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中国企业并购绩效的影响因素研究:基于资源基础观与制度基础观的实证分析
陈立敏 王小瑕
Influencing Factors of Chinese Firms' Merger & Acquisition Performance: An Empirical Study Based on the Resource-based View and Institution-based View
Chen Limin Wang Xiaoxia

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摘要 以366家中国沪深A股上市企业的424起并购事件为研究样本,对中国企业的并购绩效进行实证分析,结果显示:(1)2003—2014年间中国企业并购后的整体绩效显著低于并购之前的水平,即并购活动在整体上有损企业价值。(2)多元回归分析结果表明,资源因素和制度因素对中国企业的并购绩效都具有显著的影响,企业内部的资源禀赋和资源利用能力、外部的市场化程度和政府参与度都对并购绩效产生正向影响。(3)制度因素不仅对中国企业的并购绩效产生直接影响,还在企业资源能力与并购绩效的关系中发挥调节作用,除了在主效应中发挥“支持之手”的正面功能,在调节效应中也显现出“掠夺之手”的负面作用。根据主效应和调节效应分析中的多重关系可知:对于本身资源禀赋较好的企业,应当降低政府在其中的参与程度,才能使企业获得更好的绩效;对于自身资源禀赋较差、资源管理能力较弱的企业,政府参与其中则可发挥较好的积极作用。
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陈立敏 王小瑕
关键词 中国企业并购绩效影响因素资源基础观制度基础观    
Abstract:Mergers and acquisitions have become the main strategy of enterprise expansion with the advent of 21st century, whether to the developed economies or to the emerging economies. Therefore in-depth study about M&A activities becomes particularly indispensable, and two of the most critical and urgent questions to the point are: (1) Did the M&A behavior play a positive or negative role in these M&A firms? (2) What important factors are influencing the firms' M&A performance? Based on these two key questions, this paper collects 424 merger & acquisition events as research samples from 366 Chinese firms which are listed in A-share market of Shanghai and Shenzhen Stock Exchange, to study the change of firm performance due to M&A, and the key factors influencing M&A performance from the integrated perspective of resource-based View (RBV) and institution-based View (IBV) in strategic management theory. Empirical results show that: (1) The firm performance of post-M&A is significantly lower than the level of pre-M&A, indicating that M&A activities damage the value of Chinese firms generally. And it also serves as a warning to those firms' M&A behavior: Though M&A is a feasible method to expand the enterprise rapidly, it is accompanied with a high risk simultaneously. (2) The results of multivariate regression turn out that both factors from RBV and IBV have significant impacts on firms' M&A performance. Specifically, the internal resources endowment of firms, the resource-utilizingability, the involvement degree of government in a firm and the degree of regional marketization are all positively significant to firms' M&A performance. The better internal resources endowment of firms and resource-using ability, the higher government involvement degree and regional marketization degree, will all result in significant positive impact on M&A performance of Chinese firms, which illustrates that RBV and IBV are suited to explain Chinese Firms' growth strategy of M&A. (3) Further analysis on the institutional factors indicates that the government involvement not only has a direct impact on Chinese firms' M&A performance, but also moderates the relationship between resource factors and M&A performance. Besides the positive role as ″supporting hands″ in the main effect, it shows the negative role as ″robbing hands″ in moderating effects. According to the multiple relationships in main effect and moderating effects, we can draw the following conclusion: if a firm occupies good internal resource endowments, it should reduce the degree of government involvement, so that to get good performance; if a company has a bad internal resources endowment and weak resource-utilizing ability at the same time, government involvement is more likely to play a positive role. The main contributions and innovations of this study are as follows: (1) Different from most of previous studies which only focused on unilateral internal factors influencing the M&A performance, this paper takes into account various factors influencing the M&A performance, such as the external macro institutional environment which should not be ignored, and thus sets up four independent variables based on the integrated perspective of RBV and IBV, to explore the influence on M&A performance generated from the firms' internal resources endowment, the resource-utilizing ability, the degree of regional marketization and the involvement degree of government. This is not only different from previous research focused on the internal factors unilaterally, but also takes important institutional factors that Chinese enterprises are facing such as government involvement and the degree of regional marketization into study, to fill the related research gap. (2) The dual-theory perspective not only helps to account for the multiple influence factors of Firms' M&A performance, but also connects RBV with IBV of enterprise strategy in theory, making beneficial theoretical exploration and attempt on the view ″to solve problems of firms' growth strategy based on integrated theoretical perspective.″ (3) This research, combined with institutional factors of firms' M&A performance, practically proves that the government involvement played a positive or negative role in current firms' M&A activities, and points out that government involvement presents two different functions of ″support″ or ″rob″ on Chinese enterprises' M&A in different situations.
Key wordsChinese firms    merger & acquisition performance    influencing factors    resource-based    view    institution-based view   
    
引用本文:   
陈立敏 王小瑕. 中国企业并购绩效的影响因素研究:基于资源基础观与制度基础观的实证分析[J]. 浙江大学学报(人文社会科学版), 2016, 2(6): 35-. Chen Limin Wang Xiaoxia. Influencing Factors of Chinese Firms' Merger & Acquisition Performance: An Empirical Study Based on the Resource-based View and Institution-based View. JOURNAL OF ZHEJIANG UNIVERSITY, 2016, 2(6): 35-.
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https://www.zjujournals.com/soc/CN/     或     https://www.zjujournals.com/soc/CN/Y2016/V2/I6/35
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