战略性并购与财务选择：中国上市公司1999～2004检验

Strategic M&A and Financial Relationship:Testing 1999～2004 Listed Chinese Company Behavior

资源基础意义上的战略性并购是为了建立自身的竞争优势,收购公司进行的差异化资源的平衡。目标公司拥有的某种核心资源或专属资源(firm-specific resource)可以对收购公司的资源产生强化和弥补作用。本文的研究检验了1999至2004年近6年中国上市公司之间发生的并购事件,通过对比分析并购之前收购公司和目标公司三年的财务特征发现,在并购目标的事前选择中,业务增长能力强的收购公司偏爱盈利性和财务流动性好的公司,财务流动性强的收购公司追逐高业务增长的目标公司。实证结果部分支持了战略性并购的观点,同时也指出战略性并购应是公司未来并购的方向。

Seventy-five M＆As in China Stock Market from 1999 to 2004 are investigated in terms of primary business income growth rate, profit rate, and current ratio of the acquiring and acquired companies. The average characteristics of acquired companies, classified by the characteristics of their acquiring companies, are compared. Results indicate no significant structural matches between the acquired and acquiring companies to exploit strengths and avoid weaknesses in growth, profitability, and liquidity. It appears that firms have no significant strategic intention to balance their business segments before the M＆As although some hypotheses partly supported. And conclusions need us to further the research on strategic M＆As.