中国上市公司并购经验、组织学习与跨国并购绩效研究

发布时间：2018-01-06 10:15

本文关键词：中国上市公司并购经验、组织学习与跨国并购绩效研究　出处：《东华大学》2017年硕士论文　论文类型：学位论文

【摘要】：2016年,中国资本出海进程开始全面提速,中企海外投资呈现井喷,中化工、海航、中联重科集团等纷纷加入跨国并购行列。业内人士普遍认为,基于国内经济发展的现实和企业国际化的需求,中国企业海外并购热潮已是大势所趋。然而,跨国并购交易活动本身异常复杂且有难度,而相比较西方国家企业,中国企业走出去历程尚短,经验学习不足。商务部的最新报告显示,中国企业的海外项目只有13%获得了投资回报,63%是非盈利甚至亏损的。这一结果也引起了学者和企业自身对跨国并购的反思,那么影响我国企业出海并购绩效的因素究竟有哪些,他们能否以及该如何运用以往的并购经验来取得预期绩效一度成为该领域的热点研究。本文从经验学习出发,构建了经验学习——并购能力——并购绩效模型,试图在理论推演的基础上,通过样本验证来揭开经验学习与跨国并购绩效间关系之谜。主要选取了中国上市公司在2005年到2013年间发生的135起跨国并购事件为样本,经过描述性统计和层次回归分析,验证了并购经验的学习效果(并购绩效)并试探性研究了影响经验学习与绩效关系的因素。首先我们实证分析了并购经验与并购后经营绩效的关系,发现总体来说,并购经验越丰富,企业跨国并购绩效呈现逐渐变差的趋势,进一步来说,随着时间的推移两者是“倒U型”的非线性关系。接着根据并购经验来源地不同,分析了跨国并购经验与国内并购经验对跨国并购绩效影响的表现差异,同样得出了两类并购经验均负向作用于跨国并购绩效的结论,但是跨国并购经验的影响程度明显高于国内并购经验。这一结果说明并购经验学习并非简单的拿来主义,经验带来的效应也不一定都是正效应,经验学习的运用还要考虑环境适应性和经验异质性问题;同时也表明,光靠经验学习并不能产生经验效应,资源基础观认为基于经验学习和资源禀赋的并购能力才是企业跨国并购成功的关键,并购企业凭借正确的经验学习和所拥有的资源保证了一定的并购能力,从而能够在并购活动中做到资源配置的优化。于是,本文在分析经验学习和并购绩效的直接关系后,基于中国特殊的现实情境,结合组织学习、资源支持理论进一步引入了国有控股这一企业性质对经验与绩效关系的调节作用。通过对国有企业分样本的实证分析发现,国有跨国企业并购时,企业股权性质正向调节了经验和跨国并购绩效间关系,不过出于政策性负担,政府的“支持之手”效应主要体现在经营亏损的国有企业中。最后,本文结论可以给予企业与政府几点启示。第一,企业所积累的并购经验并不一定有助于提升跨国并购绩效,因而不能一味凭借经验做判断,忽视了并购经验在新环境中的适用性以及并购经验本身的异质性对经验学习效果产生的影响;第二,企业在重视经验学习对并购作用的基础上,还要遵循科学的学习机制,刻意学习以培养出真正有竞争力的并购技能再应用用到实践活动中,最终得以实现绩效改善;第三,政府在参与国企跨国并购时应继续秉持理性和负责的态度,更多的发挥资源效应,扶持跨国企业进行海外扩张。
[Abstract]:In 2016, Chinese sea capital process began full speed, overseas investment blowout, in the chemical industry, HNA, ZOOMLION group have joined the ranks of transnational mergers and acquisitions. The industry generally believe that the development of the domestic economy and the reality of enterprise internationalization based on the needs of Chinese enterprises overseas mergers and acquisitions is represent the general trend. However, transnational mergers and acquisitions activity itself complicated and difficult, but compared to Western companies, China enterprises to process short out, experience learning deficiencies. The latest report from the commerce department showed Chinese enterprises overseas project only 13% received a return on investment, 63% is a non profit or even a loss. This result has attracted scholars and enterprises to reflect on their own for cross-border mergers and acquisitions, then the factors influencing the performance of mergers and acquisitions of Chinese enterprises to what they can, and how to use the past to get experience in mergers and acquisitions The desired performance has become the hot spot of research in this field. In this paper, learning from the experience of the construction of learning - acquisition ability of M & a performance model, tries to based on theoretical deduction, through the sample verification to reveal the experience and the relationship between the performance of transnational merger mystery. Mainly selected China listed companies from 2005 to 2013 the 135 transnational merger and acquisition events as samples, through descriptive statistics and regression analysis, to verify the results of learning experience in mergers and acquisitions (M & a performance) and a tentative research on the factors that influence the experience of learning and performance. Firstly, we analyze the relationship of operating performance after the merger and acquisition experience, found that the overall experience in mergers and acquisitions the rich, transnational merger and acquisition has gradually become the trend of poor performance, further, with the two time is "nonlinear inverted U" According to the experience in mergers and acquisitions. Relationship between different sources, analyzes the differences of influence of transnational mergers and acquisitions experience and domestic experience in mergers and acquisitions of transnational mergers and acquisitions performance, also obtain two types of experience in mergers and acquisitions are a negative effect on the performance of transnational merger conclusions, but the degree of influence of transnational mergers and acquisitions experience significantly higher than domestic experience in mergers and acquisitions. The results show that m learning experience is not a simple ism effect brought by experience are not necessarily positive effect, use the experience of learning but also consider the environmental heterogeneity problem of adaptability and experience; also show that rely on experience and learning experience cannot produce effect, resource based view of experiential learning and resource acquisition ability is based on the key to success of the transnational mergers and acquisitions with the experience of learning the right and have the resources to ensure a certain acquisition ability, which can To optimize the allocation of resources in mergers and acquisitions activities. So, based on the direct analysis of relationship between learning and acquisition performance experience, China special circumstances based on the combination of organizational learning, resource support theory is further introduced the regulation of state-owned enterprise nature of the relationship between experience and performance. On the basis of empirical sub sample of state-owned enterprises the analysis found that the state-owned multinational mergers and acquisitions, corporate equity nature experience and positive regulation of transnational mergers and acquisitions performance relationship, but for the policy burden, the government supporting the "hand" effect is mainly reflected in the operating losses of state-owned enterprises. Finally, the conclusion of this paper can give some enlightenment of enterprise and government. First, the the accumulation of enterprise mergers and acquisitions experience does not necessarily help to improve the performance of cross-border mergers and acquisitions, so do not blindly experience judgment, ignore the experience in mergers and acquisitions in the new environment The impact of heterogeneity and applicability of mergers and acquisitions experience itself on learning experience; second, enterprises in the importance of learning experience based on merger effect, learning mechanism should follow the scientific, intentional learning to cultivate truly competitive acquisition skills application practice used to improve performance, and ultimately achieve third; and the government should continue to uphold the rational and responsible attitude in state-owned enterprises involved in cross-border mergers and acquisitions, resources to play more effect, support the multinational enterprises in overseas expansion.

【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271

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