同行业企业并购决策的同伴效应及内在机制

并购是当前国内外企业常用的发展战略之一,是提升企业竞争力、增加经济效益的重要手段。本文从非理性行为视角出发,采集2010—2018年间A股市场中重大资产并购重组数据作为研究样本进行实证分析。研究发现,上市企业并购决策存在同伴效应;信息传输、软件和信息技术服务等新兴行业的企业同行并购频率对企业并购概率产生的影响小于制造业等传统行业;民营企业之间的并购同伴效应强于国有企业,但同伴效应在不同权属企业之间不具有传递性;高管联结程度高的企业并购同伴效应大于低联结程度企业。因此,建议加强对民营企业、传统行业、高管高联结企业并购非理性行为的监管,避免由于企业盲目跟风给企业绩效带来损失。

The Peer Effect of Internal Mechanism of M & A Decisions in the Same Industry

M & A is one of the current development strategies commonly used by domestic and foreign companies, and it is an important means to enhance corporate competitiveness and increase economic benefits. From the perspective of irrational behavior, this paper collects data on major asset mergers and acquisitions in the A-share market from 2010 to 2018 as a research sample and conducts an empirical analysis. It is found that there is a companion effect in the merger and acquisition decisions of listed companies. The frequency of peer mergers and acquisitions in emerging industries such as information transmission, software and information technology services has a smaller impact on the probability of corporate mergers and acquisitions than in traditional industries such as manufacturing; the peer effect of mergers and acquisitions of companies with a high degree of executive connection is greater than that of a company with a low degree of connection. The companion effect of M & A enterprises is higher than that of low-linked enterprises. It is suggested to strengthen the supervision of irrational behavior of private enterprises, traditional industries, senior management and high-connected enterprises in mergers and acquisitions, so as to avoid the loss of corporate performance caused by blind follow-up.