多元化业务企业集团并购方向研究
摘要
并购是我国企业集团实现快速成长的重要途径。在外部压力和内部整合需求的双重作用下,并购越来越受到企业集团的关注。本文以企业集团这一特殊经济组织的并购重组作为专门分析和研究的对象,引入资源要素,并充分结合企业集团的性质和特征探讨其成长过程中的并购方向选择问题。
本文以资源基础观在个体层次、组合层次、企业层次的主要观点和主导思想作为分析基础,提出了更适用于并购研究的企业资源分类,在此基础上结合每一类资源的特性,重点、深入地分析了各类资源对并购方向选择的偏好;另外,考虑到企业集团这一经济组织的特殊性质和特征,本文从基于关系视角的网络观出发,着重强调了跨组织资源的重要性,分析了企业集团资源网络的系统特性,提出了以企业集团资源网络系统优化为最终目标的并购战略全局观;最后,本文总结了企业集团并购方向决策流程,并应用案例研究法,将该决策流程应用于鲁银投资集团股份有限公司的多元化业务并购方向决策。
本文在以下几方面进行了有益的探索和尝试:
(1)将并购方向决策涉及的业务、地域、时机三个维度整合起来,并引入资源要素,构建了本文的分析框架。
本文认为并购方向的选择即立足于集团当前的资源现状,以建立、巩固和增强并购后企业集团的持续竞争优势为最根本的长远目标,寻求集团资源与拟选择的业务、地域和时机三个维度之间的最佳匹配。鉴于此,本文引入资源要素作为决策的关键构建模块,将并购方向决策中的业务、地域和时机这三个主要维度整合起来,构建了全文的并购方向决策分析框架,从而探讨基于资源基础的企业并购发展方法与不同战略发展方向之间的适应性结合。
该分析框架解决了以往研究中因区分公司层面和业务层面战略而产生的不同层面战略之间的冲突分歧和重叠领域别忽视的问题,以及因区分战略发展方向和发展方法所产生的两者之间关系被人为割裂而实践指导性大大削弱的问题。
同时,该分析框架在已有研究的基础上作了进一步深入,如从资源相关性(而非业务相关性)的角度研究企业并购方向决策中的业务维度选择;在地域市场选择方面,考虑到企业并购活动受地方政府的政策扶持以及地域文化差异影响更为明显的特性,将地域维度进一步细化到了境内跨省份的并购,而非简单地区分为境内并购和跨国并购。
(2)基于网络视角,将企业集团作为资源网络系统,应用社会网分析方法对并购前后集团资源网络系统的变化进行分析和定量刻画。
将企业集团这一特殊的经济组织作为资源网络系统,比照传统的基于企业内部资源的资源基础理论,强调了集团内部跨组织网络资源的重要性。考虑到集团资源网络具有开放性、相关性、整体性等系统的基本特性,本文引入社会学的研究方法,将企业集团内部的各业务类比为网络中的节点,将它们之间的资源关系类比为网络中的边,运用UCINET软件和图论的相关算法对集团网络系统的连通性、距离、关系强度、小团体特征进行了分析和定量刻画,这样可以更加全面的描述企业集团资源网络系统,符合企业集团可持续发展的目标。
分析不同并购方向方案对于企业集团资源网络连通性、距离、关系强度、小团体特征的影响,以集团资源网络系统优化确定为并购方向决策的原则,确定最终的并购方向决策。
(3)提出了适用于企业并购研究的资源分类体系,研究了每一类资源的特性,并探讨了各类资源在稀缺或闲置的情况下,对并购方向决策的偏好或倾向性。
以往研究中对于资源之间可能存在的四种关系(包括替代关系、互补关系、增进关系和抑制关系)的界定给本文的研究提供了非常有益的启示。但同时,本文认为对于资源的研究不应仅停留在资源间关系的层面,而应深入到每一类资源内部,结合每一类资源的特性,探讨为实现某一特定资源与其他资源间的有效替代、互补和增进关系,避免与其他资源间的抑制和冲突,它将对并购方向的选择产生怎样的偏好。本文在这方面进行了有益的探索,在所提出的适用于企业并购研究的资源分类体系的基础上,研究了每一类资源的特性,探讨了各类资源在稀缺或闲置的情况下,对并购方向决策的偏好或倾向性。
(4)将并购方向决策流程化,并以鲁银投资集团为例进行案例应用研究
依据所提出的并购方向决策分析框架,提出了更具实践指导性的企业集团并购方向决策流程,并以鲁银投资集团为例进行案例应用研究,验证了并购方向分析框架及决策流程的科学性和可执行性。
Nowadays,the pressure resulting from globalization in the world economy,and the inherent requirement for development are making M&A the most important way to choose for enterprise groups in our country.The reality calls for the need to study how to implement M&A successfully,and accordingly M&A direction is one of the key problems to be answered.Thus,this paper focuses on M&A of enterprise groups,a special economic organization,and mainly discusses the relevant issues of decision-making on M&A direction.
Based on a detailed review of the main ideas of resource-based view(RBV),the paper puts forward a category system of firm resources,which is more adaptable for research of M&A activities,and further analyzes the priority of each resource on M&A direction in different situations,in consideration of resources' unique traits.In addition, the paper complements the traditional RBV with another resource perspective,the relational view,which puts a great emphasis on inter-organizational relationships.Then the paper describes the characteristics of groups' resource network system and confirms that the objective of groups' decision is to optimize the resource network system to the greatest extent.Finally the paper generalizes the flow of decision-making on M&A direction for enterprise groups,and then applies it to a detailed case study.
The paper makes several useful explorations and experimentations,which are listed as below.
(1)The paper introduces into resources,and integrates industrial relatedness selecting,locating,and timing into a complete analyzing framework.
This paper introduces into resources when making strategic decision,discussing where M&A should head and when to start.This study can help solving the problem resulted from separating both business-level and corporate-level strategy,and strategic direction and method for development.
The paper makes a progress in extending and integrating previous study results. For example,it emphasizes on resource relatedness when selecing business,and is more concerned about key success factors.And when it comes down to location selection,the paper also discusses cross-province M&A.In a word,decision on M&A direction of enterprise groups should be established in the current status of firm resources,seeking the superior fit between resources and the industry,location and timing being chosen.
(2)Based on the relational view of network,the paper takes enterprise groups as resource network systems,and applies analytical method of social network to desribe the change of groups' resource network.
As enterprise groups evolve towards network structure,their internal corporate members depend on each other and shape an interrelational network.In the network system,corporate member is a heterogenous node,and the relationships between different nodes are resource connections.The resource attached to this cooperation network is also a source of competitive advantage,and should be put great attention.
Resource network has the characteristics of openness,relatedness and integrity, which make it possible for us to apply network perspective in analyzing resource network of groups.Thus,the paper analogizes social network to resource network, viewing each business as the node of the network,while interorganizational relationship as the side of the network.Furthermore,the paper applies software UCINET in describing the connectedness,distance,intensity of relationships,and sub-groups of group's network,and also in measuring the effects of M&A on the network,such as whether and to what extent M&A optimize the network.The final decision of M&A direction is made according to the comparison of respective effects being measured.
(3)Analyzing the priority of each category of resources on the M&A direction.
Previous studies have defined four kinds of resource relationships,including substituting,complementary,enhancing and suppressing relationship,which provides great inspiration to this study.Taking for consideration of the trait of each category of resources,the paper analyzes the priority of resources on M&A direction in conditions of resource scarcity and excess,in order to realize effective substitution, complementation,and enhacement and to avoid confict as much as possible.
(4)Generalizing a feasible flow of decision-making on M&A direction.
Regarding the conceptual framework of M&A direction,and based on the application of combining theoretical foundation,the paper puts forward the flow of decision-making and makes a detailed case study to verify the feasibility of the flow.
本文以资源基础观在个体层次、组合层次、企业层次的主要观点和主导思想作为分析基础,提出了更适用于并购研究的企业资源分类,在此基础上结合每一类资源的特性,重点、深入地分析了各类资源对并购方向选择的偏好;另外,考虑到企业集团这一经济组织的特殊性质和特征,本文从基于关系视角的网络观出发,着重强调了跨组织资源的重要性,分析了企业集团资源网络的系统特性,提出了以企业集团资源网络系统优化为最终目标的并购战略全局观;最后,本文总结了企业集团并购方向决策流程,并应用案例研究法,将该决策流程应用于鲁银投资集团股份有限公司的多元化业务并购方向决策。
本文在以下几方面进行了有益的探索和尝试:
(1)将并购方向决策涉及的业务、地域、时机三个维度整合起来,并引入资源要素,构建了本文的分析框架。
本文认为并购方向的选择即立足于集团当前的资源现状,以建立、巩固和增强并购后企业集团的持续竞争优势为最根本的长远目标,寻求集团资源与拟选择的业务、地域和时机三个维度之间的最佳匹配。鉴于此,本文引入资源要素作为决策的关键构建模块,将并购方向决策中的业务、地域和时机这三个主要维度整合起来,构建了全文的并购方向决策分析框架,从而探讨基于资源基础的企业并购发展方法与不同战略发展方向之间的适应性结合。
该分析框架解决了以往研究中因区分公司层面和业务层面战略而产生的不同层面战略之间的冲突分歧和重叠领域别忽视的问题,以及因区分战略发展方向和发展方法所产生的两者之间关系被人为割裂而实践指导性大大削弱的问题。
同时,该分析框架在已有研究的基础上作了进一步深入,如从资源相关性(而非业务相关性)的角度研究企业并购方向决策中的业务维度选择;在地域市场选择方面,考虑到企业并购活动受地方政府的政策扶持以及地域文化差异影响更为明显的特性,将地域维度进一步细化到了境内跨省份的并购,而非简单地区分为境内并购和跨国并购。
(2)基于网络视角,将企业集团作为资源网络系统,应用社会网分析方法对并购前后集团资源网络系统的变化进行分析和定量刻画。
将企业集团这一特殊的经济组织作为资源网络系统,比照传统的基于企业内部资源的资源基础理论,强调了集团内部跨组织网络资源的重要性。考虑到集团资源网络具有开放性、相关性、整体性等系统的基本特性,本文引入社会学的研究方法,将企业集团内部的各业务类比为网络中的节点,将它们之间的资源关系类比为网络中的边,运用UCINET软件和图论的相关算法对集团网络系统的连通性、距离、关系强度、小团体特征进行了分析和定量刻画,这样可以更加全面的描述企业集团资源网络系统,符合企业集团可持续发展的目标。
分析不同并购方向方案对于企业集团资源网络连通性、距离、关系强度、小团体特征的影响,以集团资源网络系统优化确定为并购方向决策的原则,确定最终的并购方向决策。
(3)提出了适用于企业并购研究的资源分类体系,研究了每一类资源的特性,并探讨了各类资源在稀缺或闲置的情况下,对并购方向决策的偏好或倾向性。
以往研究中对于资源之间可能存在的四种关系(包括替代关系、互补关系、增进关系和抑制关系)的界定给本文的研究提供了非常有益的启示。但同时,本文认为对于资源的研究不应仅停留在资源间关系的层面,而应深入到每一类资源内部,结合每一类资源的特性,探讨为实现某一特定资源与其他资源间的有效替代、互补和增进关系,避免与其他资源间的抑制和冲突,它将对并购方向的选择产生怎样的偏好。本文在这方面进行了有益的探索,在所提出的适用于企业并购研究的资源分类体系的基础上,研究了每一类资源的特性,探讨了各类资源在稀缺或闲置的情况下,对并购方向决策的偏好或倾向性。
(4)将并购方向决策流程化,并以鲁银投资集团为例进行案例应用研究
依据所提出的并购方向决策分析框架,提出了更具实践指导性的企业集团并购方向决策流程,并以鲁银投资集团为例进行案例应用研究,验证了并购方向分析框架及决策流程的科学性和可执行性。
Nowadays,the pressure resulting from globalization in the world economy,and the inherent requirement for development are making M&A the most important way to choose for enterprise groups in our country.The reality calls for the need to study how to implement M&A successfully,and accordingly M&A direction is one of the key problems to be answered.Thus,this paper focuses on M&A of enterprise groups,a special economic organization,and mainly discusses the relevant issues of decision-making on M&A direction.
Based on a detailed review of the main ideas of resource-based view(RBV),the paper puts forward a category system of firm resources,which is more adaptable for research of M&A activities,and further analyzes the priority of each resource on M&A direction in different situations,in consideration of resources' unique traits.In addition, the paper complements the traditional RBV with another resource perspective,the relational view,which puts a great emphasis on inter-organizational relationships.Then the paper describes the characteristics of groups' resource network system and confirms that the objective of groups' decision is to optimize the resource network system to the greatest extent.Finally the paper generalizes the flow of decision-making on M&A direction for enterprise groups,and then applies it to a detailed case study.
The paper makes several useful explorations and experimentations,which are listed as below.
(1)The paper introduces into resources,and integrates industrial relatedness selecting,locating,and timing into a complete analyzing framework.
This paper introduces into resources when making strategic decision,discussing where M&A should head and when to start.This study can help solving the problem resulted from separating both business-level and corporate-level strategy,and strategic direction and method for development.
The paper makes a progress in extending and integrating previous study results. For example,it emphasizes on resource relatedness when selecing business,and is more concerned about key success factors.And when it comes down to location selection,the paper also discusses cross-province M&A.In a word,decision on M&A direction of enterprise groups should be established in the current status of firm resources,seeking the superior fit between resources and the industry,location and timing being chosen.
(2)Based on the relational view of network,the paper takes enterprise groups as resource network systems,and applies analytical method of social network to desribe the change of groups' resource network.
As enterprise groups evolve towards network structure,their internal corporate members depend on each other and shape an interrelational network.In the network system,corporate member is a heterogenous node,and the relationships between different nodes are resource connections.The resource attached to this cooperation network is also a source of competitive advantage,and should be put great attention.
Resource network has the characteristics of openness,relatedness and integrity, which make it possible for us to apply network perspective in analyzing resource network of groups.Thus,the paper analogizes social network to resource network, viewing each business as the node of the network,while interorganizational relationship as the side of the network.Furthermore,the paper applies software UCINET in describing the connectedness,distance,intensity of relationships,and sub-groups of group's network,and also in measuring the effects of M&A on the network,such as whether and to what extent M&A optimize the network.The final decision of M&A direction is made according to the comparison of respective effects being measured.
(3)Analyzing the priority of each category of resources on the M&A direction.
Previous studies have defined four kinds of resource relationships,including substituting,complementary,enhancing and suppressing relationship,which provides great inspiration to this study.Taking for consideration of the trait of each category of resources,the paper analyzes the priority of resources on M&A direction in conditions of resource scarcity and excess,in order to realize effective substitution, complementation,and enhacement and to avoid confict as much as possible.
(4)Generalizing a feasible flow of decision-making on M&A direction.
Regarding the conceptual framework of M&A direction,and based on the application of combining theoretical foundation,the paper puts forward the flow of decision-making and makes a detailed case study to verify the feasibility of the flow.
引文
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