中国企业跨区域并购、资源流动与长期绩效
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摘要
并购是企业进行外部扩张,寻找适度规模边界的重要手段,也是存量资产在企业间重新配置以及生产要素在不同企业之间重新组合的一种重要方式。本文立足于收购方企业,以我国2004—2006年发生的231起并购事件为样本(其中跨区域并购事件101起,区域内并购事件130起),以资源流动作为中间变量对跨区域并购企业的长期绩效进行了研究。通过对企业资源理论、组织学习理论以及协同效应假说的梳理,构建了跨区域并购引起资源要素流动进而改变企业长期绩效的机理分析框架。运用单因素方差分析法,检验了跨区域并购企业的长期绩效以及分类绩效,并且对跨区域并购企业与区域内并购企业的长期绩效进行了对比分析。同时,从资源流动的视角构建了多元线性回归模型并对并购绩效的影响因素进行了分析。以期为上市公司和投资者提供决策依据,同时为政策的制定者和监管者提供政策依据。
本文是沿着企业跨区域并购将引起资源要素在不同的区域、企业间的流动,而这种流动又将会改变企业的长期绩效这一思路来展开研究的。通过规范研究和实证分析得到了如下结论：(1)并购会引起资源要素在企业间的双向流动,收购企业与被收购企业具有双重身份,既是资源的接收方也是资源的发送方,因此,对于并购双方企业而言,吸收能力与释放能力对他们而言都是至关重要的。除此之外,资源自身的属性(复杂性、专用性、兼容性以及互补性)以及收购企业与被收购企业之间的距离(空间距离、文化距离、制度距离、技术距离以及地位距离)也是影响资源转移效率的重要因素。因此,能否实现资源在并购双方企业间的充分转移是上述影响因素共同作用的结果。(2)从通过并购可以获取互补性资源、专业化知识、新的技术以及与企业发展相关的能力层面,指出了并购具有创造价值的潜力,然而潜在的价值创造能力只有通过并购后的整合才能实现双方资源、知识、能力的转移和扩散,进而形成企业新的可持续的竞争优势。基于此,本文按照整合动力——整合过程——整合内容——整合业绩——财务绩效这一逻辑主线阐述了并购整合的价值创造机理。(3)运用单因素方差分析法对我国企业跨区域并购的长期绩效进行了实证分析,得出了如下结论：我国跨区域并购企业并购后第三年与并购前一年相比,调整前的绩效较并购前一年绩效的均值增加了(0.0159),按行业均值调整后的绩效较并购前一年绩效的均值下降了(0.0043),按行业中位数调整后的绩效较并购前一年绩效的均值上升了(0.001),但统计上均不显著。通过对跨区域并购企业与区域内并购企业的绩效进行对比分析,得出了：跨区域并购企业的短期绩效显著弱于区域内并购企业；长期绩效则要好于区域内并购企业,但统计上并不显著。(4)通过对多元线性回归模型的检验,得出了如下结论：是否跨区域并购对企业的短期绩效存在显著地负向影响,长期内影响不显著；固定资产比率对并购长期绩效有显著地正向影响；现金持有量对并购的短期绩效有显著地负向影响,对并购的长期绩效没有显著影响。
与以往的研究相比,本文的创新点主要体现在如下几个方面：其一,提出了从资源流动层面分析跨区域并购企业长期绩效的新研究视角。以资源流动作为中间变量,并以区域内并购企业作为对比样本,深入分析了我国企业跨区域并购的长期绩效。其二,构建了跨区域并购引起资源要素流动进而提升企业并购绩效的机理分析框架。并购是一种重要的资源再配置方式,是价值创造的重要模式。并购会引起资源要素在不同的区域之间、企业之间以及部门之间的流动,而资源要素的流动又会引起企业长期绩效的改变。其三,构建了多元线性回归模型,在控制了影响并购绩效的其他因素保持不变的条件下,检验了跨区域并购以及资源要素流动这两个变量对并购长期绩效的影响,并得出了如下结论：相对于区域内并购企业而言,跨区域并购企业短期绩效显著差于区域内并购企业,长期内二者没有显著差异；固定资产比率较高企业并购后的长期绩效显著好于固定资产比率较低企业；现金持有量与并购的短期绩效负相关,与并购的长期绩效不存在显著相关关系。
Merger and Acquisition (M&A) is an important means for external expansion and allocation of resource between different enterprises. Standing the perspective of acquirer, The paper select 231 samples occurred in 2004—2006 from the M&A events and study the long-term cross-regional mergers and acquisitions business performance by regarding resource flow as an intermediate variable. Based on the enterprise resource theory, organizational learning theory and hypothesis of synergistic effect, the paper construct theoretical framework that a cross-regional M&A can lead to resource flow and change the long-term performance of enterprises further. Empirical research use ANOVA analysis methods to test the long-term performance and classification performance of cross-regional M&A business, and to explore the impact of cross-regional acquisitions on firm performance from the view of resource flows. Finally, Multiple linear regression model was constructed to analyze the factors affecting the performance of M&A. To provide basis for decision making for listed companies and investors, and policy basis for policy makers and regulators as well as.
The idea to expand the study is that the cross-regional M&A will cause the resource elements mobility between all kinds of enterprises and regions, which in turn will change the long-term performance of the business. By norms research and empirical analysis, the following conclusions can be acquired. First, M&A will cause resource elements in the two-way flow between enterprises, the acquisition of business and the acquired company has a dual role, both as the receiver and the sender, therefore, for the acquisition of two companies, the absorptive capacity and ability to release all of them is essential. In addition, the properties of the resource itself (complexity, specificity, compatibility and complementary) and enterprises distance (spatial distance, cultural distance, institutional distance, technological distance and position distance) is also an important factor to effect the transfer of resources efficiently. Therefore, the ability of resources between enterprises in the acquisition of the full transfer is the result of both factors. Secondly, M&A can acquire complementary resources, professional knowledge, new technology and related development capacity and have the potential to create value, at the same time, the integration is essential for creating value. Then The article describes value creation mechanism of merger integration in accordance with Integration Motivation—Integration Process—Integration of Content—Integration of performance—Financial Performance. Thirdly, the paper use ANOVA analysis methods to study long-term perfonnance of companies and reach the following conclusions:the third year performance of cross-regional M&A enterprises in China increase (0.0059) in the mean comparing with the previous year when without doing any adjustment, and decrease or increase in the mean (0.0043 or 0.001) when doing some adjustments according to the mean or median, but it is not significant statistically. Comparing the performance of cross-regional M&A with inter-regional, the conclusion can be acquired that the perfonnance of cross-regional M&A is weaker significantly than inter-regional M&A in the short term, and is better in the long term, but it is not significant statistically. At last, the multiple linear regression models were tested and reach the following conclusion:cross-regional M&A have an negative effects on the short term perfonnance and have no effect on the long term performance;fixed assets ratio of acquirers have an remarkably positive effect on enterprises performance; cash holdings of acquirers have an negative effects on the short term performance and have no effect on the long term performance.
Compared with previous research, innovation of this paper include the following points:first, to propose the new study views to analyze the long-term performance of cross-regional M&A from resource flow, regarding resource flow as an intermediate variable, to analyze the long-term performance of cross-regional M&A in-depth. Secondly, to construct a theory framework that a cross-regional M&A can lead to resource flow and which can increase performances of enterprises in turn. M&A is an important means to allocate resources and create values, which can lead to resource mobility between different regions, enterprises and departments, can promote the long term performance as well as. Thirdly, Multiple linear regression model is constructed, which test the effects of perfonnance caused by cross-regional M&A and the resources flow by controlling the others factors, and acquiring the following conclusion: compared with M&A in the same region, the performance of cross-regional M&A is weak in the short term, and have no difference in the long term; the rates of fixed assets have a positive effect on the enterprises' performance; Cash holdings have an negative correlation with the short-term performance, and have no relevance with the long-term performance.
本文是沿着企业跨区域并购将引起资源要素在不同的区域、企业间的流动,而这种流动又将会改变企业的长期绩效这一思路来展开研究的。通过规范研究和实证分析得到了如下结论：(1)并购会引起资源要素在企业间的双向流动,收购企业与被收购企业具有双重身份,既是资源的接收方也是资源的发送方,因此,对于并购双方企业而言,吸收能力与释放能力对他们而言都是至关重要的。除此之外,资源自身的属性(复杂性、专用性、兼容性以及互补性)以及收购企业与被收购企业之间的距离(空间距离、文化距离、制度距离、技术距离以及地位距离)也是影响资源转移效率的重要因素。因此,能否实现资源在并购双方企业间的充分转移是上述影响因素共同作用的结果。(2)从通过并购可以获取互补性资源、专业化知识、新的技术以及与企业发展相关的能力层面,指出了并购具有创造价值的潜力,然而潜在的价值创造能力只有通过并购后的整合才能实现双方资源、知识、能力的转移和扩散,进而形成企业新的可持续的竞争优势。基于此,本文按照整合动力——整合过程——整合内容——整合业绩——财务绩效这一逻辑主线阐述了并购整合的价值创造机理。(3)运用单因素方差分析法对我国企业跨区域并购的长期绩效进行了实证分析,得出了如下结论：我国跨区域并购企业并购后第三年与并购前一年相比,调整前的绩效较并购前一年绩效的均值增加了(0.0159),按行业均值调整后的绩效较并购前一年绩效的均值下降了(0.0043),按行业中位数调整后的绩效较并购前一年绩效的均值上升了(0.001),但统计上均不显著。通过对跨区域并购企业与区域内并购企业的绩效进行对比分析,得出了：跨区域并购企业的短期绩效显著弱于区域内并购企业；长期绩效则要好于区域内并购企业,但统计上并不显著。(4)通过对多元线性回归模型的检验,得出了如下结论：是否跨区域并购对企业的短期绩效存在显著地负向影响,长期内影响不显著；固定资产比率对并购长期绩效有显著地正向影响；现金持有量对并购的短期绩效有显著地负向影响,对并购的长期绩效没有显著影响。
与以往的研究相比,本文的创新点主要体现在如下几个方面：其一,提出了从资源流动层面分析跨区域并购企业长期绩效的新研究视角。以资源流动作为中间变量,并以区域内并购企业作为对比样本,深入分析了我国企业跨区域并购的长期绩效。其二,构建了跨区域并购引起资源要素流动进而提升企业并购绩效的机理分析框架。并购是一种重要的资源再配置方式,是价值创造的重要模式。并购会引起资源要素在不同的区域之间、企业之间以及部门之间的流动,而资源要素的流动又会引起企业长期绩效的改变。其三,构建了多元线性回归模型,在控制了影响并购绩效的其他因素保持不变的条件下,检验了跨区域并购以及资源要素流动这两个变量对并购长期绩效的影响,并得出了如下结论：相对于区域内并购企业而言,跨区域并购企业短期绩效显著差于区域内并购企业,长期内二者没有显著差异；固定资产比率较高企业并购后的长期绩效显著好于固定资产比率较低企业；现金持有量与并购的短期绩效负相关,与并购的长期绩效不存在显著相关关系。
Merger and Acquisition (M&A) is an important means for external expansion and allocation of resource between different enterprises. Standing the perspective of acquirer, The paper select 231 samples occurred in 2004—2006 from the M&A events and study the long-term cross-regional mergers and acquisitions business performance by regarding resource flow as an intermediate variable. Based on the enterprise resource theory, organizational learning theory and hypothesis of synergistic effect, the paper construct theoretical framework that a cross-regional M&A can lead to resource flow and change the long-term performance of enterprises further. Empirical research use ANOVA analysis methods to test the long-term performance and classification performance of cross-regional M&A business, and to explore the impact of cross-regional acquisitions on firm performance from the view of resource flows. Finally, Multiple linear regression model was constructed to analyze the factors affecting the performance of M&A. To provide basis for decision making for listed companies and investors, and policy basis for policy makers and regulators as well as.
The idea to expand the study is that the cross-regional M&A will cause the resource elements mobility between all kinds of enterprises and regions, which in turn will change the long-term performance of the business. By norms research and empirical analysis, the following conclusions can be acquired. First, M&A will cause resource elements in the two-way flow between enterprises, the acquisition of business and the acquired company has a dual role, both as the receiver and the sender, therefore, for the acquisition of two companies, the absorptive capacity and ability to release all of them is essential. In addition, the properties of the resource itself (complexity, specificity, compatibility and complementary) and enterprises distance (spatial distance, cultural distance, institutional distance, technological distance and position distance) is also an important factor to effect the transfer of resources efficiently. Therefore, the ability of resources between enterprises in the acquisition of the full transfer is the result of both factors. Secondly, M&A can acquire complementary resources, professional knowledge, new technology and related development capacity and have the potential to create value, at the same time, the integration is essential for creating value. Then The article describes value creation mechanism of merger integration in accordance with Integration Motivation—Integration Process—Integration of Content—Integration of performance—Financial Performance. Thirdly, the paper use ANOVA analysis methods to study long-term perfonnance of companies and reach the following conclusions:the third year performance of cross-regional M&A enterprises in China increase (0.0059) in the mean comparing with the previous year when without doing any adjustment, and decrease or increase in the mean (0.0043 or 0.001) when doing some adjustments according to the mean or median, but it is not significant statistically. Comparing the performance of cross-regional M&A with inter-regional, the conclusion can be acquired that the perfonnance of cross-regional M&A is weaker significantly than inter-regional M&A in the short term, and is better in the long term, but it is not significant statistically. At last, the multiple linear regression models were tested and reach the following conclusion:cross-regional M&A have an negative effects on the short term perfonnance and have no effect on the long term performance;fixed assets ratio of acquirers have an remarkably positive effect on enterprises performance; cash holdings of acquirers have an negative effects on the short term performance and have no effect on the long term performance.
Compared with previous research, innovation of this paper include the following points:first, to propose the new study views to analyze the long-term performance of cross-regional M&A from resource flow, regarding resource flow as an intermediate variable, to analyze the long-term performance of cross-regional M&A in-depth. Secondly, to construct a theory framework that a cross-regional M&A can lead to resource flow and which can increase performances of enterprises in turn. M&A is an important means to allocate resources and create values, which can lead to resource mobility between different regions, enterprises and departments, can promote the long term performance as well as. Thirdly, Multiple linear regression model is constructed, which test the effects of perfonnance caused by cross-regional M&A and the resources flow by controlling the others factors, and acquiring the following conclusion: compared with M&A in the same region, the performance of cross-regional M&A is weak in the short term, and have no difference in the long term; the rates of fixed assets have a positive effect on the enterprises' performance; Cash holdings have an negative correlation with the short-term performance, and have no relevance with the long-term performance.
引文
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④沈镭,资源流研究的理论与方法探析,资源科学[J],2006-05：P9。
⑤(美)帕特里克A.高根(Patrick A. Gaughan)著,兼并、收购与公司重组[M],2004-08,P：74。
Fangcheng Tang, Disseminative capacity, organizational structure and knowledge transfer,2010(37)。
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