“三跨”并购与文化企业综合竞争力提升研究——来自A股上市公司的实证证据  

Trans-M & As and Cultural Enterprises' competitiveness——Evidence from A-Shares Listed Enterprises

作　　者：潘爱玲[1] 邱金龙[1] 闫家强[2] 

机构地区：[1]山东大学管理学院 [2]交通银行股份有限公司山东省分行

出　　处：《山东大学学报（哲学社会科学版）》2016年第3期1-12,共12页Journal of Shandong University(Philosophy and Social Sciences)

基　　金：国家社科基金重大招标项目"完善现代文化市场体系与培育骨干文化企业研究"(项目编号14ZDA051);国家社科基金重点项目"文化企业兼并重组的实现路径与效应评价研究"(项目编号14AGL012);教育部人文社会科学规划基金项目<合作视角下企业集团股权控制设计与动态调整研究>(项目编号12YJA630094)

摘　　要：并购方向选择是并购战略部署的重要内容,是联接并购行为与并购绩效的核心纽带。本文基于我国的政策背景,将并购方向选择界定为地域、业务、产权属性三个维度,分析并实证检验文化企业跨区域、跨行业、跨所有制并购的特点及其对综合竞争力的影响。研究表明:2008 2013年间我国文化企业并购在区域方向选择上呈现出地域积聚性,同时跨区域并购的数量与占比不断提高;在业务方向选择上呈现出产业链整合及与新业态融合的趋势,跨行业并购规模快速发展;在产权属性方向选择上呈现出体制性障碍突出的现象,跨所有制并购基本都是由国有文化企业主导。但是,从实证结果来看,跨区域并购降低了经济效益和社会效益方面的竞争力;与行业内并购相比,跨行业并购也降低文化企业的竞争力;与非跨所有制并购相比,跨所有制并购虽然能够提升竞争力但是结果并不显著。这些研究结论为我国文化企业并购选择与政策制定带来了重要启示。The choice of M＆A （Mergers and Acquisitions） direction is the important content of M＆A strategy, and it is also the key link between M＆A behavior and its performance. This paper divides the M＆A directions into three dimensions： region, industry and ownership. Based on the current national policy in China, we study the characters of trans-region, trans-industry and trans- ownership M＆A of cultural enterprises as well as the M＆A＇ s influences on enterprises＇ comprehensive competitiveness. We find that over the years 2008-2013, culture industry＇s MI^A are clustered in some regions, and the number of trans-region M＆A has been increasing rapidly. Cultural enterprises tend to integrate their industrial chain and increase new business style. Besides, the institutional barriers hinder the trans-ownership M＆A and trans-ownership M＆A is basically dominated by state-owned cultural enterprises. The empirical results show that trans-region MI^A reduces the competitiveness of economic and social benefits, and also trans-industry M＆A reduces the competitiveness, while trans-ownership M＆A enhances the competitiveness but not significant. The research conclusions have some important implications for China＇s cultural policy and also for the enterprises＇ mergers and acquisitions.

关 键 词：文化企业 并购 并购方向 文化企业竞争力 

分 类 号：F271[经济管理—企业管理] G124[经济管理—国民经济]