企业兼并中的人际关系磨合成本研究

On the Inter-Relationship Integration Cost in Firm Acquisition

兼并会造成企业内社会资本的损失,兼并中的人际关系磨合成本是一种交易成本,磨合过程可以视为"交易成本资本化",从而形成新的社会资本的过程。本文重点分析了影响企业兼并中磨合成本的主要因素:兼并者与被兼并者的相对规模,相对绩效和相对市场竞争力,各自所属产业或行业及产业或行业关系,兼并前的业务与人员往来,兼并方式及政府在兼并中的作用,兼并后对被兼并者管理人员的安排,以及兼并后兼并者对被兼并者实行控制的方式。本文还比较了东亚与西方企业的兼并,在其他情况相同的条件下,东亚企业兼并中的人际关系磨合成本较高,磨合期较长,并在实际上减少了兼并,介于企业与市场之间的组织形式更为发达。

Acquisition gives rise to the loss of social capital within a firm.Inter-relationship integration cost in acquisition being a kind of transaction cost,the integration process is viewed as 'transaction cost capitalization' and thus the formation process of new social capital.This paper focuses on analyzing the main factors that affect integration cost in firm acquisition:comparative size,comparative performance and comparative market competitiveness of the acquiring firm and the acquired firm,the industries they are in and the relationship between them,business ties and personal relations before acquisition,acquisition mode and the role of government in acquisition,the arrangement of the management of the acquired firm after acquisition as well as the control mode of acquiring firm over the acquired firm after acquisition.The paper also compares firm acquisition in eastern Asia and western courtiers.It is pointed out that,other things being equal,relationship integration cost in firm acquisition in eastern Asia is higher and integration period longer,which,in fact,lessens acquisition.Meanwhile,the organization between firm and market is more developed.