authors:
WEI Jingjing
E-mail: weijingjing1988@126.com
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2017, Vol. 37 
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