Study on Factors Influencing the M&A Performance of Listed Agricultural Companies in China

Ying Zhu; Shuyuan Tan

doi:10.54691/qjkzm689

Authors

Ying Zhu
Shuyuan Tan

DOI:

https://doi.org/10.54691/qjkzm689

Keywords:

China; Agricultural Enterprises; M&A Performance; Influence Factor.

Abstract

The national people’s congress held in March 15, 2025 focus on agriculture modernization development once again. The leading agricultural enterprises play an important role in driving this modernization process, with M&A events serving as a crucial pathway for their rapid growth. This paper takes the M&A events of A-share agricultural listed companies in China from 2013 to 2022 as the research sample, and takes 2012 to 2023 as the actual research cycle, and explores the impact of factors including changes in R&D investment (before and after mergers and acquisitions), board size, and the consistency of the place of registration between the two merging parties on three dimensions: the year of the merger and acquisition, the first year after the merger and acquisition, and the relative performance of the merger and acquisition. The study finds that the increase in post-M&A R&D investment does not enhance a firm’s M&A performance, the expansion of board size inhibits the improvement of a firm’s M&A performance, and the consistency of the place of registration between the two merging parties exerts a significant promotional effect on a firm’s M&A performance in the early and middle phases of mergers and acquisitions (M&A). Corresponding recommendations are put forward based on the empirical findings.

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