企业跨国并购绩效评估及影响因素研究综述
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摘要
随着全球资本市场的发展,跨国并购已然成为企业资本进入国际市场的重要手段,深入研究企业跨国并购的绩效评估及其影响因素具有理论与现实双重价值。为了方便科研学者进一步研究跨国并购绩效,文章通过搜集经济学等相关领域的文献,归纳总结出了三种经典且使用频率较高的绩效评估方法:事件研究法、会计指标研究法和案例研究法。同时进一步总结了交易类型与支付方式、所有权结构、管理层过度自信、环境因素、制度发展状况和公司治理质量等因素对企业跨国并购经营绩效或市场绩效的影响。最后,通过对提到的绩效评估方法和影响因素的分析,提出了一些未来跨国并购绩效研究的切入点。
With the development of the global capital markets,the cross-border M&A has become an important means for the enterprise capital to enter into the international market. It will achieve a dual valuation by studying both the performance evaluation method and its influencing factors of the cross-border transnational mergers and acquisitions in depth. Considering that some of the domestic and foreign researchers will carry out their study about it further,the paper integrates the classic and frequently used performance evaluation methods at home and abroad by collecting literatures in related fields such as economics: the event study,the accounting index approach and the case study,then it summarizes the factors which influence the business performance of the cross-border M&A or the market performance,such as the type of transaction and its mode of payment,the ownership structure,the management over-selfconfidence,the environmental factor,the status of the institution and the quality of the corporate governance. It puts forward some suggestions for the future study with the analysis of the performance evaluation method and the influencing factors related with the crossborder M&A performance.
With the development of the global capital markets,the cross-border M&A has become an important means for the enterprise capital to enter into the international market. It will achieve a dual valuation by studying both the performance evaluation method and its influencing factors of the cross-border transnational mergers and acquisitions in depth. Considering that some of the domestic and foreign researchers will carry out their study about it further,the paper integrates the classic and frequently used performance evaluation methods at home and abroad by collecting literatures in related fields such as economics: the event study,the accounting index approach and the case study,then it summarizes the factors which influence the business performance of the cross-border M&A or the market performance,such as the type of transaction and its mode of payment,the ownership structure,the management over-selfconfidence,the environmental factor,the status of the institution and the quality of the corporate governance. It puts forward some suggestions for the future study with the analysis of the performance evaluation method and the influencing factors related with the crossborder M&A performance.
引文
[1]邵新建,巫和懋,肖立晟,等.中国企业跨国并购的战略目标与经营绩效:基于A股市场的评价[J].世界经济,2012(5):81-105.
[2]刘勰,李元旭.我国企业跨国并购绩效影响因素的研究[J].国际商务(对外经济贸易大学学报),2016(3):65-73.
[3]田海峰,黄祎,孙广生.影响企业跨国并购绩效的制度因素分析---基于2000~2012年中国上市企业数据的研究[J].世界经济研究,2015(6):111-118.
[4]陆瑶,闫聪,朱玉杰.对外跨国并购能否为中国企业创造价值?[J].清华大学学报(自然科学版),2011(8):1145-1154.
[5]杜群阳,徐臻.中国企业海外并购的绩效与风险:评价模型与实证研究[J].国际贸易问题,2010(9):65-71.
[6]倪中新,花静云,武凯文.我国企业的“走出去”战略成功吗?---中国企业跨国并购绩效的测度及其影响因素的实证研究[J].国际贸易问题,2014(8):156-166.
[7]李强.制度距离对我国企业跨国并购绩效的影响研究---基于上市公司数据的实证分析[J].软科学,2015(10):65-68,82.
[8]余鹏翼,王满四.国内上市公司跨国并购绩效影响因素的实证研究[J].会计研究,2014(3):64-70.
[9]朱勤,刘垚.我国上市公司跨国并购财务绩效的影响因素分析[J].国际贸易问题,2013(8):151-160.
[10]阎大颖.国际经验、文化距离与中国企业海外并购的经营绩效[J].经济评论,2009(1):83-92.
[11]谢洪明,王悦悦,张光曦.基于全球价值链再造的民营企业跨国并购整合研究---以卧龙和均胜为例[J].软科学,2015(3):47-51.
[12]Haleblian J,Devers C E,Mcnamara G,et al.Taking Stock of What We Know About Mergers and Acquisitions:A Review and Research Agenda[J].Journal of Management,2009,35(3):469-502.
[13]杨帅,李卫宁.企业并购绩效综合评价模型研究[J].工业技术经济,2007,26(7):82-85.
[14]张娟,李培馨,陈晔婷.地理距离对企业跨国并购行为是否失去了影响?[J].世界经济研究,2017(5):51-61.
[15]Huang Z,Zhu H,Brass D J.Cross-border acquisitions and the asymmetric effect of power distance value difference on long-term post-acquisition performance[J].Strategic Management Journal,2017,38(4):972-991.
[16]Roll H U.Hydrographie in Gegenwart und Zukunft[J].Deutsche Hydrografische Zeitschrift,1986,39(6):273-280.
[17]Ulrike Malmendier,Geoffrey Tate.Does Overconfidence Affect Corporate Investment?CEO Overconfidence Measures Revisited[J].European Financial Management,2005,11(5):649-659.
[18]King D R,Dalton D R,Daily C M,et al.Meta-analyses of post-acquisition performance:indications of unidentified moderators[J].Strategic Management Journal,2004,25(2):14.
[19]Savor P G,Qi Lu.Do Stock Mergers Create Value for Acquirers?[J].The Journal of Finance,2009,64(3):1061-1097.
[20]Moatti V,Ren C R,Anand J,et al.Disentangling the performance effects of efficiency and bargaining power in horizontal growth strategies:An empirical investigation in the global retail industry[J].Strategic Management Journal,2015,36(5):745-757.
[21]张建红,周朝鸿.中国企业走出去的制度障碍研究---以海外收购为例[J].经济研究,2010(6):80-91.
[22]段明明,杨军敏.文化差异对跨国并购绩效的影响机制研究:一个整合的理论框架[J].科学学与科学技术管理,2011,32(10):125-133.
[23]杜晓君,朱园园.制度距离、信息不对称和国际并购绩效---基于中国上市公司并购案的实证研究[J].东北大学学报(自然科学版),2013(10):1504-1507.
[24]杜晓君,蔡灵莎,史艳华.外来者劣势与国际并购绩效研究[J].管理科学,2014,27(2):48-59.
[25]陈怀超,范建红.制度距离、中国跨国公司进入战略与国际化绩效:基于组织合法性视角[J].南开经济研究,2014(2):99-117.
[26]阎大颖.制度约束与中国企业跨国并购的经营绩效[J].山西财经大学学报,2009(1):63-70.
[27]后锐,杨建梅,姚灿中.竞争结构与并购行动---基于啤酒产业二层网络的分析方法[J].软科学,2014(7):117-121.
[28]Liu H,Jiang X,Zhang J,et al.Strategic flexibility and international venturing by emerging market firms[J].Journal of International Marketing,2013,21(2):79-98.
[29]Denk N,Kaufmann L,Roesch J F.Liabilities of Foreignness Revisited:A Review of Contemporary Studies and Recommendations for Future Research[J].Journal of International Management,2012,18(4):322-334.
[30]张弛,余鹏翼.制度距离对中国企业跨国并购绩效影响的差异性---基于水平与垂直并购的比较[J].国际经贸探索,2017(2):44-58.
[31]Ragozzino R.The Effects of Geographic Distance on the Foreign Acquisition Activity of U.S.Firms[J].Management International Review,2009,49(4):509-535.
[32]Arikan A M,Mcgahan A M.The development of capabilities in new firms[J].Strategic Management Journal,2010,31(1):1-18.
[33]Kimbrough M D,Louis H.Voluntary Disclosure to Influence Investor Reactions to Merger Announcements:An Examination of Conference Calls[J].The Accounting Review,2011,86(2):637-667.
[34]Ahern K R,Sosyura D.Who Writes the News?Corporate Press Releases during Merger Negotiations[J].The Journal of Finance,2014,69(1):241-291.
[35]Malhotra S,Gaur A S.Spatial geography and control in foreign acquisitions[J].Journal of International Business Studies,2014,45(2):191-210.
[36]贾镜渝,李文,郭斌.经验是如何影响中国企业跨国并购成败的---基于地理距离与政府角色的视角[J].国际贸易问题,2015(10):87-97.
[37]Chari A,Chen W,Dominguez K M E.Foreign Ownership and Firm Performance:Emerging Market Acquisitions in the U-nited States[J].Imf Economic Review,2012,60(1):1-42.
[38]John Goddard,Philip Molyneux,Tim Zhou.Bank mergers and acquisitions in emerging markets:evidence from Asia and Latin America[J].The European Journal of Finance,2012,18(5):419-438.
[2]刘勰,李元旭.我国企业跨国并购绩效影响因素的研究[J].国际商务(对外经济贸易大学学报),2016(3):65-73.
[3]田海峰,黄祎,孙广生.影响企业跨国并购绩效的制度因素分析---基于2000~2012年中国上市企业数据的研究[J].世界经济研究,2015(6):111-118.
[4]陆瑶,闫聪,朱玉杰.对外跨国并购能否为中国企业创造价值?[J].清华大学学报(自然科学版),2011(8):1145-1154.
[5]杜群阳,徐臻.中国企业海外并购的绩效与风险:评价模型与实证研究[J].国际贸易问题,2010(9):65-71.
[6]倪中新,花静云,武凯文.我国企业的“走出去”战略成功吗?---中国企业跨国并购绩效的测度及其影响因素的实证研究[J].国际贸易问题,2014(8):156-166.
[7]李强.制度距离对我国企业跨国并购绩效的影响研究---基于上市公司数据的实证分析[J].软科学,2015(10):65-68,82.
[8]余鹏翼,王满四.国内上市公司跨国并购绩效影响因素的实证研究[J].会计研究,2014(3):64-70.
[9]朱勤,刘垚.我国上市公司跨国并购财务绩效的影响因素分析[J].国际贸易问题,2013(8):151-160.
[10]阎大颖.国际经验、文化距离与中国企业海外并购的经营绩效[J].经济评论,2009(1):83-92.
[11]谢洪明,王悦悦,张光曦.基于全球价值链再造的民营企业跨国并购整合研究---以卧龙和均胜为例[J].软科学,2015(3):47-51.
[12]Haleblian J,Devers C E,Mcnamara G,et al.Taking Stock of What We Know About Mergers and Acquisitions:A Review and Research Agenda[J].Journal of Management,2009,35(3):469-502.
[13]杨帅,李卫宁.企业并购绩效综合评价模型研究[J].工业技术经济,2007,26(7):82-85.
[14]张娟,李培馨,陈晔婷.地理距离对企业跨国并购行为是否失去了影响?[J].世界经济研究,2017(5):51-61.
[15]Huang Z,Zhu H,Brass D J.Cross-border acquisitions and the asymmetric effect of power distance value difference on long-term post-acquisition performance[J].Strategic Management Journal,2017,38(4):972-991.
[16]Roll H U.Hydrographie in Gegenwart und Zukunft[J].Deutsche Hydrografische Zeitschrift,1986,39(6):273-280.
[17]Ulrike Malmendier,Geoffrey Tate.Does Overconfidence Affect Corporate Investment?CEO Overconfidence Measures Revisited[J].European Financial Management,2005,11(5):649-659.
[18]King D R,Dalton D R,Daily C M,et al.Meta-analyses of post-acquisition performance:indications of unidentified moderators[J].Strategic Management Journal,2004,25(2):14.
[19]Savor P G,Qi Lu.Do Stock Mergers Create Value for Acquirers?[J].The Journal of Finance,2009,64(3):1061-1097.
[20]Moatti V,Ren C R,Anand J,et al.Disentangling the performance effects of efficiency and bargaining power in horizontal growth strategies:An empirical investigation in the global retail industry[J].Strategic Management Journal,2015,36(5):745-757.
[21]张建红,周朝鸿.中国企业走出去的制度障碍研究---以海外收购为例[J].经济研究,2010(6):80-91.
[22]段明明,杨军敏.文化差异对跨国并购绩效的影响机制研究:一个整合的理论框架[J].科学学与科学技术管理,2011,32(10):125-133.
[23]杜晓君,朱园园.制度距离、信息不对称和国际并购绩效---基于中国上市公司并购案的实证研究[J].东北大学学报(自然科学版),2013(10):1504-1507.
[24]杜晓君,蔡灵莎,史艳华.外来者劣势与国际并购绩效研究[J].管理科学,2014,27(2):48-59.
[25]陈怀超,范建红.制度距离、中国跨国公司进入战略与国际化绩效:基于组织合法性视角[J].南开经济研究,2014(2):99-117.
[26]阎大颖.制度约束与中国企业跨国并购的经营绩效[J].山西财经大学学报,2009(1):63-70.
[27]后锐,杨建梅,姚灿中.竞争结构与并购行动---基于啤酒产业二层网络的分析方法[J].软科学,2014(7):117-121.
[28]Liu H,Jiang X,Zhang J,et al.Strategic flexibility and international venturing by emerging market firms[J].Journal of International Marketing,2013,21(2):79-98.
[29]Denk N,Kaufmann L,Roesch J F.Liabilities of Foreignness Revisited:A Review of Contemporary Studies and Recommendations for Future Research[J].Journal of International Management,2012,18(4):322-334.
[30]张弛,余鹏翼.制度距离对中国企业跨国并购绩效影响的差异性---基于水平与垂直并购的比较[J].国际经贸探索,2017(2):44-58.
[31]Ragozzino R.The Effects of Geographic Distance on the Foreign Acquisition Activity of U.S.Firms[J].Management International Review,2009,49(4):509-535.
[32]Arikan A M,Mcgahan A M.The development of capabilities in new firms[J].Strategic Management Journal,2010,31(1):1-18.
[33]Kimbrough M D,Louis H.Voluntary Disclosure to Influence Investor Reactions to Merger Announcements:An Examination of Conference Calls[J].The Accounting Review,2011,86(2):637-667.
[34]Ahern K R,Sosyura D.Who Writes the News?Corporate Press Releases during Merger Negotiations[J].The Journal of Finance,2014,69(1):241-291.
[35]Malhotra S,Gaur A S.Spatial geography and control in foreign acquisitions[J].Journal of International Business Studies,2014,45(2):191-210.
[36]贾镜渝,李文,郭斌.经验是如何影响中国企业跨国并购成败的---基于地理距离与政府角色的视角[J].国际贸易问题,2015(10):87-97.
[37]Chari A,Chen W,Dominguez K M E.Foreign Ownership and Firm Performance:Emerging Market Acquisitions in the U-nited States[J].Imf Economic Review,2012,60(1):1-42.
[38]John Goddard,Philip Molyneux,Tim Zhou.Bank mergers and acquisitions in emerging markets:evidence from Asia and Latin America[J].The European Journal of Finance,2012,18(5):419-438.