Empirical study of value effect of enterprises’ space M&A in the new normal background in China

Abstract

Space M&A based on industrial concentration and pursuing concentration rent and spillover effect in new normal has become an important method to realize industrial up-grading, and how to evaluate value effect of space M&A with two-stage production system becomes a new project that has yet to be studies in academia. The article builds a M&A value evaluation simulation model based on DEA non-cooperation game to evaluate value effect of space M&A in financial industry in China.it shows, Space M&A with hypotactic game relationship can bring about substantial potential cost saving, and there must be system M&A valid when all subsystems are M&A valid. Optimal input-output index and optimal value index of intermediate variables based on model calculation further helps to obtain the measure of space M&A value improvement, which provides commercial banks with immediate empirical evidences to select M&A under new normal, helps to facilitate optimization of financial resources space configuration, and promotes transformation and upgrading as well as innovative driving of financial industry in China.