文化差异和行业相关度对并购绩效的影响.docVIP

文化差异和行业相关度对并购绩效的影响 　　摘要:国内外学者对影响并购绩效的因素从不同的角度进行了分析,但对并购后的整合研究相对较少。Lubatkin,Schweiger,Weber认为文化差异会对并购方第一年的营业额产生影响,但之后这种影响就会消失;Datta认为双方的文化差异会降低并购的绩效,但是在相关性并购中被兼并方的自觉性会减少这一负面影响;Veryetal却提出了不同的观点,他认为文化差异不会产生整合的压力,相反会产生吸引力。本文认为之所以会产生分歧是因为以往的研究并没有注意并购双方文化力量的对比以及行业之间文化整合的难度,即没有考虑到并购双方的业务相关度和文化差异对并购绩效的交互影响。本文经过实证后发现相对于目标企业的文化强度而言,主并方的文化越强并购绩效越好,且在主并方文化较强的前提下相关性并购比非相关并购绩效要好 Abstract: Domestic and foreign scholars analyze the factors effecting MA performance from different perspectives but the the post-merger integration relatively few. Lubatkin, Schweiger, Weber said that the cultural differences will affect the first year’s turnover of MA sides, but then this effect disappears. Datta said cultural differences will reduce the performance of mergers and acquisitions, but in related acquisition the consciousness of of merged side will reduce the negative impacts. Veryetal put forward a different point of view, he thought cultural differences do not produce the integration pressure, oppositely, they will be attractive each other. This paper puts forward that the cause of this difference is that the previous studies did not pay attention to the balance of power mergers and the difficulty of cultural integration. After this study, we can get that compared to the cultural strength of target companies, the stronger the culture of the main side, the better the MA performance is, and in the context of the culture of the main side was strong, the Performance of related MA is better than non-related. 关键词:文化强度;行业相关度;并购绩效 Key words: cultural strength;industry relevance;MA performance 中图分类号:F27 文献标识码:A文章编号:1006-4311(2010)11-0052-03 0引言 中国并购市场在十几年的时间里迅速兴起,规模之大,超乎想象。自金融危机爆发以来,全球企业并购步伐放缓,并购交易额明显下降,但中国市场在全球并购市场中的份额有所上升。2009年上半年,中国市场并购事件数量占全球的比重从去年同期的5.4%上升到7.4%,并购事件金额比重从5.8%上升到8.3%。今年上半年,我国已批露并购交易就高达108笔,规模高达247亿美元 国内外对并购是否创造价值的实证研究通常表明并购很难为主并公司创造价值(JensenRuback[1],1983;Tichy[2],2001;Bruner[3],2002),其中Bruner(2002)对欧美发表于1971~2001年的114篇研究进行综合分析,指出仅20%~30%并购交易能为主并公司创造价值。由此引出一