客户、供应商网络与并购收益

Customer & Supplier Network and M&A Returns

在产业组织理论的基础上,从供应商和客户网络的视角研究了并购收益的分配和发生,结果发现,供应商网络的疏密程度会影响并购收益的分配,供应商网络密集处的企业分享到的并购收益份额较低,市场反应较差。在供应商网络中,近距离并购的增效显著高于远距离并购。但是,客户网络不会影响并购收益的分配和发生。

Merger and acquisition （M＆A） is an important means to promote businesses growth and adjust industrial structure, therefore, to study how M＆A affects return is of great significance. This paper employs the industrial organization theory to analyze the way M＆A gains are distributed and generated from a customer-supplier network perspective. It is found that the density of supplier network can affect the distribution of M＆A gains. Firms within a dense supplier network share a lower portion of M＆A gains, thereby suffer a poor market reaction. Finns in close proximity with each other in the supplier network enjoy higher degree of M＆A synergies than those separated by a long distance. However, customer network does not have an impact on whether M＆A happens or how M＆A returns are distributed.