我国上市公司跨区域并购复杂网络研究

跨区域并购活动在一定程度上反映了产业的重组及转移规律。以1999～2014年我国上市公司跨区域并购事件为样本,通过建立跨区域并购复杂网络,实证分析网络的拓扑结构特征,挖掘网络背后所蕴含的区域资源转移及产业重组规律。研究发现：并购网络具有小世界性;网络节点的度数及点强度分布具有显著的幂律分布特征;并购关系呈现出明显的经济水平等级特征;经济发展水平较高的省市具有较大的中间中心度和接近中心度,它们在网络的资源转移及产业重组中,承担较重要的中介作用但其独立性较弱;各省市在网络中呈现明显的“中心———边缘”结构。最后从跨区域并购、相关产业政策及法律法规的制定方面,提出了相关的政策建议。     

Digestibility and asymmetric information in the choice between acquisitions and joint ventures: where’s the beef?

<In response to our empirical findings that, contrary to the predictions of the information asymmetry hypothesis, joint ventures are not more, but instead less likely when parents belong to different industries, Balakrishnan and Reurer argue that (1) the information asymmetry and the indigestibility hypotheses are theoretically complementary and (2) our results may be affected by the characteristics of our sample. In fact, the goal of our study was not to deny the theoretical validity of alternative theories of joint ventures, but only to ascertain their relative explanatory power. We therefore agree that both theories are complementary, but show that our findings are not explained by our sample, but instead by the way we test the information asymmetry hypothesis. Copyright © 2000 John Wiley & Sons, Ltd.     

How do networks and learning drive M&As? An institutional comparison between China and the United States

What drives mergers and acquisitions (M&As) in different institutional environments? This article builds on the resource dependence perspective and argues that networks, learning, and institutions represent three building blocks that can enhance our understanding of the drivers behind M&As. Specifically, we consider firms as learning actors embedded in network relations and influenced by institutional development, and compare and contrast firms' acquisition activities across the United States and China. Our findings show that there are indeed important learning and network factors that lead to M&As. More interestingly, the impact of such learning and network factors varies sharply across countries with different market‐based institutions. Copyright © 2009 John Wiley & Sons, Ltd.     

Interindustry merger patterns and resource dependence: a replication and extension of Pfeffer (1972)

This paper reexamines Pfeffer’s (1972) classic study on interindustry merger patterns by replicating and then extending his findings. Pfeffer argued and found that resource dependencies, as measured by interindustry economic transactions, explained merger patterns. The replication investigates how robust the resource dependence explanation for interindustry mergers is when more precise methods are applied to a data set that essentially recreates Pfeffer’s. The extension examines the strength of the resouce dependence effect over time, and offers hypotheses that seek to explain both longitudinal and cross-sectional variation in the strength of this effect. Results indicate that while the significance of the resource dependence effect is once again observed, after applying more refined analytical methods to the data the explanatory power of resource dependence is greatly diminished. In addition, variation in the strength of the resource dependence effect suggests some boundary conditions for the theory, at least with respect to its ability to predict interindustry mergers. © 1997 John Wiley & Sons, Ltd.     

Female board representation and corporate acquisition intensity

This study examines the impact of female board representation on firm‐level strategic behavior within the domain of mergers and acquisitions (M&A). We build on social identity theory to predict that greater female representation on a firm's board will be negatively associated with both the number of acquisitions the firm engages in and, conditional on doing a deal, acquisition size. Using a comprehensive, multiyear sample of U.S. public firms, we find strong support for our hypotheses. We demonstrate the robustness of our findings through the use of a difference‐in‐differences analysis on a subsample of firms that experienced exogenous changes in board gender composition as a result of director deaths. Copyright © 2014 John Wiley & Sons, Ltd.     

企业逆向跨国并购后的组织身份管理模式研究

“逆向跨国并购”(即并购发达国家企业)已成为中国企业获取海外战略性资产、提升全球竞争力的重要“跳板”。然而,与传统跨国并购相比,逆向跨国并购呈现“以弱并强”甚至“蛇吞象”的独特特征,导致并购双方存在显著的身份落差。身份落差使得并购后的“组织身份管理”变得尤为重要,因为不恰当的身份管理模式会对并购整合产生负面影响。基于此,本文综合采用探索性案例研究方法与大样本统计方法,探究中国企业逆向跨国并购后的组织身份管理模式。研究发现,组织身份落差的方向和强度是决定并购后组织身份管理模式选择的重要因素;高强度身份逆差与“单一隔离型”模式匹配,低强度身份逆差与“双元联邦型”模式匹配,身份顺差与“统一吸收型”模式匹配;不同身份管理模式在话语建构、业务运营、权力关系、象征行为等方面存在显著差异。进一步大样本统计研究表明,身份落差与身份管理模式的匹配关系具有较高普适性,但也受核心业务相关性、业务分割等因素影响。本文不仅揭示身份落差与身份管理模式之间的匹配关系,构建逆向跨国并购后的组织身份管理理论,也对中国企业在逆向跨国并购后有效管理双方组织身份、提升并购整合绩效具有启示意义。