并購绩效论文基于知识吸收能力的企业并购绩效影响因素研究.docVIP

并购绩效论文：基于知识吸收能力的企业并购绩效影响因素研究 【中文摘要】企业并购是现代资本市场有力的资源配置手段,是企业不断发展壮大的途径和方式。中国的资本市场紧随着国际市场步伐,从1984年起至今已发生了多次并购浪潮。从理论界到实务界,人们对并购的认识逐渐加深,并且不断寻求提高并购绩效的方法。学术界对并购绩效影响因素的研究繁多,学者们从不同角度对该问题进行了分析。本文在对前人文献总结的基础上,从知识吸收能力角度出发寻求并购绩效的影响因素。首先,本文对企业并购绩效影响因素的相关理论进行了总结和整理,从并购过程角度将其分为动因论、过程论和整合论三个方面。同时,本文从知识吸收能力的概念、划分维度,衡量方法和路径分析三个方面对知识吸收能力的相关理论进行整理。在总结的基础上,从本文角度出发对这些研究结论进行再整合,同时对本文研究的启示进行阐述。其次,本文将知识吸收能力：企业已有知识经验、企业内部研发、企业人力资本、并购双方知识相似性等划分为绝对知识吸收能力和相对知识吸收能力两大类。绝对知识吸收能力从并购企业自身角度出发,相对知识吸收能力则站在并购双方角度,分析两类吸收能力与企业并购绩效的关系。最后,本文以2004年到2007年间通讯设备制造行业企业并购事件为样本,实证分析了研发强度因素和人力资本构成因素与并购绩效的关系。实证结果表明,上述两个因素与并购绩效存在正向的相关关系。然后,本文以Cisco公司并购事件为例,分析了不可衡量的知识吸收能力与并购绩效的关系。结果表明,知识吸收能力对企业并购绩效存在影响。企业在并购中应考虑自身知识吸收能力,合理进行目标公司选择和并购后整合相关事项,从而提高并购成功的概率。 【英文摘要】Mergers and acquisitions is the effective means to allocation of resources in modern capital market. Meanwhile, it is the way of company’s continued development and growth. China’s capital market followed the pace of the international market, from 1984 until now there had been many mergers and acquisitions. From theorists to practitioners, people gradually deepening understanding of mergers and acquisitions, and constantly seeking ways to improve acquisition performance. There are many studies in Academic performance factors for acquisitions; scholars from different perspective analyzed the problem. Based on the previous literature, this paper studies the problem from the perspective of absorptive capacity.In this paper, factors affecting the performance of MA related theory are summarized and finishing, from the perspective of its acquisition process is divided into motivation theory, process theory and integration on the three areas. The introduction of knowledge absorption capacity is divided into:the concept of absorptive capacity, dimensions, measure and path analysis. In summary, based on the point of their predecessors, integrating the theory and describing the revelation of this study.Secondly,