产业集群、信息传递与并购价值创造  

Industry Clusters,Information Transmission and Value Creation in M&As

作　　者：黎文飞[1] 郭惠武[2] 唐清泉[1] 

机构地区：[1]中山大学管理学院,广东广州510275 [2]中山大学广东决策科学研究院,广东广州510275

出　　处：《财经研究》2016年第1期123-133,共11页Journal of Finance and Economics

基　　金：广东省自然科学基金项目(2015A030313074);广东省哲学社会科学规划项目(GD13CGL06);广州市科技计划项目(2014Y4300013)

摘　　要：产业集群作为一种互动性的网络生态环境和平台,能够通过供应链与价值链上价值活动的协同效应,促成集群内外企业的知识和信息共享。因此,相对于集群外的企业,集群内的企业更容易发现并购的机会,以及知道并购什么样的企业,其整合成本和风险更低,而且能够获得更好的并购业绩。文章利用2003-2009年A股制造业上市企业数据证实了这一推断。研究发现,产业集群影响了上市公司的并购决策,产业集群内的上市企业进行了更多的并购,而且并购后企业绩效得到了更好的提升。文章基于信息传递理论研究了产业集群对企业并购行为的影响,深化了人们对并购价值创造机制的理解,对当前政府推动产业集群内的企业通过并购重组实现转型升级具有一定的启发意义。Industrial clusters,as a type of interactive network ecological environment and platform,can promote knowledge and information sharing effectively through valueactivity synergies of different firms in supply and value chains.Therefore,compared with firms outside a cluster,enterprises within a cluster can find more good opportunities for MAs,know better what kind of enterprise as the target of MAs,may have lower integration costs and risks,and achieve better performance of MAs.Using A-share listed firms between 2003 and 2009in manufacturing industry as a sample,it finds that an industry cluster can affect decisions of firms＇ MAs,that is to say,firms within clusters make more MAs,and achieve more performance promotion than their peers outside clusters.Based on information transmission theory of industrial cluster,this paper studies how an industry cluster affects firms＇ MAs decisions,deepens the understanding of value creation mechanism of MAs,and besides,also enlightens about how governments should use acquisitions to achieve the transformation and upgrading process of firms within industry clusters.

关 键 词：产业集群 信息传递 并购决策 并购绩效 

分 类 号：F270[经济管理—企业管理] G34[经济管理—国民经济]