Research on the Impact of Merges and Acquisition Type on the Performance of Listed Agricultural Enterprises—An Analysis of Mediator Effect Based on R&D Input

With the development of global economic integration, merges and acquisition has (M&A) increasingly become the main way to enhance the competitiveness of enterprises. Technological innovation plays an important role as an influential factor in the success of merges and acquisition. This research takes 120 merges and acquisition Enterprises of Chinese listed agricultural enterprises from 2009 to 2019 as the research sample, constructs the comprehensive performance evaluation model based on the factor analysis. And on the basis of the baseline regression model, R&D Input is introduced as an intermediate variable, PSM is used to control the endogenous problem. Through a series of robustness checks, we conclude that, different merges and acquisition types have various effects on the performance of listed agricultural enterprises. Horizontal M&A and vertical M&A have significantly positive effects on enterprise performance, while mixed M&A is negative. R&D Input plays a mediating role between merges and acquisition type and its impact on enterprise performance. Vertical M&A is clearer than horizontal M&A. At the same time, less R&D Input after mixed M&A gives rise to worse performance of agricultural enterprises.