企业并购特征与并购绩效的问题讨论

本文根据我国特有的并购市场背景，主要针对股权分置改革后的并购事件，将企业并购的交易特征，特别是支付方式与关联属性，与并购绩效有机的结合在一起来进行讨论，从而更加明确企业并购的交易特征与并购绩效的相关性，来丰富对我国股权分置改革以后的并购活动绩效的讨论。     

并购交易特征与并购绩效关系的研究述评

并购绩效研究一直是并购研究中最受学术界和实务界关注的部分,产生了丰硕的研究成果。本文采用文献分析法,对国内外有关并购交易中的支付方式、关联属性、并购溢价与并购绩效之间关系的理论和实证研究成果进行回顾和评价,指出国内并购绩效研究中存在的局限,并针对"后股权分置时代"并购市场可能发生的变化,提出了研究展望。     

中国上市公司并购绩效问题浅析

在中国,并购能否为企业创造价值争议颇多,对中国上市公司的并购绩效进行研究具有重要的现实意义。本文介绍了并购绩效的相关理论,对我国上市公司并购绩效现状、并购中存在的问题进行了分析,并对提高中国上市公司的并购绩效提出了可行的建议。     

关于我国公司跨国并购的绩效评价的综述

自2003年以来,企业跨国并购兴起了一轮新的全球跨国并购浪潮,无论并购数量还是并购金额都呈现稳步上升的趋势。如何提高跨国并购绩效成为目前中国企业海外扩张过程中所面临的主要问题。     

我国房产业上市公司基于EVA指标并购绩效的研究

对于并购重组一直是学者热衷研究的一个主题,本文虽然也是研究并购绩效,但视角却只放在了房地产行业,并用EVA指标来研究并购后并购公司的长短期绩效。短期绩效大多数学者的结论一致,而对于长期绩效则争论较多,所以文章在只选定一个行业的情况下得出：房产业并购后公司的长期绩效不如短期好,价值增值的公司比价值减少的公司的比例要小很多。     

并购绩效影响因素综述

影响企业并购绩效目标最终实现的因素有很多,不同的因素对企业并购绩效目标实现的影响程度也各不相同。本文主要分析了并购实现后的影响绩效的因素,重点分析了产业因素对绩效的影响。     

并购绩效影响因素综述

影响企业并购绩效目标最终实现的因素有很多,不同的因素对企业并购绩效目标实现的影响程度也各不相同。本文主要分析了并购实现后的影响绩效的因素,重点分析了产业因素对绩效的影响。     

并购热中的反思:重短期效应轻长期绩效

企业并购是整合资源、获取购并收益的重要举措。但在我国并购的热潮中发现企业并购后效益未上升反而下降。文章就其企业并购中重短期效应轻长期绩效的行为进行分析并提出提高长期绩效的途径。     

异地并购的并购溢价与并购绩效——基于理论的分析

随着市场化进程的不断深入,资本跨区流动更加频繁,企业异地并购发展迅猛。在市场竞争愈演愈烈的背景下,企业急于寻求有效的异地并购来实现技术及资源的跨区域整合,从而扩大市场份额,提高自身的综合竞争力。但是异地并购所面临差异化的行政壁垒和信息壁垒可能会导致并购过程中产生更高的并购溢价,对并购绩效产生负面影响。基于此,从理论上分析了异地并购的并购溢价与并购绩效的影响因素,旨在揭示两者的作用机理,为进一步研究异地并购提供借鉴。     

中国上市公司并购绩效评估——以医药行业上市公司为例

企业并购是市场发展的必然要求,我国医药行业上市公司从2000年开始掀起了并购热潮。本文以财务报表为数据,通过因子分析法对其进行实证分析,分析得出并购表现的积极绩效不可能在短期显现。     

External technology acquisition and firm performance: A longitudinal study

External technology acquisition has been viewed as an important method used by firms to achieve higher economic returns. However, only a few studies have evaluated the contribution of external technology acquisition to firm performance. This lack of research is surprising because the benefits of external technology acquisition to innovation output have been emphasized extensively in the literature. This study therefore investigates the extent to which external technology acquisition effects a firm's performance, and how this effect is moderated by internal R&D efforts. This analysis concentrates on the electronics-manufacturing industry, taking advantage of the relative abundance of data on longitudinal investigation variables. A longitudinal sample allows this examination to control extraneous effects and to provide more convincing evidence for the relationship between external technology acquisition and firm performance. The analytical sample comprises a total of 341 Taiwanese electronics-manufacturing firms over the period from 1998 to 2002. The least square dummy variable analysis method reveals that external technology acquisition does not provide a significant contribution to firm performance per se; however, the positive impact of external technology acquisition on firm performance increases with the level of internal R&D efforts. Verifications for robustness and the split-sample analyses both validate the results in the setting of larger firms.     

基于不同动机的联盟控制方式选择及其对联盟绩效的影响——中国企业联盟的实证分析

Strategic alliance can aid firms to build and sustain their competitive advantages. Firms set up strategic alliance mainly for two purposes: resource acquisition and capability learning. Formal control and social control are two widely adopted control mechanisms to secure the effectiveness of strategic alliance. In this study, we construct a model to analyze the choice of control mechanisms based on alliance motivations and the influence of control mechanisms on alliance performance. Based on a survey of 607 Chinese firms, we find that when resource acquisition is the key motivation behind alliance, formal control should be enhanced. Whereas when capability learning is the main purpose of alliance, social control becomes a better choice. Furthermore, this research also finds that the impact of both formal control and social control on alliance performance are nonlinear. Suggestions are provided on how to effectively use control mechanisms to attain the purposes of strategic alliance and on how to use control mechanisms to enhance alliance performance. __________ Translated and revised from Nankai guanli pinglun 南开맜理评论 (Nankai Business Review), 2007, (5): 4–11     

管理层更替与收购绩效的关系研究——基于多重因素的调节效应

收购后是否应该对被收购企业的原有管理人员进行更换一直存在争议。本研究探讨了在中国情境下,主并企业在收购后对被并企业管理层更替的程度与主并企业的收购绩效之间的关系。实证分析结果证实了收购后的管理层更替与收购绩效之间存在正相关关系,但这种正相关关系受到多重因素的调节作用影响。具体来说：跨区域收购时管理层更替的程度与收购绩效之间的正相关作用要高于同区域收购的时候;收购双方的业务相关程度越高,则收购后管理层更替对收购绩效的积极作用会越低;被并企业与主并企业相比的相对规模越大,则收购后管理层更替的程度与收购绩效之间的正相关程度会越高;收购前被并企业的绩效表现越好,则收购后对其管理层进行更换的程度越高越有利于主并企业的收购绩效。     

基于制度理论的企业非相关多元化与绩效关系研究

传统战略管理理论认为非相关多元化对企业绩效有负向影响。然而在中国这样的转型经济国家,由于制度的缺失导致市场有效性相对较弱,非相关多元化可以使企业形成内部市场从而弥补制度的欠缺,通过对中国500强企业的实证研究也证明非相关多元化与企业绩效正相关。由于中国民营企业的非相关多元化程度较国有企业更高,民营企业非相关多元化与企业绩效的关系也较国有企业更为显著。     

The continuing debate on firm performance: A multilevel approach to the IT sectors of Taiwan and South Korea

In the economics and strategy fields, researchers seek to understand the antecedents of firm profitability. How and why do certain private enterprise firms develop competitive advantages in environments of rapid technological change while other firms do not? This study extends recent variance decomposition research in three ways. First, this work compares IT sectors in Taiwan and South Korea by using the Standard & Poor's Compustat® Global Vantage database. Second, this investigation tests industry and firm effects using both the multilevel approach of hierarchical linear modeling (HLM) and the conventional variance components approach (VCA). Third, this study explores the question of why there are significant profitability differences among technological firms even with similar industrial structural characteristics and leveraged resources and capabilities in the same IT industry. This study uses data from the U.S. Patent Office to estimate technological diversification at the level of firm resources for knowledge-based relatedness for the IT firms of Taiwan and South Korea. The empirical results find that firm effects have great impact on performance of the IT sectors of Taiwan and South Korea when estimated by either HLM or VCA. However, industry effects dominate firm effects on South Korea's IT sectors when the variance is estimated by HLM. From the perspective of conducting patents innovation, both of the specialized and diversified corporate strategies are matter to the development of these IT sectors, and South Korea's IT firms are more technologically diversified than those firms in Taiwan.     

Determinants of Corporate Social Responsibility Disclosure Ratings by Spanish Listed Firms

The aim of this paper is to analyze whether a number of firm and industry characteristics, as well as media exposure, are potential determinants of corporate social responsibility (CSR) disclosure practices by Spanish listed firms. Empirical studies have shown that CSR disclosure activism varies across companies, industries, and time (Gray et al., Accounting, Auditing & Accountability Journal 8(2), 47–77, 1995; Journal of Business Finance & Accounting 28(3/4), 327–356, 2001; Hackston and Milne, Accounting, Auditing & Accountability Journal 9(1), 77–108, 1996; Cormier and Magnan, Journal of International Financial Management and Accounting 1(2), 171–195, 2003; Cormier et al., European Accounting Review 14(1), 3–39, 2005), which is usually justified by reference to several theoretical constructs, such as the legitimacy, stakeholder, and agency theories. Our findings evidence that firms with higher CSR ratings present a statistically significant larger size and a higher media exposure, and belong to more environmentally sensitive industries, as compared to firms with lower CSR ratings. However, neither profitability nor leverage seem to explain differences in CSR disclosure practices between Spanish listed firms. The most influential variable for explaining firms’ variation in CSR ratings is media exposure, followed by size and industry. Therefore, it seems that the legitimacy theory, as captured by those variables related to public or social visibility, is the most relevant theory for explaining CSR disclosure practices of Spanish listed firms.     

A comparative analysis of the market-based and accounting-based performance of diversifying and non-diversifying acquisitions in Hong Kong

This paper investigates the short-term return performance and long-term operating performance of 36 partial mergers in Hong Kong during the period 1984–1996. We first conduct an event-study to evaluate the short-term market performance of the target, the bidder and a simulated combined portfolio consisting of both firms involved in the acquisition. The second method provides long-term performance indicators based on composite indices created from key financial ratios. The results of the event-study indicate that there are immediate share price gains to the target, acquiring and combined firms around the time the acquisition is announced. However, the long-term accounting-based performance analysis does not show a significant improvement in the 2 years following the acquisition for both the target and acquiring firms. No correlation is found between the short-term returns and the long-term performance indicators. These findings support the more recent literature on the potential benefits of diversification, and the view that diversifying acquisitions perform better than related acquisitions.     

Consolidation by merger: the UK beer market

This paper examines the determinants of market structure in the UK brewing industry over 1949–1969. Sutton (Sunk costs and market structure: price competition, advertising, and the evolution of concentration, 1991) points to technology and advertising races as two key drivers of market concentration. This study uses an own-built longitudinal data set of the population of firms and breweries, and reveals the importance of institutional factors in explaining the dynamics of market structure. The practice of tying outlets to brewers and legal restrictions on opening retail outlets, together with a permissive policy towards mergers, made acquisition of medium-sized firms and brewery closure (shortly after acquisition) the main driving mechanism towards industry consolidation. During this period, the number of firms and plants fell sharply (by 74% and 60%, respectively) and production rose (by about 25%), with no firm entry and just one new brewery opening. As a result, concentration increased and the market transformed from a highly fragmented one into a stable oligopoly.     

The Long-Term Performance of Small Businesses: Are there Differences Between “Christian-Based” Companies and their Secular Counterparts?

Recent years have witnessed the proliferation of “Christian” companies in the U.S. These firms declare their belief in, and active pursuit of, the successful merging of biblical principles with business activities. Economic success, hard work, and biblical values are seen as capable of existing together in harmony. While the number of such businesses appears to be growing, there has been a dearth of any scientific study of these companies. No empirical research has been conducted to determine whether these religious values and behaviors have any significant impact on a company’s performance. The present study is designed to partially fill this gap. Specifically, it seeks to determine whether there are differences in long-term performance between self-proclaimed “Christian-based” businesses and their secular counterparts. Data were collected from 312 companies. A multivariate analysis of variance (MANOVA), followed by univariate ANOVAs, found significant differences between these two groups of firms on three of the four performance variables that were analyzed. Some explanations as well as limited generalizations and implications are developed.