我国企业跨国并购的价值创造机制研究

发布时间：2018-01-20 08:15

  本文关键词： 中国企业 跨国并购 价值创造 资产寻求 动态能力　出处：《武汉大学》2014年博士论文　论文类型：学位论文

【摘要】：跨国并购是实现资源配置的重要方式。经济学家钱纳里曾指出,发展中国家要素市场的非均衡现象非常突出,因而资源在再配置方面的潜力较之发达国家更为重要。中国企业海外并购的快速发展已成为中国企业跻身全球舞台的重要标志。据普华永道统计,2012年,中国企业海外并购交易金额为652亿美元,增幅达54%,创历史新高。2012年12月,中海油以151亿美元并购加拿大油砂运营商尼克森公司(Nexen Inc.),成为具有里程碑意义的海外并购事件。然而,作为新兴市场的后发企业,这种快速展开的海外并购能否为企业创造价值一直存在争议。一些著名企业海外并购的失败案例为这种担忧提供了佐证。例如,2004年,TCL出资5.6亿美元重组法国汤姆逊公司(Thomson SA)彩电和DVD业务,导致了企业连续几年的巨额亏损；2004年,上汽集团出资5亿美元控股韩国双龙汽车公司(Ssang Yong Motor Company),结果以双龙的破产而告终。跨国并购是以企业为载体,调整资源存量、优化产业结构、提高配置效率、促进经济融合,使我国经济进入长期可持续发展轨道的重要方式。作为后发企业,我国企业存在产业集中度低等问题,其跨国并购多为产业投资式的跨国并购；因此,跨国并购的价值创造效应并不十分显著。但是,也有一些企业虽然是产业投资式并购却显著的创造了价值。那么,是哪些因素影响了企业跨国并购的价值创造?其影响机制如何? 学术界关于跨国并购能否为公司创造价值的争论由来已久。一些学者认为,跨国并购提供了国际化、协同和风险分散等方面的整合利益,因而可以为并购方和目标企业的股东创造价值(Kang,1993; Gubbi et al.,2010)。另一些学者则强调,跨国并购过程中的一些潜在挑战会阻碍并购目标的实现,对并购企业的价值产生负面的影响。我国企业跨国并购只有二十几年的历史,已有的跨国并购样本不多,有关的跨国并购价值创造的研究也较少,而现有的不多的有关中国企业海外并购价值创造的研究在结论上也存在一定的分歧。从现有的研究基础看,多数文献集中于单个问题的探讨,如绩效或绩效影响因素,相对缺乏深入的整合研究,跨国并购作为一项复杂的投资活动,必然有其自身的演化过程与运行机制,单独研究个别问题固然重要,却容易忽略对其内在的、深层的动因、路径及机制的考察；同时现有的研究多关注企业自身或外部因素对并购绩效的影响,较少深入挖掘企业内部因素对并购绩效的影响,因而无法揭示跨国并购价值创造的过程和深层机制。 本文的选题密切关注理论和实践的前沿,运用实证研究的方法,深入剖析了我国企业跨国并购价值创造问题。首先,本文从资产寻求视角对我国企业跨国并购的财富效应及其影响因素进行探索,并给出了逻辑一致的解释。我们以2002-2012年间我国上市公司180个跨国并购事件为样本,采用事件研究法检验其财富效应。结果发现,在[-10,10]事件窗口中,我国企业的海外并购获得了显著的正的财富效应。进一步地,我们采用回归分析方法,分别从并购企业特征、目标企业特征、东道国特征和并购方式四个方面探索影响财富效应的关键因素。结果显示,并购企业的研发强度和跨国并购经验对财富效应具有显著的积极影响,而并购企业的成长速度、资产规模和股权集中度则对财富效应具有明显的负面影响；同时,东道国的创新与成熟度对财富效应具有积极作用,纵向并购由于其更易于获得研发、渠道或矿产资源而受到市场的肯定。 然后,本文聚焦于中国企业跨国并购的长期价值创造问题,引入动态能力视角对影响并购价值创造的因素进行了深入、系统的考察,通过建构一个感知、获取、转换能力为自变量,研发强度为调节变量,资产规模、行业集中度、并购资产类型和并购经验为控制变量的我国企业跨国并购价值创造机制的分析框架,并进行了实证检验。研究发现,感知、获取、转换能力三个变量对跨国并购价值创造具有积极显著的影响；研发强度对于转换能力对价值创造的影响具有正向的调节作用,说明研发强度高的企业其转换能力较强；行业集中度、资产类型、并购经验也对价值创造有显著影响。 最后,本文运用扎根理论,通过大量的搜集、分析8家样本企业跨国并购的多种数据,构建了我国企业跨国并购的价值创造机制,研究发现动态能力在跨国并购的价值创造方面有重要作用,并购过程中动态能力作用的类型主要有三种：感知、获取和转换,它们各在不同阶段发挥主要作用。本文进一步探讨了自然资源获取型和战略资产获取型跨国并购价值创造方面的异同,发现两种类型并购在感知机制方面并无差别,但企业表现出的感知能力并不相同,在获取方面,中介投行及合作伙伴的引入易促成自然资源获取型并购获取的成功和降低战略资产获取型并购资产获取与整合重构的风险,而多样化的支付和融资方式可以减少战略资产获取型并购资金压力从而有助于价值创造；转换能力方面两种类型跨国并购方面差异显著,在组织结构、文化、人力资源和供应链方面进行中等或较高程度整合的资源型企业容易形成新的资源能力基础并实现价值创造,而在供应链、研发、品牌、渠道等方面进行较高程度整合的战略资产寻求型企业容易实现协同创新和资源能力基础的更新并实现价值创造。 本文的研究同时具有重要的实践意义。首先,投资者对我国企业资产寻求型海外并购的正面评价证明了“走出去”战略的正确性。我国企业应该积极推进国际化战略,把握时机,适时收购目标企业有价值的知识资产和重要自然资源,以克服后来者劣势,提升企业的资源和能力基础。其次,我国企业应加大研发投入,坚持以国际化的视野推进战略转型,通过跨国并购等方式积极利用海外资源,特别是发达国家企业所掌握的关键资产,以加快技术追赶；最后,我国企业应不断在并购实践中积累经验,提高自身的动态能力,以敏锐的战略国际化眼光捕捉跨国并购目标和时机,审慎的进行并购评估和谈判,才能在跨国并购的实践中创造价值。
[Abstract]:Transnational merger is an important way to realize the allocation of resources. The economist Chanari once pointed out that the imbalanced factor markets in developing countries is very prominent, and therefore the potential of resources in reallocation of developed countries is more important. The rapid development of overseas mergers and acquisitions China enterprises has become an important symbol of Chinese enterprise among the global stage. According to PWC statistics, 2012 Chinese, overseas mergers and acquisitions transactions amounting to $65 billion 200 million, an increase of 54%, a record high in December.2012, CNOOC's $15 billion 100 million acquisition of Canadian oil sands operators Nixon company (Nexen Inc.), become overseas mergers and acquisitions events has milepost sense. However, as an emerging market after the development of enterprises, the rapid expansion of the overseas mergers and acquisitions can create value for the enterprise has been controversial. The failure cases of overseas mergers and acquisitions of some famous enterprises is provided with such concerns Card. For example, in 2004, TCL invested $560 million in restructuring the French firm Thomson (Thomson SA) and DVD color TV business, causes the enterprise huge losses for several consecutive years; in 2004, SAIC invested $500 million holdings of Ssangyong Motor Company (Ssang Yong Motor Company), results in Ssangyong resulted in the bankruptcy. The transnational merger and acquisition is to enterprises as the carrier, to adjust the allocation of resources, optimize the industrial structure, improve the allocation efficiency, promote economic integration, an important way to make the economy of our country enter into long-term sustainable development track. As enterprises, enterprises of our country exist in the low degree of industrial concentration, the cross-border mergers and acquisitions for industrial investment type of transnational mergers and acquisitions; therefore, multinational M & a value creation effect is not very significant. However, there are also some enterprises although the industrial investment type merger has significant value creation. Then, what are the factors affecting multinational enterprises What is the value creation of M & A? How is its impact mechanism?
The academic circles on cross-border mergers and acquisitions can create value for the company's long-standing controversy. Some scholars believe that the transnational merger provides internationalization, coordination and integration of the interests of risk diversification and other aspects, so it can be for the acquirer and target enterprise shareholder value creation (Kang, 1993; Gubbi et al., 2010). Some other scholars stressed that some of the potential challenges in the process of cross-border mergers and acquisitions will hinder the implementation of mergers and acquisitions, have a negative impact on the value of corporate mergers and acquisitions. The history of cross-border mergers and acquisitions of Chinese enterprises only 20 years, the cross-border mergers and acquisitions sample not much research about cross-border mergers and acquisitions create value is less, but not much about the existing Chinese enterprises overseas mergers create value research in conclusion there are some differences. From the basis of the existing research, the majority of the literature focuses on individual issues, such as performance or performance Study on the integration of factors, the relative lack of in-depth, cross-border mergers and acquisitions as a complex investment activities, there must be the evolution process and operation mechanism of its own, individual issues are important, but easy to overlook their intrinsic and deep motivation, path and mechanism study; at the same time, the existing studies pay more attention to their own or the impact of external factors on the performance of mergers and acquisitions, less influence to deep mining enterprise internal factors on the performance of mergers and acquisitions, and therefore can not reveal the process of cross-border mergers and acquisitions of value creation and deep mechanism.
This paper pays close attention to theory and practice, the use of empirical research methods, in-depth analysis of the problems of Chinese enterprises transnational mergers and acquisitions create value. First of all, this paper explores from the perspective of asset wealth effect factors of cross-border mergers and acquisitions of Chinese enterprises and its influence, and gives a logical and consistent interpretation. We take 2002-2012 years 180 Chinese listed companies mergers and acquisitions events as a sample, to test the wealth effect by using the method of event study. The results showed that in the [-10,10] event window, Chinese enterprises overseas mergers and acquisitions have significantly positive wealth effect. Further, we use regression analysis method, separately from the enterprise merger and acquisition target enterprise characteristics, characteristics exploring the key factors affecting the wealth effect of the four aspects of host country characteristics and acquisition mode. The results showed that the corporate R & D intensity of cross-border mergers and acquisitions experience on wealth effect We should have a significant positive effect, while the growth rate of corporate mergers and acquisitions, asset size and equity concentration of wealth effect has obvious negative impact; at the same time, a host of innovation and maturity of the wealth effect has a positive effect, vertical mergers and acquisitions because of its easier access to research, channels or mineral resources by the market.
Then, this paper focus on the problem of creating long-term value China transnational M & A, dynamic capability perspective into the influence factors of value of in-depth, systematic investigation, obtained by constructing a perception, conversion ability as independent variables, R & D intensity was adjusted variable, asset size, industry concentration, analysis framework of mergers and acquisitions the type of assets and experience in mergers and acquisitions for the control variables for cross-border mergers and acquisitions of Chinese enterprises value creation mechanism, and an empirical test. The study found that perception, acquisition, conversion ability of three variables has a positive and significant impact on cross-border mergers and acquisitions create value; development intensity has a positive regulatory role to affect the conversion ability of value creation. That R & D intensity of enterprises with high conversion capability; industry concentration, types of assets, mergers and acquisitions experience also has significant influence on value creation.
Finally, this paper uses grounded theory, through extensive collection, analysis of data of 8 sample companies of transnational mergers and acquisitions, the construction of cross-border mergers and acquisitions of Chinese enterprises value creation mechanism, the study found that dynamic capabilities in cross-border mergers and acquisitions of value creation plays an important role, there are three main types of dynamic capabilities in the merging process: perception each of them, acquisition and conversion, play a major role in different stages. This paper further discusses the acquisition of natural resources and strategic asset acquisition transnational mergers create value differences between the two types of mergers and acquisitions, found no difference in the perception mechanism, but corporate performance perception is not the same as in the acquisition, the introduction of intermediate investment bank and partners likely to contribute to the acquisition of natural resources acquisition success and reduce access to strategic assets acquisition and integration of assets to obtain the risk of the construction , and various payment and financing can reduce access to strategic assets acquisition funding pressure to help create value; the difference conversion capacity of two types of cross-border mergers and acquisitions significantly, in the organizational structure, culture, human resources and supply chain aspects of resource type enterprise medium or high degree of integration of the resources to form new foundation and the realization of value creation, and in the supply chain, R & D, brand, channel and other aspects of a higher degree of integration of the strategic asset seeking enterprises to realize innovation and collaboration ability based resource update and create value.
This study also has important practical significance. First of all, investors in China's enterprise asset seeking positive evaluation type of overseas mergers and acquisitions vindicates "going out" strategy. Chinese enterprises should actively promote the internationalization strategy, seize the opportunity, timely acquisition of knowledge assets of the target enterprise value and important natural resources, in order to overcome the later disadvantage, resources and capacity of enterprises enhance the foundation. Secondly, China's enterprises should increase investment in research and development, to promote the strategic transformation in international vision, active use of sea source through cross-border mergers and acquisitions of foreign capital, especially the key assets of enterprises in developed countries have, in order to accelerate the technological catch-up; finally, China's enterprises should continue to accumulate experience in practice, improve their dynamic capabilities, capture the transnational merger and acquisition and timing with the keen international strategy perspective, careful assessment of mergers and acquisitions Evaluation and negotiation can create value in the practice of transnational mergers and acquisitions.

【学位授予单位】：武汉大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F279.2;F271
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本文编号：1447507