企业资源与并购绩效——一个非线性分析视角

本文以2005～2007年发生并购的171家A股并购上市公司为样本,利用多元自适应回归样条非参数回归方法就企业资源与并购后的绩效、绩效改善程度间的非线性关系进行实证考察。研究结果表明,并购企业人力资本对并购后的绩效存在总体为正的显著的阈值作用;物质资本不仅对并购后的绩效及绩效改善程度存在阈值作用,还通过与股权集中度的显著负向交互作用影响并购后的绩效及绩效改善程度。此结论为并购绩效实现过程中不同资源要素的非线性贡献机制以及大股东对企业资源的掠夺行为提供了证据。

Firm Resource and Post-merger Performance:A Nonlinear Analysis Perspective

Based on a sample of 171 M&As of A-stock listed companies in China between 2005 and 2007,the paper adopts multivariate adaptive regression spines nonparametric regression method to empirically investigate the nonlinear relationship between post-merger performance and firm resources and that between performance improvement and resources.The results show that the human capital of merger firm significantly positively influences the post-merger performance through the threshold mechanism.The physical capital not only has threshold effects on post-merger performance and performance improvement,but also significantly negatively influences them through the mechanism of interaction between physical capital and ownership concentration.The study provides the empirical evidence for the nonlinear roles of firm resources for the realization of expected post-merger performance and the tunneling activities of controlling shareholders.