企业并购如何影响绩效:基于中国工业企业并购视角  

How M&A Effect the Performance of Acquired Firms:Based on the Perspective of Merge and Acquisition of Chinese Industrial Firms

作　　者：蒋冠宏[1] Jiang Guanhong(School of Economics,Xiamen University)

机构地区：[1]厦门大学经济学院

出　　处：《管理世界》2022年第7期196-211,共16页Journal of Management World

基　　金：国家自然科学基金青年项目“中国企业对外直接投资的贸易效应和就业效应”(基金号:71503221);国家自然科学基金面上项目“中国企业对外直接投资的模式选择和国际化特征研究”(基金号:71973112)的资助。

摘　　要：本文基于BVD并购数据与中国工业企业数据,探讨中国内资企业之间的所有权转移对绩效的影响。研究发现:在并购之前并购企业具有较高的生产率、研发创新能力、利润率和较低存货率,说明并购企业具有较强的技术效率能力和市场需求管理能力;企业被并购后显著提升生产率和利润率,降低存货率,但研发创新能力没有显著提升;当并购双方行业非相关时没有明显改善被并购企业绩效;非控股并购的“协同效应”不明显,只有资产所有权发生转移时才显著提升被并购企业绩效。机制检验发现:技术效率能力和市场需求管理能力的协同效应是改善被并购企业绩效的渠道。因此,本文研究发现中国内资企业之间的并购导致资源在不同“能力”所有者之间重新配置,有助于提升资源使用效率。Using the data of BVD and Chinese industry firms,this paper investigates the effect of changing the ownership on acquired firms.We find several results.Firstly,comparing with acquired firms,acquirers have higher productivity、R&D and profit,and have lower inventory.It implies that the acquirer has higher capacity of technology and more skills on managing the demand of market.Secondly,there are positive effect on productivity,profit and negative effect on inventory for acquired firms.But there are no effect on research and development.Thirdly,when the acquisition happened in different industries,there is no positive effect.Fourthly,only the ownership has changed,the acquisition will have the positive effect on the performance of acquired firms.Finally,the mechanism is that the synergistic effect of the capacity of market demand management and technical efficiency is helpful to explain the better performance of acquired firms.So the paper finds that the distribution of resource by merge and acquisition can help to boost the efficiency of using resource.

关 键 词：并购 绩效 技术效率能力 市场需求管理能力 

分 类 号：F271[经济管理—企业管理] F272.5[经济管理—国民经济] F425