生命周期、并购模式与并购绩效的关系——基于收购公司的视角

A Study on the Relationships among Firms' Life Cycle,M & A Models and M & A Performance——From the View of Acquiring Firms

公司并购有横向、纵向、混合三种基本模式。本文从产业生命周期和企业生命周期两个维度,分析当产业、企业处于不同生命周期阶段时,不同并购模式的绩效,检验生命周期假说。以财务指标为基础,应用主成份法建立模型,评价中国上市公司2007—2009年收购公司的并购绩效;选取增长率产业分类法判断产业生命周期;采用留存收益/股本比例法,判断企业生命周期。实证研究结果表明,当产业、企业都处于成长期时,横向并购绩效好;当产业、企业都处于成熟期时,纵向并购绩效好;当产业处于成长期,而企业处于成长和成熟期时,混合并购绩效好。

There are three types of M & A models: horizontal M & A,vertical M & A and conglomerate M & A. Our study focuses on M & A performance when acquiring firms are at different phases of industries' life cycle and have adopted different M & A models. We aim to inspect the life cycle hypothesis. We empirically analyzed the 182 M & As which happened among the public companies of China from 2007 to 2009,and our conclusion is that the M & A performance is positive when industry and firm are all at their growing phase and horizontal M & A model is adopted,and when acquiring firms adopted vertical M & A model,M & A performance is positive when industries' and firms' life cycle are all at their mature phases,and those results are coincidence with the life cycle hypothesis. While conglomerate M & A is adopted,M & A performance is positive when industries are at growing phases and firms are at growing or mature phases,and this result is not coincidence with the life cycle hypothesis.