Influencing Factors and Mechanism of Coal Enterprise Merger and Acquisition from the Perspective of Dynamic Capability

Merger and acquisition (M&A) is an important way for coal enterprises to acquire key competitive resources and core competencies and achieve rapid growth. In the existing research, more emphasis is placed on integration policies, methods and performance evaluation, lack of theoretical analysis and empirical testing on the key decision-making factors and driving mechanism of coal enterprises' M&A. In this paper, a conceptual model of influencing factors and action mechanism of coal enterprise M&A is constructed, and the relationship between influencing factors, ability construction and enterprise performance of coal enterprise M&A is discussed from the perspective of dynamic ability. Based on 323 sample data of coal enterprises in key coal-producing areas in China, the research hypothesis is empirically tested by hierarchical regression and structural equation model. The research reveals that government regulation, industry competition, entrepreneurial orientation and organizational alertness have significant positive effects on coal enterprise M&A. Government regulation and industry competition have a positive impact on environmental perception and resource reconfiguration, but an insignificantly positive impact on resource integration, which also verifies the negative effect between government regulation and industry competition.