基于不同并购类型的企业并购价值效应研究

A Study of M&A Performance Based on Different M&A Categories

文章对多元化并购和非多元化并购两种不同的并购类型的价值效应进行了实证分析,结果表明,绩效上升时管理者容易做出并购抉择;多元化并购后初期,企业面对一个崭新的行业,需要一个整合过程,我国企业这方面的能力有限,因此会在短期出现绩效下降的现象,但是,随着资源的有效整合,协同效应的发挥,经营风险的分散等正面因素的作用,会带来一定的价值提高;非多元化并购在并购后绩效呈逐年下降趋势,其主要原因是我国上市公司股权结构的二元性特征以及政府在市场经济中的二重性,使得我国横向并购及纵向并购未能产生预期的规模效应和范围经济。

This article analyzes the value effect of different MA categories including the diversified and the non-diversified MA.We find that when the performance is getting better,managers tend to make a strategic decision of MA;in the short term after diversified MA,when the enterprise faces a new industry,integration is needed.However,our enterprises are short of integration ability,so the performance will decline.After effective integration,the exertion of synergy and diversification of business risk will improve the performance.The performance of non-diversified MA will decline year by year because of the duality of ownership structure and the duality of government role in our country.The non-diversified MA can not lead to scale effect and economies of scope.