关键词: 管理层能力, 产能过剩行业, 并购绩效

Abstract: The relationship between the management ability and the M&A performance of the overcapacity industry was investigated in the sample of the listed companies with excess capacity from 2010 to 2017.The results show that m&a can improve enterprise performance, and m&a is an effective way to solve the problem of excess capacity. Management ability is the key factor to improve the m&a performance of the industry with excess capacity. The stronger the management ability, the higher the m&a performance. In order to solve the capacity crisis that the enterprises face through mergers and acquisitions, the enterprises should constantly select and employ high-quality managers to conduct mergers and acquisitions.

Key words: Management Ability, Industries with Excess Capacity, Performance of Overcapacity Mergers and Acquisitions