分类组织冗余与文化企业并购：基于文化传媒类上市公司的经验证据

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Abstract Organizational slack is the portion of an enterprise's available resources that exceed the necessary resources for normal operation. The heterogeneous characteristics of classified organizational slack will exert contingent effects on M&A behaviors and consequences of cultural firms. Based on the samples of A-share listed cultural media companies in Shanghai and Shenzhen from 2014 to 2019, this paper makes situational analysis of the impact of classified organizational slack on M&A decision-making and performance of cultural firms, and observes the differential expression under different property rights. The findings show that the available and potential slack could promote M&A of cultural firms and they are positively correlated with M&A in the same industry, that the recoverable slack inhibits M&A of cultural firms and is negatively correlated with M&A in the same industry and cross-regional M&A. Compared with state-owned firms, private sectors show more significant above characteristics. The available slack and potential slack has significant negative impact on M&A performance of cultural firms, while the recoverable slack only bring about insignificant improvement on M&A performance. This study expands the research on the strategic behavior of M&A of cultural firms from the perspective of organizational slack, and provides reference for the management of organizational slack, and decision-making in M&A of cultural firms.

Key words： classification of organizational slack M&A(merger and acquisition) cultural enterprise merger and acquisition performance nature of property rights merger and acquisition decision

Received: 02 October 2020

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G124

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	PAN Ai-ling
	SUN Lei

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PAN Ai-ling,SUN Lei. Classification of Organizational Slack and M&A of Cultural Firms: Empirical Evidence from Listed Companies of Cultural Media in China[J]. , 2021, 38(2): 49-60.

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https://xb.szu.edu.cn/EN/ OR https://xb.szu.edu.cn/EN/Y2021/V38/I2/49

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