基于文化强度视角下的诚信度对公司并购绩效的影响研究  

Research on the Impact of Integrity on Corporate M&A Performance Based on the Perspective of Cultural Strength

作　　者：杜敏哲 彭静 DU Min-zhe;PENG Jing(School of Economics and Management,South China Normal University,510006,Guangzhou,Guangdong,China)

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：《特区经济》2021年第12期148-152,共5页Special Zone Economy

基　　金：广东省软科学研究计划项目(2020A1010020031)。

摘　　要：本文选取了2013—2015年间我国发生并购事件的979家A股上市企业,研究了以诚信度衡量的企业文化强度对企业并购绩效的影响。实证结果表明,企业诚信度越高,文化强度越高,企业长期并购绩效越好。另外,对于交易规模较小、资产获现能力较弱、账面价值比较小的企业而言,不好的诚信度建设对其长期并购绩效的负面影响较大。本文的研究结果揭示了诚信度对于企业并购绩效的重要性,为企业提升并购绩效提供了新的视角与政策建议。This paper selects a sample of 979 A-share listed companies in my country in which mergers and acquisitions occurred during 2013—2015, and studies the impact of corporate culture intensity measured by integrity on merger performance. The empirical results show that the higher the corporate integrity and the higher the cultural intensity, the better the corporate long-term M&A performance. In addition, for the enterprises, small transaction scale, weak asset cashing ability, relatively small book value, the building of bad integrity has a greater negative impact on their long-term M&A performance. The research results of this paper reveal the importance of integrity to corporate M&A performance, and provide new perspectives and policy recommendations for companies to improve M&A performance.

关 键 词：企业经济 并购绩效 文化强度 诚信度 

分 类 号：F272[经济管理—企业管理] F062.4[经济管理—国民经济]