中国上市公司智力资本对并购绩效的影响

The Effect of Intellectual Capital of Acquiring Firms on Their Post-acquisition Performance——Evidence from China's Listed Firms

以2006年A股市场发生并购的184家主并公司为样本,利用分位数回归方法分析主并公司智力资本对并购长期绩效的影响。结果表明:包括智力资本等资本要素在内的主并公司并购前特征对并购绩效的影响存在期限性。在发挥作用的期限内,人力资本对并购绩效存在总体显著为正的影响,而且这种影响随着绩效的提高而增强。物质资本对并购绩效存在正向影响,但其却随着绩效的提高而减弱。

Based on the sample of 184 MAs of A-share listed companies in China during 2006,this paper empirically examines the long-run effect of intellectual capital of acquiring firms on post-acquisition performance using a quantile regression approach.It is found that the effects of all characters of acquiring firms including intellectual capital on post-acquisition performance is time limited.Human capital has a significantly positive effect on post-acquisition performance,and its effect increases with performance getting better.Although physical Capital also positively influences the performance,its influence decreases with acquiring firms＇ performance getting better.In the MA year and the first year after acquisition,structural capital only has a weak and negative effect on performance.However,such effect changes into a weak positive effect in the second year after acquisition.