网络产业并购绩效的实证研究
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摘要
自2001年加入WTO以来,国际国内并购风起云涌,资本市场十分活跃,企业并购活动非常频繁。2008年国际金融危机发生以来,企业并购受到一定的影响,但仍处于迅速发展过程之中。网络产业所代表的新兴产业部门预示着未来产业发展的方向,在国民经济发展中扮演着重要角色,随着网络产业重要性的凸显,相关研究受到关注的程度越来越高。
本文首先回顾网络产业并购领域的国内外相关理论及研究成果,以信息技术业为例,从市场有效性、企业规模、科技水平、外部性、协同整合及委托代理问题对网络产业并购绩效的影响角度入手,运用事件研究、因子分析和显著性检验方法对网络产业的短期和长期并购绩效进行实证分析。结果显示:中国证券市场属于非半强式有效;网络产业并购的规模经济效应使整个行业短期并购绩效显著改善,但并不能使整个行业长期并购绩效得到提高;科技进步及网络外部性效应可以促进不同子行业短期并购绩效提高,但长期时对缺乏自主品牌的行业效果不明显;协同效应可提高各个并购类型的短期绩效,但长期时除纵向并购外,其他类型基本没有明显提高;委托代理问题在长期并购绩效中表现明显,但短期时出现并购方绩效提高,说明市场的不健全及投资者的非理性。根据研究结果,提出以下建议:加大企业并购后的整合力度,增强企业并购后的规模经济效应;鼓励计算机及相关设备制造业和通信服务业的企业并购,促进科技进步及网络外部性效应的发挥;增加科研投入,大力发展自主品牌;加大企业并购后的资源协调配置力度,充分发挥并购的协同效应;构建健全的证券市场,引导投资者理性投资。
Since China entering into WTO in 2001, domestic and international Mergers and Acquisitions (M&A) have been surging forward. The domestic capital market was active with frequent M&A transactions. Since international financial crisis in 2008, the corporate M&A have been affected by international crisis, but they still develop quickly. The new industry sector represented by Network Industry indicates the development orientation and it has played important roles in national economy. With the importantance becomes significantly, the relevant research have been widely concerned.
Firstly, the relevant theories and works are reviewed. Taking Information Technology Sector for example and employing event study, factor analysis and significant test, the short-term and long-term M&A performance of Network Industry are analyzed empirically based on market efficiency, enterprise scale, science and technology development level, the externality, the synergy and integration and the principal-agent problem. The results indicate that the semi-strong form of Efficiency Market Hypothsis doesn’t hold in Chinese Security Market. And for total samples, the short-term performance is significant, but the scale economy doesn’t help in long term. Meanwhile, the short-term performance of each sub-sector is able to be improved for the development of science and technology and the network externality, but the improvement isn’t significant for shortage of independent brand in long term. Further, although the short-term performance of various types of M&A can be improved for synergy effect, the other type performance isn’t improved basically except for vertical M&A. Finally, the principal-agent problem is significant in long term, but the short-term performance is improved which may be caused by the distemperedness of market and the irrationality of investors. According to the conclusions, suggestions are proposed out. Firstly, strengthen the integration affer M&A and increase the scale economy effect. Secondly, encourage the enterprises in Computer and Relevant Equipment Manufacturing and Communication and Service Sub-sectors to merge, so as to promote the development of science and technology and make the network externality effect to be done perfectly. Thirdly, raise the R&D input and develop independent brand vigorously. Forthly, promote resource coordination and allocation to perform synergy effect fully. Finally, establish sound Security Market and instruct investors to be rational.
本文首先回顾网络产业并购领域的国内外相关理论及研究成果,以信息技术业为例,从市场有效性、企业规模、科技水平、外部性、协同整合及委托代理问题对网络产业并购绩效的影响角度入手,运用事件研究、因子分析和显著性检验方法对网络产业的短期和长期并购绩效进行实证分析。结果显示:中国证券市场属于非半强式有效;网络产业并购的规模经济效应使整个行业短期并购绩效显著改善,但并不能使整个行业长期并购绩效得到提高;科技进步及网络外部性效应可以促进不同子行业短期并购绩效提高,但长期时对缺乏自主品牌的行业效果不明显;协同效应可提高各个并购类型的短期绩效,但长期时除纵向并购外,其他类型基本没有明显提高;委托代理问题在长期并购绩效中表现明显,但短期时出现并购方绩效提高,说明市场的不健全及投资者的非理性。根据研究结果,提出以下建议:加大企业并购后的整合力度,增强企业并购后的规模经济效应;鼓励计算机及相关设备制造业和通信服务业的企业并购,促进科技进步及网络外部性效应的发挥;增加科研投入,大力发展自主品牌;加大企业并购后的资源协调配置力度,充分发挥并购的协同效应;构建健全的证券市场,引导投资者理性投资。
Since China entering into WTO in 2001, domestic and international Mergers and Acquisitions (M&A) have been surging forward. The domestic capital market was active with frequent M&A transactions. Since international financial crisis in 2008, the corporate M&A have been affected by international crisis, but they still develop quickly. The new industry sector represented by Network Industry indicates the development orientation and it has played important roles in national economy. With the importantance becomes significantly, the relevant research have been widely concerned.
Firstly, the relevant theories and works are reviewed. Taking Information Technology Sector for example and employing event study, factor analysis and significant test, the short-term and long-term M&A performance of Network Industry are analyzed empirically based on market efficiency, enterprise scale, science and technology development level, the externality, the synergy and integration and the principal-agent problem. The results indicate that the semi-strong form of Efficiency Market Hypothsis doesn’t hold in Chinese Security Market. And for total samples, the short-term performance is significant, but the scale economy doesn’t help in long term. Meanwhile, the short-term performance of each sub-sector is able to be improved for the development of science and technology and the network externality, but the improvement isn’t significant for shortage of independent brand in long term. Further, although the short-term performance of various types of M&A can be improved for synergy effect, the other type performance isn’t improved basically except for vertical M&A. Finally, the principal-agent problem is significant in long term, but the short-term performance is improved which may be caused by the distemperedness of market and the irrationality of investors. According to the conclusions, suggestions are proposed out. Firstly, strengthen the integration affer M&A and increase the scale economy effect. Secondly, encourage the enterprises in Computer and Relevant Equipment Manufacturing and Communication and Service Sub-sectors to merge, so as to promote the development of science and technology and make the network externality effect to be done perfectly. Thirdly, raise the R&D input and develop independent brand vigorously. Forthly, promote resource coordination and allocation to perform synergy effect fully. Finally, establish sound Security Market and instruct investors to be rational.
引文
⑨参考引用自臧旭恒,徐向艺,杨蕙馨:产业经济学(第三版)[M].北京:经济科学出版社, 2005,97页。
⑩参考引用自李悦等:产业经济学(第三版)[M].北京:中国人民大学出版社,2008,830页。
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