我国上市公司跨区域并购复杂网络研究
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摘要
跨区域并购活动在一定程度上反映了产业的重组及转移规律。以1999~2014年我国上市公司跨区域并购事件为样本,通过建立跨区域并购复杂网络,实证分析网络的拓扑结构特征,挖掘网络背后所蕴含的区域资源转移及产业重组规律。研究发现:并购网络具有小世界性;网络节点的度数及点强度分布具有显著的幂律分布特征;并购关系呈现出明显的经济水平等级特征;经济发展水平较高的省市具有较大的中间中心度和接近中心度,它们在网络的资源转移及产业重组中,承担较重要的中介作用但其独立性较弱;各省市在网络中呈现明显的"中心——边缘"结构。最后从跨区域并购、相关产业政策及法律法规的制定方面,提出了相关的政策建议。
The cross- region mergers and acquisitions( CRMA),in a manner,reflect the rules of industrial restructuring and transferring. Sampled by cross- regional mergers and acquisitions of Chinese listed companies from 1999 to 2014,this paper constructs the complex network of CRMA and analyzes network topology structures,which aims to investigate the inclusive rules of regional resources transferring and industrial restructuring and transferring. The empirical results demonstrate that the CRMA network is small world. The node degree and node strength degree distributions obey significant power- law rules. The CRMA relationships have characteristics of economy hierarchy. The provinces of higher economy level have larger betweenness centrality and closeness centrality. These provinces play important intermediation roles in the network resource transferring and industrial reconstructing,but there independences are relatively weak. The provinces demonstrate significant "core- fringe" structure in the network. At last,some policy suggestions are proposed.
The cross- region mergers and acquisitions( CRMA),in a manner,reflect the rules of industrial restructuring and transferring. Sampled by cross- regional mergers and acquisitions of Chinese listed companies from 1999 to 2014,this paper constructs the complex network of CRMA and analyzes network topology structures,which aims to investigate the inclusive rules of regional resources transferring and industrial restructuring and transferring. The empirical results demonstrate that the CRMA network is small world. The node degree and node strength degree distributions obey significant power- law rules. The CRMA relationships have characteristics of economy hierarchy. The provinces of higher economy level have larger betweenness centrality and closeness centrality. These provinces play important intermediation roles in the network resource transferring and industrial reconstructing,but there independences are relatively weak. The provinces demonstrate significant "core- fringe" structure in the network. At last,some policy suggestions are proposed.
引文
1 .Olivier B,Habib Z.Trade Liberation and Industrial Restructuring:The Role of Cross-border Mergers and Acquisitions[J].Journal of Economics&Management Strategy,2006,15(2):479~515
2.张新.并购重组是否创造价值?——中国证券市场的理论与实证研究[J].经济研究,2003,(6):20~29
3 .Bruner R F.Does M&A Pay:A Survey of Evidence for the Decision Maker[J].Journal of Applied Finance,2001,Spring/Summer:48~68
4 .张秋生.并购学:一个基本理论框架[M].北京:中国经济出版社,2005
5 .Yang J M,Lu L P,Xie W D,et al.On Competitive Relationship Networks:A New Method for Industrial Competition Analysis[J].Physica A,2007,382:704~714
6 .杨建梅,王舒军,陆履平,等.广州软件产业社会网络与竞争关系复杂网络的分析与比较[J].管理学报,2006,(11):723~727
7 .胡鲜,杨建梅,李得荣.企业竞争关系演变的复杂网络分析——以广东省软件产业为例[J].软科学,2008,(6):52~56,73
8 .黄玮强,庄新田,姚爽.基于动态知识互补的企业集群创新网络演化研究[J].科学学研究,2011,29(10):1557~1567
9 .王朝勇,唐亮,张显峰.我国创业板上市公司成长性评价和关联分析[J].工业技术经济,2013,(4):60~67
10 .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
11.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
2.张新.并购重组是否创造价值?——中国证券市场的理论与实证研究[J].经济研究,2003,(6):20~29
3 .Bruner R F.Does M&A Pay:A Survey of Evidence for the Decision Maker[J].Journal of Applied Finance,2001,Spring/Summer:48~68
4 .张秋生.并购学:一个基本理论框架[M].北京:中国经济出版社,2005
5 .Yang J M,Lu L P,Xie W D,et al.On Competitive Relationship Networks:A New Method for Industrial Competition Analysis[J].Physica A,2007,382:704~714
6 .杨建梅,王舒军,陆履平,等.广州软件产业社会网络与竞争关系复杂网络的分析与比较[J].管理学报,2006,(11):723~727
7 .胡鲜,杨建梅,李得荣.企业竞争关系演变的复杂网络分析——以广东省软件产业为例[J].软科学,2008,(6):52~56,73
8 .黄玮强,庄新田,姚爽.基于动态知识互补的企业集群创新网络演化研究[J].科学学研究,2011,29(10):1557~1567
9 .王朝勇,唐亮,张显峰.我国创业板上市公司成长性评价和关联分析[J].工业技术经济,2013,(4):60~67
10 .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
11.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