制造业企业横向并购后资源整合对并购价值创造的影响

发布时间：2018-05-20 05:06

本文选题：资源基础论 + 资源整合　；参考：《企业经济》2017年08期

【摘要】：本文基于问卷调查数据,研究了我国制造业上市公司并购后资源整合及其对并购价值创造的影响。结果表明:并购后资源整合的方向主要由主并公司向被并购公司转移管理能力、人力资源、财务资源和市场资源,被并购公司向主并公司转移实物资源和技术资源。其中,主并公司向被并购公司转移管理能力以及被并购公司向主并公司转移技术资源、财务资源,都有利于并购价值创造,而被并购公司向主并公司转移管理能力则不利于并购价值创造。因此,公司在进行并购决策时,应选择实物资源相对便宜以及技术资源丰富的目标企业作为并购对象,并购后资源整合方向应依据并购双方资源状况来决定。
[Abstract]:Based on the questionnaire data, this paper studies the resource integration and its impact on M & A value creation of listed manufacturing companies in China. The results show that the direction of resource integration after M & A is mainly transferred from the main co-company to the acquired company, including management ability, human resources, financial resources and market resources, and the physical and technical resources transferred from the merged company to the main merger company. Among them, the transfer of management ability to the merged company and the transfer of technical resources and financial resources from the merged company to the main merged company are all conducive to the creation of M & A value. The M & A company transfer management ability to the main company is not conducive to M & A value creation. Therefore, the target enterprises with relatively cheap physical resources and abundant technical resources should be chosen as M & A objects when making M & A decision, and the direction of resource integration after M & A should be determined by the resource situation of both parties.
【作者单位】：广州城市职业学院商贸系;中国国际金融股份有限公司财富管理部;
【基金】：国家自然科学基金项目“基于高管激励视角的反收购条款采用与技术创新研究”(项目编号:71502068) 广东省自然科学基金项目“高新技术企业并购与企业创新动态能力提升研究——以广东省为例”(项目编号:2016A030313560)
【分类号】：F271;F425

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