制度环境与跨区域并购效应关系研究
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摘要
从宏观制度环境驱动并购绩效视角建立了制度环境与跨区域并购效应关系理论框架,在此基础上,文章利用元分析技术,基于样本文献提取的98个方程中涵盖1994—2011年间25 998个并购事件样本以及《华尔街日报》、美国传统基金会制度环境数据,经过元均值和元回归检验发现,跨区域并购效应整体水平为负,制度环境质量与跨区域并购效应呈现"U"型变化关系。文章从宏观到微观层次揭示了包括反腐在内的依法治国的制度环境改善对跨区域企业并购绩效影响的一般规律,特别是制度环境改善最终有利于减弱跨区域并购对绩效的负面影响。
引文
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[12]乐琦.被并企业独立法人资格与并购绩效关系研究——基于制度理论的视角[J].暨南学报(哲学社会科学版),2012(1):80-87.
[13]李君,黄林.制度环境、会计信息质量与公司投资效率[J].会计之友,2015(4):63-70.
[14]潘红波,余明桂.支持之手——掠夺之手与异地并购[J].经济研究,2011(9):108-120.
[15]吴超鹏,吴世农,郑方镳.管理者行为与连续并购绩效的理论与实证研究[J].管理世界,2008(7):126-133.
[16]胥朝阳.并购重组:传统制造业绿色转型的推进器[J].会计之友,2015(10):2-5.
[17]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.
[2]SANJAI B,SHAVIN M,ZHU.Emerging country cross-border acquisitions:Characteristics,acquirer returns and cross-sectional determinants[J].Emerging Markets Review,2011,12(3):250-271.
[3]ADNAN E,GEOFF P,NICK A.Institutions and economic performance:A meta-regression analysis[J].European Journal of Political Economy,2011,27(3):586-599.
[4]FAN P,et al.The moderating role of context in managerial ties firm performance link:a meta-analytic review of mainly Chinese-based studies[J].Asia Pacific Business Review,2013,14(4):461-489.
[5]GONG B,HE X,HSU M.Guanxi and trust in strategic alliances[J].Journal of Management History,2013,19(3):362-376.
[6]WANG K,GREG S.Ownership Concentration and Firm Performance in Emerging Markets:A Meta-analysis[J].Journal of Economic Surveys,2015,29(2):199-229.
[7]AKBAR Z,XAVIER C,DAVID S.Synergy Sources,Target Autonomy,and Integration in Acquisitions[J].Journal of Management,2013,39(3):604-632.
[8]ZHU P.Persistent performance and interaction effects in sequential cross-border mergers and acquisitions[J].Journal of Multinational Financial Management,2011,21(1):18-39.
[9]陈仕华,姜广省,卢昌崇.董事联结——目标公司选择与并购绩效——基于并购双方之间信息不对称的研究视角[J].管理世界,2013(12):117-131.
[10]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.
[11]蒋先玲,秦智鹏,李朝阳.我国上市公司的多元化战略和经营绩效分析——基于混合并购的实证研究[J].国际贸易问题,2013(1):158-167.
[12]乐琦.被并企业独立法人资格与并购绩效关系研究——基于制度理论的视角[J].暨南学报(哲学社会科学版),2012(1):80-87.
[13]李君,黄林.制度环境、会计信息质量与公司投资效率[J].会计之友,2015(4):63-70.
[14]潘红波,余明桂.支持之手——掠夺之手与异地并购[J].经济研究,2011(9):108-120.
[15]吴超鹏,吴世农,郑方镳.管理者行为与连续并购绩效的理论与实证研究[J].管理世界,2008(7):126-133.
[16]胥朝阳.并购重组:传统制造业绿色转型的推进器[J].会计之友,2015(10):2-5.
[17]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.