陳玉罡Dr. LU Shan滕飛2026-09-012026-09-012024Quarterly Journal of Finance, 2024, vol. 18(2), pp. 1-29.9787509699751http://hdl.handle.net/20.500.11861/28740Based on a sample of Chinese A-share state-owned listed companies from 2008 to 2021,this paper empirically examines the impact of mergers and acquisitions(M&As) on the level of high-quality development in state-owned enterprises(SOEs).This is achieved by constructing a heterogeneous-timing DID model and utilizing total factor productivity(TFP) as an indicator for measuring the level of high-quality development.The research findings indicate that M&A implementation significantly enhances the TFP of SOEs,with robustness tests confirming these conclusions.Mechanism analysis reveals that M&A activities improve resource allocation efficiency and promote technological progress,thereby enhancing the TFP in SOEs.Heterogeneity analysis demonstrates that the positive effect of M&As on TFP is more pronounced for SOEs who are centrally owned,in industries with lower concentration levels,and within regions with limited marketization.Furthermore,internal integration,intra-industry integration,and cross-regional merger within SOEs contribute to higher TFP levels.The findings of this paper provide empirical evidence for how the M&As affect TFP of SOEs,enrich the relevant literature of SOE M&As,with policy implications for how to further achieve high-quality development of SOEs.enState-Owned EnterprisesMergers And AcquisitionsHigh-Quality DevelopmentTotal Factor ProductivityPeer Reviewed Journal Article