民营企业并购的协同效应可以实现吗?

Can the M&A Synergy of Private Enterprises Be Realized?

受天然资源禀赋劣势和获取资源要素的影响,外延式并购成为民营企业持续创造价值的战略选择。本文以2003-2015年间我国民营上市公司的并购重组事件为样本,以2002-2018年为实际研究期间,实证检验了主并公司股东获得的短期超额收益和目标公司股东获得的并购溢价形成的并购协同效应利益捆绑机制对并购价值创造的影响。研究发现:(1)并购溢价代表着民营企业获取了优质资源要素,并购溢价可以协同并购短期超额收益形成并购协同效应的利益捆绑机制,促进并购长期绩效提升。(2)全要素生产率在并购协同效应与并购长期绩效之间发挥中介作用,民营企业通过并购溢价获得的优质资源要素会促使并购整合中的企业全要素生产率提升,进而为企业创造并购价值。(3)凸显地缘文化特质并呈现和谐多样的"方言差异"对"并购溢价"不完全契约有治理功能,会对民营企业并购协同效应的实现产生调节作用,当并购双方所在地的方言差异较小时,全要素生产率的中介作用会加强,反之,全要素生产率的中介作用会不成立。本文立足于新兴加转轨的中国资本市场和民营经济高质量发展的背景,从并购溢价与企业资源配置的关系和方言文化的不完全契约治理功能上拓展了并购价值创造的影响因素文献。

Affected by the disadvantages of natural resource endowment and the acquisition of resource elements,merger and acquisition(M&A)becomes the strategic choice for private enterprises to create value continuously.This paper tests the impact of M&A synergy on M&A performance of private enterprises.The results showed that:(1)M&A premium represents the acquisition of high-quality production factors.It can coordinate the short-term excess return of M&A to form M&A synergy,and thus promoting the long-term M&A performance.(2)Total factor productivity(TFP)plays a mediating role between the M&A synergy and the long-term M&A performance.(3)Dialect difference has governance function on the incomplete contract of M&A premium.It has a moderating effect on the realization of M&A synergy.When the dialect difference is small,the mediating role of TFP will be strengthened,otherwise,the mediating role of TFP will not be established.Based on the development of China’s capital market and private economy,this paper expands the literature on the influence factors of M&A performance.