家具制造业并购存在“赢者诅咒”吗?——基于典型横向并购的企业测算证据  

Does M&As Exist “Winner’s Curse” in Chinese Furniture Manufacture Industry?:Typical Horizontal M&As from Corporate Evidence

作　　者：曾杰杰[1,2] 曹浩 Zeng Jiejie;Cao Hao(College of Economics and Management,Nanjing Forestry University,Nanjing 210037,China;Research Center for Economics and Trade in Forest Products of State Forestry Administration,Nanjing 210037,China)

机构地区：[1]南京林业大学经济管理学院,南京210037 [2]国家林业和草原局林产品经济贸易研究中心,南京210037

出　　处：《世界林业研究》2021年第1期70-75,共6页World Forestry Research

基　　金：教育部人文社科规划基金“劳动密集型产业区域转移力与粘性形成及相互作用机理-以家具产业为例”(13YJA630121)。

摘　　要：近年来我国家具制造业产业整合趋势凸显,市场中良性企业并购无疑是优化、配置与整合家具制造业资源的重要手段。文中抽取2012-2017年我国206起家具上市公司并购事件,发现近年来家具企业并购具有横向并购和现金支付以及重视国内及海外市场平衡与布局的特点;在控制并购事件的窗口期和排除关联交易等一系列约束条件下,遴选出索菲亚家居并购名隆家具作为家具企业并购典型案例;采用4类传统财务指标与家具产业平均水准进行比较分析,运用改进的EVA方法测算并购后2年索菲亚家居经济增加值的变化,结果表明并购后绩效增长显著,在家具产业集中度低的情况下横向并购是优化家具业市场资源的良性方式;据此提出面对家具制造业的并购潮,中小型家具企业应提升产品创新与影响力,建立好利基市场,进行策略性回应。The furniture industry in China is increasingly experiencing the integration trend in recent years,and valid M&As is undoubtedly an efficient way to optimize, allocate and merge industrial resources. The paper reviews the 206 merger and acquisitions of listed furniture companies in 2012-2017, and finds that the furniture company M&As are characterized with horizontal M&As, payment in cash and balanced domestic and overseas markets. With the consideration to a series of constraint conditions including control of window period of M&As events and the exclusion of related transactions, the Suophia acquisition of Minglong furniture is selected as a typical furniture enterprise acquisition case. Four types of traditional financial indicators are used to compare Suophia level with average level of furniture industry, and then the modified EVA is applied to measure the fluctuation of Suophia’s economic added value after two years of merger. The results show that incremental M&A performance is growing significantly, and horizontal merger is a valid way to optimize the market resources under low concentration condition of furniture industry. It is proposed that small and medium-sized furniture enterprises should enhance the product innovation and build the niche market as a strategic response for the M&A trend in furniture manufacturing industry.

关 键 词：家具制造业 并购潮 横向并购 并购绩效 索菲亚家居 中国 

分 类 号：F275.5[经济管理—企业管理] F326.2[经济管理—国民经济]