基于效率的企业并购能力度量研究  

Measuring M&A Capability Based on Enterprise Efficiency

作　　者：葛伟杰[1] 张秋生[1] 张自巧[1] 

机构地区：[1]北京交通大学经济管理学院,北京100044

出　　处：《财经论丛》2015年第3期82-89,共8页Collected Essays on Finance and Economics

摘　　要：本文基于企业资源理论中"资源—能力—绩效"的逻辑关系,认为并购能力反映的是企业如何将资源转换为并购价值的相对转换效率。采用数据包络分析方法(DEA),将多个维度的资源作为输入变量,并购绩效作为输出变量,分行业计算相对转换效率以度量企业的并购能力。通过将并购能力与首次公告日的市场反应及后续的并购绩效进行回归检验,证实了该度量方法的有效性。并购能力的度量为企业管理层评价和制定并购决策提供了合理的现实依据。Based on the enteiprises resource-based view, this study proposes a new method of measuring the capability of mergers and acquisitions（ M＆A capability）. M＆A capability is embodied in how enterprises transform resources into the value of mergers and acquisitions. As a result, the efficiency of the transformation reflects the enterprises＇M＆A capability. The em- pirical study shows that data envelope analysis（DEA） can measure M＆A capability. A series of tests are also conducted to check the validation of the measuring method. The OLS regression results indicate that the M＆A capability is positively corre- lated with the cumulative abnormal return and the post M＆A performance respectively.

关 键 词：并购能力 资源论 相对效率 数据包络分析 能力度量 

分 类 号：F715.1[经济管理—产业经济]