文化价值观、企业并购与长期账面绩效  

Cultural Values, M&A Events and Long-term Book Performance

作　　者：车伟娜[1] 

机构地区：[1]郑州升达经贸管理学院

出　　处：《中国注册会计师》2017年第6期79-82,3,共4页The Chinese Certified Public Accountant

摘　　要：文化价值观是一个企业的核心要素之一,是企业的整体信念与行为规范。本文从文化价值观的维度解析企业的并购案件,并深入探究了收购者在获得目标方控制权之后的持股比重、并购双方文化价值观差异性与并购绩效之间的关系。通过对2011-2015年我国A股并购案的实证研究发现:并购企业双方的文化价值观一致性较强,就会提升企业并购的长期账面绩效。分析结果说明,在当前国内经济结构发展不合理的背景中,企业构建积极、向上的文化价值观,在一定程度上有益于新合并体长期绩效的提升,进而实现快速增长的发展战略。Cultural values are one of the core elements and represent the collective belief and code of conducts of a company. From the perspective of cultural values, this article analyzes M&A events and probes into the relations between percentage of equity held by the acquirer after gaining control, the difference between the cultural values of both parties in M&A events and the M&A performance. Based on an empirical research on M&A events on A-share stock markets from 2011 to 2015, it shows that the more consistent the cultural values of both parties are, the better the long-term M&A book performance becomes. This article shows that against the background of the unreasonable economic structure in China, to some extent, the positive and upward cultural values built by companies are beneficial to the long-term performance of the newly formed entities and such entities can then achieve rapid growth.

关 键 词：文化价值观 企业并购 长期账面绩效 

分 类 号：F271[经济管理—企业管理]