核心企业横向并购中的供应链重构研究
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摘要
横向并购作为一种重要的并购形式,在西方历次并购浪潮中均占有重要地位。但一系列重大横向并购以失败告终,各种并购理论均无法完全解释横向并购的绩效来源,实证研究结果之间也出现矛盾,以“供应链管理”为代表的横向一体化思想更引发人们对横向并购价值的质疑。本文基于利益相关者、供应链管理、交易费用等理论,对横向并购中的供应链重构及其影响进行了研究。
本文首先从并购中的财富转移效应、供应链成本、横向并购对并购企业经营绩效影响三个方面总结了国内外研究成果,在此基础上就核心企业横向并购对供应链财富转移、供应链运维成本和核心企业经营绩效的影响进行了理论分析。然后以2002-2004年中国沪深A股中的制造业和商品流通业上市公司横向并购事件为研究对象进行实证研究,分析了核心企业并购前后的供应链结构变动情况,并建立多元回归模型对核心企业供应链集中度与供应链财富转移、供应链运维成本和经营绩效的相关性进行了实证检验。论文最后提出基于供应链重构导向的横向并购模式,并购过程中各种利益相关者都必须关注核心企业的供应链重构和整合,并采取相应措施以构建更加合理、高效和畅通的供应链,提高供应链整体竞争力,从而实现并购价值的最大化。
本文通过实证研究发现：第一,我国制造业上市公司横向并购后供应链集中度持续降低,而商品流通业上市公司的供应链集中度则先下降后回升。第二,核心企业通过横向并购改变上下游供应链集中度,可以对议价能力和供应链财富转移产生影响,核心企业从供应商获取的财富转移与其上游供应链集中度之间呈倒U型(钟型)关系,从分销商获取的财富转移与其下游供应链集中度之间呈U型关系。第三,核心企业提高上下游供应链集中度,扩大与节点企业的交易规模,能带来供应链运维成本节约。第四,并购后核心企业上游供应链集中度一定程度的提高有助于增加经营绩效,然而供应商一旦占据垄断地位采购成本又会增加；下游供应链集中度提高一般会对经营绩效产生不利影响,除非核心企业的议价能力占据优势。此外,研究还表明核心企业如果只是基于自身实力,或者为了获取规模效应而进行横向并购,往往无法提高盈利能力,并且决策错误的后果无法通过后期整合来消除,因此企业必须基于供应链视角正确地认识和执行横向并购。
Horizontal M&A has been playing a vital role in the past western mergers and acquisitions. While a series of momentous cases of this kind ended up with failure, various theories of M&A couldn't give a complete explanation of its performance, moreover, there were contradictions in the results of empirical research. Meanwhile, the horizontal integration strategy characterized by supply chain management aroused oppugn against the worthiness of horizontal M&A. Under this circumstance, this paper presents a thorough study on the restructuring of supply chain and influence in horizontal M&A based on the theory of stakeholder, supply chain management and transaction cost.
This paper reviews the current literature on the topic of wealth transfer, supply chain cost and the influence on performance of acquiring company in horizontal M&A. Furthermore, the paper analyzes the wealth transfer of supply chain, as well as the impact on supply chain cost and core enterprise performance in horizontal M&A. The paper studies the change of supply-chain structure grounded on sample from horizontal M&A cases of China's listed companies in manufacturing and commercial industry from 2002 to 2004. And it use multivariate linear regression model to test the relationship between the concentration ratio of supply chain and core enterprise's wealth transfer, supply chain cost and performance. In order to maximize the M&A value, all kinds of stakeholder should put great emphasis on the supply chain restructuring and integration so as to make it more efficient, smooth and competitive.
The paper indicates, firstly, the concentration ratio of supply chain declines after the horizontal M&A in the listed manufacturing corporations, and it goes down then up in the commercial enterprises. Secondly, core enterprise can affect the bargaining power by changing concentration ratio of supply chain to further have an influence on wealth transfer. There exists a U-shaped relationship between the wealth transferred from its supplier and concentration ratio of core enterprise's upstream supply chain. Correspondingly, the relationship between the wealth transferred from distributor and concentration ratio of downstream supply chain appears an inversed U-shaped (Bell-shaped) profile. Thirdly, by expanding the trading of core enterprise and node enterprises, the operational cost of supply chain can be reduced to some extent. Fourthly, after horizontal M&A, the enhancement of concentration ratio in upstream supply chain helps to reduce the purchasing cost of core enterprise, however, it will be increased once the supplier dominates the market; the reinforcement of concentration ratio downstream supply chain may have an impact on core enterprise income while beneficial to the distributors, unless the core enterprise has the advantage of bargaining power.
Finally, It is revealed that the core enterprise can't enhance profitability with the only purpose of expanding its size, or based on its own strength, by means of horizontal M&A. And the consequences of decision-mistake can't be eliminated by enterprise integration after M&A. In conclusion, horizontal M&A has to be carried out well-founded on the awareness of supply chain.
本文首先从并购中的财富转移效应、供应链成本、横向并购对并购企业经营绩效影响三个方面总结了国内外研究成果,在此基础上就核心企业横向并购对供应链财富转移、供应链运维成本和核心企业经营绩效的影响进行了理论分析。然后以2002-2004年中国沪深A股中的制造业和商品流通业上市公司横向并购事件为研究对象进行实证研究,分析了核心企业并购前后的供应链结构变动情况,并建立多元回归模型对核心企业供应链集中度与供应链财富转移、供应链运维成本和经营绩效的相关性进行了实证检验。论文最后提出基于供应链重构导向的横向并购模式,并购过程中各种利益相关者都必须关注核心企业的供应链重构和整合,并采取相应措施以构建更加合理、高效和畅通的供应链,提高供应链整体竞争力,从而实现并购价值的最大化。
本文通过实证研究发现：第一,我国制造业上市公司横向并购后供应链集中度持续降低,而商品流通业上市公司的供应链集中度则先下降后回升。第二,核心企业通过横向并购改变上下游供应链集中度,可以对议价能力和供应链财富转移产生影响,核心企业从供应商获取的财富转移与其上游供应链集中度之间呈倒U型(钟型)关系,从分销商获取的财富转移与其下游供应链集中度之间呈U型关系。第三,核心企业提高上下游供应链集中度,扩大与节点企业的交易规模,能带来供应链运维成本节约。第四,并购后核心企业上游供应链集中度一定程度的提高有助于增加经营绩效,然而供应商一旦占据垄断地位采购成本又会增加；下游供应链集中度提高一般会对经营绩效产生不利影响,除非核心企业的议价能力占据优势。此外,研究还表明核心企业如果只是基于自身实力,或者为了获取规模效应而进行横向并购,往往无法提高盈利能力,并且决策错误的后果无法通过后期整合来消除,因此企业必须基于供应链视角正确地认识和执行横向并购。
Horizontal M&A has been playing a vital role in the past western mergers and acquisitions. While a series of momentous cases of this kind ended up with failure, various theories of M&A couldn't give a complete explanation of its performance, moreover, there were contradictions in the results of empirical research. Meanwhile, the horizontal integration strategy characterized by supply chain management aroused oppugn against the worthiness of horizontal M&A. Under this circumstance, this paper presents a thorough study on the restructuring of supply chain and influence in horizontal M&A based on the theory of stakeholder, supply chain management and transaction cost.
This paper reviews the current literature on the topic of wealth transfer, supply chain cost and the influence on performance of acquiring company in horizontal M&A. Furthermore, the paper analyzes the wealth transfer of supply chain, as well as the impact on supply chain cost and core enterprise performance in horizontal M&A. The paper studies the change of supply-chain structure grounded on sample from horizontal M&A cases of China's listed companies in manufacturing and commercial industry from 2002 to 2004. And it use multivariate linear regression model to test the relationship between the concentration ratio of supply chain and core enterprise's wealth transfer, supply chain cost and performance. In order to maximize the M&A value, all kinds of stakeholder should put great emphasis on the supply chain restructuring and integration so as to make it more efficient, smooth and competitive.
The paper indicates, firstly, the concentration ratio of supply chain declines after the horizontal M&A in the listed manufacturing corporations, and it goes down then up in the commercial enterprises. Secondly, core enterprise can affect the bargaining power by changing concentration ratio of supply chain to further have an influence on wealth transfer. There exists a U-shaped relationship between the wealth transferred from its supplier and concentration ratio of core enterprise's upstream supply chain. Correspondingly, the relationship between the wealth transferred from distributor and concentration ratio of downstream supply chain appears an inversed U-shaped (Bell-shaped) profile. Thirdly, by expanding the trading of core enterprise and node enterprises, the operational cost of supply chain can be reduced to some extent. Fourthly, after horizontal M&A, the enhancement of concentration ratio in upstream supply chain helps to reduce the purchasing cost of core enterprise, however, it will be increased once the supplier dominates the market; the reinforcement of concentration ratio downstream supply chain may have an impact on core enterprise income while beneficial to the distributors, unless the core enterprise has the advantage of bargaining power.
Finally, It is revealed that the core enterprise can't enhance profitability with the only purpose of expanding its size, or based on its own strength, by means of horizontal M&A. And the consequences of decision-mistake can't be eliminated by enterprise integration after M&A. In conclusion, horizontal M&A has to be carried out well-founded on the awareness of supply chain.
引文
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