上市公司跨行业连续并购如何实现高绩效——基于fsQCA的方法  

How to Achieve High Performance Through Cross-industry Continuous Mergers and Acquisitions of Listed Companies——Method Based on fsQCA

作　　者：覃予[1] 王基 Qin Yu;Wang Ji(School of Economics and Management,Zhejiang Sci-Tech University,Hangzhou 310018,China)

机构地区：[1]浙江理工大学经济管理学院,杭州310018

出　　处：《经济研究导刊》2024年第4期58-62,共5页Economic Research Guide

基　　金：教育部人文社会科学研究项目(16YJC630108);浙江理工大学基本科研业务费专项资金资助项目(2021Q072)。

摘　　要：在筛选2014—2018年43个A股上市公司共95个跨行业连续并购事件的基础上,基于企业内/外部治理环境和并购特征三方面选取股权制衡度、营商环境指数、政策扶持、并购类型、并购类型是否改变、并购次序以及并购间隔等7个条件变量,通过运用fsQCA方法来研究企业跨行业连续并购,以获得高并购绩效的有效路径。研究表明,企业若想在纵向并购中实现高绩效,关键是要获得并购先机和国家政策扶持;若想在混合并购中实现高绩效,关键在于管理层的学习正效应。From 2014 to 2018,a total of 95 consecutive cross-industry mergers and acquisitions of 43 A-share listed companies were screened,and based on the company’s internal/external governance environment and merger characteristics,three aspects were selected:equity balance,business environment index,policy support,merger type,whether the type of mergers and acquisitions has changed,the order of mergers and acquisitions,and the interval of mergers and acquisitions are seven conditional variables.By using the method of fsQCA,we study the effective path of continuous cross-industry mergers and acquisitions of enterprises that can obtain high merger and acquisition performance.The research shows that if enterprises try to achieve high performance in vertical mergers and acquisitions,the key lies in the opportunities of mergers and acquisitions and national policy support;if they try to achieve high performance in hybrid mergers and acquisitions,the key lies in the positive learning effect of management.

关 键 词：上市公司 跨行业连续并购 并购绩效 比较定性分析 

分 类 号：F271[经济管理—企业管理]