合作对企业价值影响机制的实证研究  

Cooperation and its influence mechanism on the enterprise's value

作　　者：任浪[1] 伍青生[1] 

机构地区：[1]上海交通大学安泰经济与管理学院,上海200030

出　　处：《西南民族大学学报（自然科学版）》2014年第4期625-634,共10页Journal of Southwest Minzu University(Natural Science Edition)

基　　金：国家自然科学基金资助项目(71072060);教育部人文社会科学基金资助项目(11YJA630051);上海市哲学社会科学基金资助项目(2012BGL002)

摘　　要：合作是企业寻求资源、整合资源来提升自身价值的一种重要方式,是公司经营与发展中十分重要的一环,它的发生常常会引发投资者对于公司价值评估的变化,带来公司股价的剧烈变化.目前国内外关于合作的研究主要集中于研发合作,已有研究结果表明研发合作对于企业的价值会有明显的积极正向影响.但是,对其他类型的合作目前还缺乏系统的相关研究.从实证的角度出发,对沪深两市A股上市的493家公司自1995年以来的1017项全部类型的合作事项进行了系统的研究.研究结果显示:整体来看,合作事件对企业价值评估有着明显的积极正向反应,资本市场对于合作事件的反应表现为先升后降,而后回归正常水平.同时,从合作伙伴、合作方式、合作进展三个维度出发对合作事件的研究结果表明:对于企业价值的正向影响中,同行业合作比跨行业合作作用要强,两方合作比多方合作效果要好,协议合作比合资合作作用要大,而合作进展对合作伙伴数量和合作方式对企业价值的影响有加强的调节作用.研究结果在理论和实践上都有一定的参考价值.Cooperation is an important way for enterprises to seek and combine resources to improve their own value, which is very important for the company＇s operation and development. When it happens, it always changes the investor＇s evaluation of the company＇s value, and then influences the company＇s stock price greatly. At present, domestic and abroad researches about cooperation are mainly focusing on R＆D cooperation, and results show that cooperation on R＆D has a significant positive impact on the enterprise＇s value. But there are little systematic studies on other kinds of cooperation. This article studies 1017 cooperation （all kinds） announcements released by 493 Shanghai-listed or Shenzhen-listed enterprises since 1995, using the empirical methods. Results showed that the enterprise cooperation really has a significant positive influence on enterprise＇s value, and the process of stock market＇s reaction was first increased and then decreased, and finally returned to normal levels. At the same time, in-depth study results about the Cooperation Partners, Cooperation Types and Cooperation Progress show that for the positive influence on the company＇s value, Intra-industry Cooperation is stronger than the Inter-industry Cooperation; One-partner Cooperation is better than the Multi-partner cooperation; Agreement Cooperation is larger than the Joint Ventures; while Cooperation Progress was a Moderator strengthen the influence of Cooperation Partner Number and Cooperation Types. The results of the study have certain reference value in the theory and practice field.

关 键 词：合作伙伴 合作方式 合作进展 企业价值 

分 类 号：F27[经济管理—企业管理]