基于产业演进视角的企业并购绩效研究
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摘要
并购已成为当今世界经济领域非常活跃的事项之一,2008年全球发生37400起并购,并购规模达32800亿美元。并购实践的发展推动了并购理论的研究,企业并购理论,总体上讲包括企业并购动因理论和并购价值创造理论。并购动因理论的研究相对成熟,许多研究结果也得到了理论和业界的认可,对并购实践提供了理论指导,而并购绩效的研究至今仍未达成共识,特别是并购绩效的实证研究结果表明绝大多数并购被认为是失败的。并购活动在全球范围风起云涌而并购绩效又不尽人意的现象已引起了西方经济学家的高度重视和国内学者的关注,有的学者甚至提出了公司并购绩效的“成功悖论”(success paradox)。为什么并购绩效实证研究结果并不令人满意,而并购事件的发生却一刻也未停止过?这一现象隐含的深刻理论和实践原因有哪些?这不得不引起我们对并购绩效研究的深入思考,探究这一问题并寻找解决问题的途径和办法正是本文的研究背景。
通过对前人关于企业并购绩效研究方法和结果的全面总结和分析,本文首先对企业并购绩效研究的基本概念即并购绩效及并购绩效评价进行了界定,提出企业并购的微观绩效应包括由于并购而带来的企业经营业绩的变化和并购活动本身的效果的观点,并提出并购是否成功的判断依据应该是并购活动本身的效果而非企业业绩的变化的观点。
本文以2002年科尔尼管理咨询公司提出的产业演进理论为理论基础,全面系统地分析了企业处于产业演进初创阶段、规模化阶段、集聚阶段、平衡和联盟阶段时并购的特点及客观动因,开创性地从经济维、战略维、管理维三方面构建了产业演进不同阶段并购的多重动因体系,并提出了各项动因的绩效评价指标。借助平衡计分卡的思想,构建了基于并购动因实现程度的企业并购效果的绩效评价体系,与传统的企业并购绩效评价体系一起构成了全面科学的企业并购绩效评价系统,本体系的构建将对并购绩效“成功悖论”做出理论解释。
本文选取了近十年来发生了系列并购事件,产业整合较好的青岛啤酒股份有限公司为例,对其1997-2007年间发生的53起并购事件进行了详细的实证分析。实证结果表明,本文构建的基于产业演进视角的企业并购绩效评价体系,对传统的企业并购绩效评价体系是一个有益的补充,本体系的应用能更好地对并购是否成功做出科学判断。
总之,本文从一个全新的角度对企业并购绩效评价问题进行了探讨,所做的研究对企业并购绩效理论和实证研究都将是有益的。
Merger and acquisition is one of the most active issues in the world economy today, whose volume has reached $3.28 trillion through 37400 deals in 2008. The development of the M&A practice promote the study on M&A theory. Theory of Corporate Mergers and Acquisitions, is overall consists of the M&A motive theory and the M&A value creation theory. The research of M&A motive theory have been recognized by both academics and industries. As a mature theory, the M&A motive theory provide many practices a theoretical direction. But meanwhile, the study of M&A value creation theory does not reach such an agreement, especially the majority of the M&A deals have been proved fail by empirical study of M&A. As the number of global M&A deals boost these years, the low-rate of successful mergers arouses wide concern by western economists and Chinese scholars. Some scholars advance a Success Paradox on the corporate M&A. Why do firms continue pursuit the mergers while the findings of empirical research have been disappointing? What does this phenomenon imply? Is there anything wrong about the study of merger performance? In this dissertation, to find out the essence which behinds the mentioned phenomenon is attempted.
After analyzing the outcomes and the conclusions of the past studies on corporate mergers and acquisitions, this study present the basic concept of corporate M&A research, including the merger performance and how to review the merger performance. It comes up with a point of view that the micro performance of corporate M&A should include the information of both the change of enterprise performance lead by M&A and the result of M&A activities itself. It also provides that the evidence of evaluating the success or failure of merger activities is not the change of enterprise financial performance but the M&A activities itself.
Based on the Theory of Industrial Consolidation by A.T. Kearney in 2002, in this study, the distinguishing features and motivations of corporate M&A are analyzed systematically according to the different stages in the industrial consolidation process that including the initial stage, the scale stage, the gathering stage and balance and union stage. Meanwhile, a multiple motive system is constructed innovatively from the perspectives of Economy dimension, Strategy dimension and Management dimension. In this multiple motive system, a group of performance indicators are established. Based on the Balanced Scorecard theory, this study builds a performance evaluation system for M&A activities in essence. Together with the traditional corporate M&A performance evaluation system, this study presents a scientific M&A performance evaluation system which could provide a certain answer to Success Paradox.
In addition, this study selected a series of M&A activities in the past decade, and took Tsingtao Brewery Co Ltd for example, which did well in industry consolidation, and made an empirical analysis on their 53 merger activities during 1997-2007 based on the view of the Theory of Industrial Consolidation. The analysis results indicate that the evaluation system of corporate M&A performance which was established based on the theory of industrial consolidation in this dissertation is a useful and supplementary tool for the scientific and rational evaluation of corporate M&A performance.
In a word, a new point of view to evaluate the corporate M&A performance is discussed in this study, and hopefully it could be beneficial to complement the theory of corporate M&A performance and M&A empirical analysis.
通过对前人关于企业并购绩效研究方法和结果的全面总结和分析,本文首先对企业并购绩效研究的基本概念即并购绩效及并购绩效评价进行了界定,提出企业并购的微观绩效应包括由于并购而带来的企业经营业绩的变化和并购活动本身的效果的观点,并提出并购是否成功的判断依据应该是并购活动本身的效果而非企业业绩的变化的观点。
本文以2002年科尔尼管理咨询公司提出的产业演进理论为理论基础,全面系统地分析了企业处于产业演进初创阶段、规模化阶段、集聚阶段、平衡和联盟阶段时并购的特点及客观动因,开创性地从经济维、战略维、管理维三方面构建了产业演进不同阶段并购的多重动因体系,并提出了各项动因的绩效评价指标。借助平衡计分卡的思想,构建了基于并购动因实现程度的企业并购效果的绩效评价体系,与传统的企业并购绩效评价体系一起构成了全面科学的企业并购绩效评价系统,本体系的构建将对并购绩效“成功悖论”做出理论解释。
本文选取了近十年来发生了系列并购事件,产业整合较好的青岛啤酒股份有限公司为例,对其1997-2007年间发生的53起并购事件进行了详细的实证分析。实证结果表明,本文构建的基于产业演进视角的企业并购绩效评价体系,对传统的企业并购绩效评价体系是一个有益的补充,本体系的应用能更好地对并购是否成功做出科学判断。
总之,本文从一个全新的角度对企业并购绩效评价问题进行了探讨,所做的研究对企业并购绩效理论和实证研究都将是有益的。
Merger and acquisition is one of the most active issues in the world economy today, whose volume has reached $3.28 trillion through 37400 deals in 2008. The development of the M&A practice promote the study on M&A theory. Theory of Corporate Mergers and Acquisitions, is overall consists of the M&A motive theory and the M&A value creation theory. The research of M&A motive theory have been recognized by both academics and industries. As a mature theory, the M&A motive theory provide many practices a theoretical direction. But meanwhile, the study of M&A value creation theory does not reach such an agreement, especially the majority of the M&A deals have been proved fail by empirical study of M&A. As the number of global M&A deals boost these years, the low-rate of successful mergers arouses wide concern by western economists and Chinese scholars. Some scholars advance a Success Paradox on the corporate M&A. Why do firms continue pursuit the mergers while the findings of empirical research have been disappointing? What does this phenomenon imply? Is there anything wrong about the study of merger performance? In this dissertation, to find out the essence which behinds the mentioned phenomenon is attempted.
After analyzing the outcomes and the conclusions of the past studies on corporate mergers and acquisitions, this study present the basic concept of corporate M&A research, including the merger performance and how to review the merger performance. It comes up with a point of view that the micro performance of corporate M&A should include the information of both the change of enterprise performance lead by M&A and the result of M&A activities itself. It also provides that the evidence of evaluating the success or failure of merger activities is not the change of enterprise financial performance but the M&A activities itself.
Based on the Theory of Industrial Consolidation by A.T. Kearney in 2002, in this study, the distinguishing features and motivations of corporate M&A are analyzed systematically according to the different stages in the industrial consolidation process that including the initial stage, the scale stage, the gathering stage and balance and union stage. Meanwhile, a multiple motive system is constructed innovatively from the perspectives of Economy dimension, Strategy dimension and Management dimension. In this multiple motive system, a group of performance indicators are established. Based on the Balanced Scorecard theory, this study builds a performance evaluation system for M&A activities in essence. Together with the traditional corporate M&A performance evaluation system, this study presents a scientific M&A performance evaluation system which could provide a certain answer to Success Paradox.
In addition, this study selected a series of M&A activities in the past decade, and took Tsingtao Brewery Co Ltd for example, which did well in industry consolidation, and made an empirical analysis on their 53 merger activities during 1997-2007 based on the view of the Theory of Industrial Consolidation. The analysis results indicate that the evaluation system of corporate M&A performance which was established based on the theory of industrial consolidation in this dissertation is a useful and supplementary tool for the scientific and rational evaluation of corporate M&A performance.
In a word, a new point of view to evaluate the corporate M&A performance is discussed in this study, and hopefully it could be beneficial to complement the theory of corporate M&A performance and M&A empirical analysis.
引文
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