基于合法性视角的并购后控制与并购绩效关系的实证研究
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摘要
并购是中国企业在通过横纵向整合提升国际竞争力的过程中最主要也是最重要的方式之一。并购常常被认为是企业实现快速规模扩张,行业多元化和市场多元化的最佳方式。通过横向或纵向的并购,企业可以实现快速的规模扩张,迅速的进入新的区域市场和产品市场,增加市场占有率,提高市场地位;或者获取稀缺资源和技能,降低交易成本,实现规模经济和范围经济。然而现实并不支持人们的这种预想,相当多的案例以失败告终。并购是否创造价值的争论,关键不在于并购的本身,而在于企业如何正确地并购以及在并购后如何作出正确的决策。并购后主并企业对被并企业的控制是并购双方关系的核心,当并购发生后,主并企业应考虑如何对被并企业进行控制和管理,从而有利于实现其预期战略目标并获得持续竞争优势。然而,并购的复杂之处在于并购的发生不仅仅是一系列资源的转移,也是各种制度因素和社会关系的传承。制度理论认为这种因并购而产生的企业主体及其行为所受到的社会认同程度会对企业行为及其绩效产生直接或间接的影响,因此在不同的外部环境和内部条件下,企业需要思考在并购后如何制定和调整策略以获取最大化收益。
本文主要回答了两个关键问题:并购后主并企业对被并企业的控制方式和程度与主并企业的并购绩效之间关系如何;并购合法性对并购绩效是否有影响以及对并购后控制和并购绩效关系是否具有调节作用。本研究通过对117个并购样本进行的实证分析和假设检验,得到如下主要结论:1)并购后主并企业对被并方的正式控制程度与主并企业的并购绩效之间没有显著相关性;并购后主并企业对被并方的非正式控制程度与主并企业的并购绩效之间存在显著正相关关系。2)并购的外部合法性与主并企业的并购绩效之间没有显著相关性;并购的内部合法性与主并企业的并购绩效之间存在显著的正相关关系。3)并购的外部合法性对并购后正式控制与并购绩效之间的关系具有显著的正向调节作用;并购的外部合法性对并购后非正式控制与并购绩效之间的关系具有显著的正向调节作用;并购的内部合法性对并购后正式控制与并购绩效之间的关系没有调节作用;并购的内部合法性对并购后非正式控制与并购绩效之间的关系具有显著的负向调节作用。
由于现有的国内并购文献中对于并购后控制,尤其是并购后控制如何影响并购绩效的研究存在缺失,因此本文对并购后主并企业对被并方的控制方式和程度与主并企业的并购后绩效之间关系的实证研究,一定程度上丰富了国内对于并购领域的研究。本文基于制度理论的视角对合法性进行了探索性研究,通过引入合法性作为解释变量和调节变量,实证分析了并购合法性对并购绩效的影响以及并购合法性对并购后控制与并购绩效关系的调节作用。本研究结论可以为我国企业管理者在思考并购后如何对被并方进行控制以更好地实现并购预期目标以及企业的战略利益提供参考和借鉴。最后,本文也指出了本研究存在的不足之处以及后续研究方向。
Acquisition is one of the most significant way for Chinese firms acquiring competitive advantages through vertical and horizontal integration. Acquisitions have been considered as the best way to expand in size and become industry-diversified and market-diversified. However, a large number of cases failed. The key point of the argument about whether acquisitions can creat wealth is how to do the right acquisitions and do the right decisions after the acquisitions. The core of the post-acquisition relationship between an acquiring firm and an acquired firm should be how the acquiring firm control the acquired firm. The acquiring firm should consider how to control and manage the acquired firm to achieve its strategic goal. An acquisition is complicated, since it is not only about transferring of some resources, but also involved many institutional forces and social relationships. The institutional theoreists argued that these institutions related to the acquisition can have direct and potential effect on corporate behavior and firm performance. So, the acquiring firm should make appropriate decisions and do the right adjustments after the acquisition in the context of different external and internal conditions.
Based on a sample of 117 acquisitions, this paper did an empirical research on the relationship among post-acquisiton control, acquisition legitimacy and acquisition performance. There are several foundings as follows. First, post-acquisition infomal control has significant positive effect on acquisition performance and formal control has no influence on acquisition performance. Second, acquisition performance is positively related with internal legitimacy but not related with external legitimacy. Furthermore, the relationship between post-acquisition control, including formal and informal control, and acquisition performance is positively moderated by external legitimacy. Interestingly, internal legitimacy has negatively moderating role on the relationship between informal control and acquisition performance.
Because most current researches related to acquisitions focus on pre-acquisition characteristics and there is limited studies paying attention to post-acquisition control, this paper is valueable for domestic empirical researches of acquisitions. Besides, the measurement of legitimacy in this paper is an exploratory empirical study based on the institutional theory. Based on the foundings, some suggestions are provided for Chinese firms which have done or will do some acquisitons. In the end, some limitation of this study is pointed out, which show some interesting and important future direction for further research.
本文主要回答了两个关键问题:并购后主并企业对被并企业的控制方式和程度与主并企业的并购绩效之间关系如何;并购合法性对并购绩效是否有影响以及对并购后控制和并购绩效关系是否具有调节作用。本研究通过对117个并购样本进行的实证分析和假设检验,得到如下主要结论:1)并购后主并企业对被并方的正式控制程度与主并企业的并购绩效之间没有显著相关性;并购后主并企业对被并方的非正式控制程度与主并企业的并购绩效之间存在显著正相关关系。2)并购的外部合法性与主并企业的并购绩效之间没有显著相关性;并购的内部合法性与主并企业的并购绩效之间存在显著的正相关关系。3)并购的外部合法性对并购后正式控制与并购绩效之间的关系具有显著的正向调节作用;并购的外部合法性对并购后非正式控制与并购绩效之间的关系具有显著的正向调节作用;并购的内部合法性对并购后正式控制与并购绩效之间的关系没有调节作用;并购的内部合法性对并购后非正式控制与并购绩效之间的关系具有显著的负向调节作用。
由于现有的国内并购文献中对于并购后控制,尤其是并购后控制如何影响并购绩效的研究存在缺失,因此本文对并购后主并企业对被并方的控制方式和程度与主并企业的并购后绩效之间关系的实证研究,一定程度上丰富了国内对于并购领域的研究。本文基于制度理论的视角对合法性进行了探索性研究,通过引入合法性作为解释变量和调节变量,实证分析了并购合法性对并购绩效的影响以及并购合法性对并购后控制与并购绩效关系的调节作用。本研究结论可以为我国企业管理者在思考并购后如何对被并方进行控制以更好地实现并购预期目标以及企业的战略利益提供参考和借鉴。最后,本文也指出了本研究存在的不足之处以及后续研究方向。
Acquisition is one of the most significant way for Chinese firms acquiring competitive advantages through vertical and horizontal integration. Acquisitions have been considered as the best way to expand in size and become industry-diversified and market-diversified. However, a large number of cases failed. The key point of the argument about whether acquisitions can creat wealth is how to do the right acquisitions and do the right decisions after the acquisitions. The core of the post-acquisition relationship between an acquiring firm and an acquired firm should be how the acquiring firm control the acquired firm. The acquiring firm should consider how to control and manage the acquired firm to achieve its strategic goal. An acquisition is complicated, since it is not only about transferring of some resources, but also involved many institutional forces and social relationships. The institutional theoreists argued that these institutions related to the acquisition can have direct and potential effect on corporate behavior and firm performance. So, the acquiring firm should make appropriate decisions and do the right adjustments after the acquisition in the context of different external and internal conditions.
Based on a sample of 117 acquisitions, this paper did an empirical research on the relationship among post-acquisiton control, acquisition legitimacy and acquisition performance. There are several foundings as follows. First, post-acquisition infomal control has significant positive effect on acquisition performance and formal control has no influence on acquisition performance. Second, acquisition performance is positively related with internal legitimacy but not related with external legitimacy. Furthermore, the relationship between post-acquisition control, including formal and informal control, and acquisition performance is positively moderated by external legitimacy. Interestingly, internal legitimacy has negatively moderating role on the relationship between informal control and acquisition performance.
Because most current researches related to acquisitions focus on pre-acquisition characteristics and there is limited studies paying attention to post-acquisition control, this paper is valueable for domestic empirical researches of acquisitions. Besides, the measurement of legitimacy in this paper is an exploratory empirical study based on the institutional theory. Based on the foundings, some suggestions are provided for Chinese firms which have done or will do some acquisitons. In the end, some limitation of this study is pointed out, which show some interesting and important future direction for further research.
引文
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