Research on Mergers and Acquisitions of Listed Companies Based on Dictionary Method and Development of New Quality Productivity

In the context of high-quality economic development, new productive forces have become a key force driving industrial upgrading and economic growth. The impact of mergers and acquisitions (M&A) on the development of new productive forces in listed companies has attracted significant attention. This paper uses M&A events of A-share listed companies from 2015 to 2023 as a sample, employing the text dictionary method to construct a dictionary of new productive forces, assessing the level of new productive forces in enterprises, and using the multi-period difference-in-differences method to investigate the impact of M&A on their development. The study finds that M&A significantly enhances the level of new productive forces in enterprises, with more pronounced positive effects on larger companies and those that have merged two roles into one, while having a negative effect on older companies with concentrated equity. Further heterogeneity tests show that M&A has a more significant promoting effect on new productive forces in state-owned enterprises, high-tech industry companies, and regions with well-developed factor markets. Mechanism analysis confirms that M&A promotes the development of new productive forces by enhancing human capital levels and R&D intensity. The study provides reference for corporate strategic decision-making and government policy formulation. Based on the above research, this paper recommends precise targeting of M&A to enhance new productive forces; formulating differentiated policies to support M&A upgrades; expanding research dimensions to delve deeper into the mechanisms of M&A impacts, thereby improving the service efficiency of M&A for new productive force enterprises.