中国上市公司跨行业并购与产业重组:基于社会网络分析的研究
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摘要
以2014—2017年我国上市公司2 700起跨行业并购交易为样本,运用社会网络分析方法,研究了我国现阶段跨行业并购特征及其对产业重组的影响。首先,基于网络密度和中心势分析发现,跨行业并购存在明显的行业差异。其次,基于点的度数中心度分析,发现制造业、房地产业和物流行业表现出明显的跨行业投资倾向。最后,基于中心度和接近中心度分析,发现制造业、零售业和金融业表现出显著的资源控制能力。该研究结果一方面证实了"制造业逃离"等假说,另一方面,对于中国现阶段的产业结构调整和企业并购战略具有实践启示。
Cross-industry mergers and acquisitions based on capital markets play an important role in industrial restructuring.By using the data of cross-industry M&As from 2014 to 2017,this research uses Social Network Analysis method to analyze the law of industrial transfer and reorganization reflected in China's cross-industry M&As.The result indicates that cross-industry M&As network shows the characteristics of low density and small-word.It also shows large differences in the centrality between industries,manufacturing as the pillar industry in China has the highest centrality,and it is the center of China's industrial transfer and reorganization and bears an important intermediary role.Finally,combined with the analysis results,this paper proposes the corresponding industry M&As proposal.
Cross-industry mergers and acquisitions based on capital markets play an important role in industrial restructuring.By using the data of cross-industry M&As from 2014 to 2017,this research uses Social Network Analysis method to analyze the law of industrial transfer and reorganization reflected in China's cross-industry M&As.The result indicates that cross-industry M&As network shows the characteristics of low density and small-word.It also shows large differences in the centrality between industries,manufacturing as the pillar industry in China has the highest centrality,and it is the center of China's industrial transfer and reorganization and bears an important intermediary role.Finally,combined with the analysis results,this paper proposes the corresponding industry M&As proposal.
引文
[1]李善民,朱滔.多元化并购能给股东创造价值吗?---兼论影响多元化并购长期绩效的因素[J].管理世界,2006(3):129-137.
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[3]张文魁.对我国产业重组问题的思考[J].管理世界,2000(2):58-63.
[4]李善民,赵晶晶,刘英.行业机会、政治关联与多元化并购[J].中大管理研究,2009,4(4):1-17.
[5]刘文楷,潘爱玲,邱金龙.企业生命周期、企业家社会资本与多元化并购[J].经济经纬,2017,34(6):111-116.
[6]CHRISTENSEN HK,MONTGOMERY CA.Corporate economic performance:diversification strategy versus market structure[J].Strategic Management Journal,1981,2(4):327-343.
[7]陈旭东,曾春华,杨兴全.终极控制人两权分离、多元化并购与公司并购绩效[J].经济管理,2013,35(12):23-31.
[8]白雪洁,卫婧婧.异地并购、地区间资源流动与产业升级---基于中国数据的实证研究[J].当代财经,2017(1):100-109,135-136.
[9]胡杰武,张秋生,胡靓.区域产业整合及经济增长研究---基于跨区域并购视角[J].中国软科学,2012(6):167-174.
[10]李怀,王冬,吕延方.我国产业整合趋势、机理及其绩效分析---基于2003-2008年上市企业并购案例的微观视角[J].宏观经济研究,2011(10):27-39.
[11]CHAPMAN K,EDMOND H.Mergers/acquisitions and restructuring in the EU chemical industry:patterns and implications[J].Regional Studies,2000,34(8):753-767.
[12]BERTRAND O,ZITOUNA H.Trade liberalization and industrial restructuring:the role of cross-border mergers and acquisitions[J].Journal of Economics&Management Strategy,2006,15(2):479-515.
[13]李善民,黄灿,史欣向.信息优势对企业并购的影响---基于社会网络的视角[J].中国工业经济,2015(11):141-155.
[14]万良勇,胡璟.网络位置、独立董事治理与公司并购---来自中国上市公司的经验证据[J].南开管理评论,2014,17(2):66-75.
[15]梁雯,刘淑莲,李济含.独立董事网络中心度与企业并购行为研究[J].证券市场导报,2018(1):54-63.
[16]后锐,杨建梅,姚灿中.全球产业重组与转移:基于跨国并购复杂网络的分析方法[J].系统管理学报,2010,19(2):129-135.
[17]魏乐,张秋生,赵立彬.我国产业重组与转移:基于跨区域并购复杂网络的分析[J].经济地理,2012,32(2):89-93.
[18]黄玮强,高振明,庄新田.我国上市公司跨区域并购复杂网络研究[J].工业技术经济,2015(6):128-136.
[19]刘军.整体网分析:UCINET软件使用指南[M].上海:格致出版社,2014.
[20]SCOTT J.社会网络分析[M].刘军,译.3版.重庆:重庆大学出版社,2016.
[21]TICHY N M,TUSHMAN M L,FOMBRUN C.Social network analysis for organizations[J].Academy of Management,1979,4(4):507-519.
[22]BREINLICH H.Trade liberalization and industrial restructuring through mergers and acquisitions[J].Journal of International Economics,2008,76(2):254-266.
[2]LINS KV,SERVAES H.Is corporate diversification beneficial in emerging markets?[J].Financial Management,2002,31(2):5-31.
[3]张文魁.对我国产业重组问题的思考[J].管理世界,2000(2):58-63.
[4]李善民,赵晶晶,刘英.行业机会、政治关联与多元化并购[J].中大管理研究,2009,4(4):1-17.
[5]刘文楷,潘爱玲,邱金龙.企业生命周期、企业家社会资本与多元化并购[J].经济经纬,2017,34(6):111-116.
[6]CHRISTENSEN HK,MONTGOMERY CA.Corporate economic performance:diversification strategy versus market structure[J].Strategic Management Journal,1981,2(4):327-343.
[7]陈旭东,曾春华,杨兴全.终极控制人两权分离、多元化并购与公司并购绩效[J].经济管理,2013,35(12):23-31.
[8]白雪洁,卫婧婧.异地并购、地区间资源流动与产业升级---基于中国数据的实证研究[J].当代财经,2017(1):100-109,135-136.
[9]胡杰武,张秋生,胡靓.区域产业整合及经济增长研究---基于跨区域并购视角[J].中国软科学,2012(6):167-174.
[10]李怀,王冬,吕延方.我国产业整合趋势、机理及其绩效分析---基于2003-2008年上市企业并购案例的微观视角[J].宏观经济研究,2011(10):27-39.
[11]CHAPMAN K,EDMOND H.Mergers/acquisitions and restructuring in the EU chemical industry:patterns and implications[J].Regional Studies,2000,34(8):753-767.
[12]BERTRAND O,ZITOUNA H.Trade liberalization and industrial restructuring:the role of cross-border mergers and acquisitions[J].Journal of Economics&Management Strategy,2006,15(2):479-515.
[13]李善民,黄灿,史欣向.信息优势对企业并购的影响---基于社会网络的视角[J].中国工业经济,2015(11):141-155.
[14]万良勇,胡璟.网络位置、独立董事治理与公司并购---来自中国上市公司的经验证据[J].南开管理评论,2014,17(2):66-75.
[15]梁雯,刘淑莲,李济含.独立董事网络中心度与企业并购行为研究[J].证券市场导报,2018(1):54-63.
[16]后锐,杨建梅,姚灿中.全球产业重组与转移:基于跨国并购复杂网络的分析方法[J].系统管理学报,2010,19(2):129-135.
[17]魏乐,张秋生,赵立彬.我国产业重组与转移:基于跨区域并购复杂网络的分析[J].经济地理,2012,32(2):89-93.
[18]黄玮强,高振明,庄新田.我国上市公司跨区域并购复杂网络研究[J].工业技术经济,2015(6):128-136.
[19]刘军.整体网分析:UCINET软件使用指南[M].上海:格致出版社,2014.
[20]SCOTT J.社会网络分析[M].刘军,译.3版.重庆:重庆大学出版社,2016.
[21]TICHY N M,TUSHMAN M L,FOMBRUN C.Social network analysis for organizations[J].Academy of Management,1979,4(4):507-519.
[22]BREINLICH H.Trade liberalization and industrial restructuring through mergers and acquisitions[J].Journal of International Economics,2008,76(2):254-266.