行业生命周期、企业生命周期与混合并购绩效的实证研究  

Study on Performance of Conglomerate Merger from the Perspective of Industry Life Cycle and Enterprise Life Cycle

作　　者：刘焰[1] 

机构地区：[1]华南师范大学经济与管理学院,广东广州510006

出　　处：《中南财经政法大学学报》2017年第4期46-57,共12页Journal of Zhongnan University of Economics and Law

基　　金：广东省科技计划项目"技术产权价值评估指标体系研究"(2015A030401085)

摘　　要：以沪深两市发生混合并购的上市公司为对象,分析样本企业所在的行业生命周期与企业生命周期处于不同组合状态时,混合并购绩效的差异,以探寻适合混合并购发生的外在条件与内在时机。首先,将样本企业所在的行业生命周期和企业生命周期分为成长、成熟、衰退三个阶段,据此将样本企业按其所处的"行业-企业"生命周期的不同组合状态分为九组;其次,以独立样本t检验法和多元线性回归法,研究在九种不同组合状态下,样本企业混合并购绩效的差异。本文的结论为:企业处于"行业衰退-企业衰退"生命周期组合状态时,混合并购后绩效得到显著改善;而无论行业生命周期处于何种阶段,成长期企业实施混合并购均不利于绩效改善。Based on the Shenzhen and Shanghai listed companies which have occurred conglomerate merge as the objects,the paper attempts to discuss the performance difference of conglomerate merge under different combinations of industry life cycle stages and enterprise life cycle stages.Firstly,the paper divides the sample companies’industry life cycle into three stages:growing stage,mature stage and declining stage,and also divides enterprise life cycle into the same three stages,and then divides the sample companies into 9 kinds of combination according to their different industry and enterprise life cycles.Secondly,using independent sample T test and multiple linear regression analysis method,the paper examines the performance difference of conglomerate mergers of 9 kinds of combination.Lastly,the result is that the combination of that both industries and enterprises are in declining stage has the best performance of conglomerate merger,and it's not obviously suitable for conglomerate merge for growing enterprises whenever industry is in any kinds of life cycle stage.

关 键 词：行业生命周期 企业生命周期 混合并购 并购绩效 企业并购 财务战略 现金流 

分 类 号：F271.4[经济管理—企业管理]