不确定性下关联股东网络的并购经验与并购绩效研究

The Effects of Interlock-shareholders' Acquisition Experience on Acquisition Performance under Uncertainty

本文从不确定性环境下关联股东网络特征的角度研究关联股东的并购经验对于并购绩效的作用。结果表明,在关联股东构成的并购事件网络里,关联股东的并购经验会促进事件公司并购绩效的提高。事件公司的结构洞越多,这种作用越强;事件公司的中心性越强,这种作用越弱。当事件公司的不确定性较高时,虽然这种作用仍会加强,但中心性的调节作用却会减弱,结构洞的调节作用被进一步强化。结论从所有权网络的特征层面为并购绩效的经验影响机制提供了新的研究角度,也为并购绩效的经验应用机制开辟了新思路。

Based on the view of acquirer＇s social network constructed by interlocked shareholders, this study exploits the effect that the experience of interlocked shareholders produces on acquisition performance under uncertainty. This thesis uses a sample of 738 public companies which get an acquisition accident between the year of 2006 to the year of 2013 to analyses deeply the characteristic effect of interlock-shareholders＇ network structure, the experience effect of interlock-shareholders, the dynamitic experience effect of interlock-shareholders and the dynamic experience effect of environmental uncertainty. Firstly, this article uses method of social network analysis to acquire the data of interlock-shareholders under the valid period of experience transmitting in order to test the characteristic effect of interlock-network structure. Secondly, the method of multiple regressions is used to analyze the characteristic effect of inter-shareholders on the acquisition performance. Lastly, the method of hierarchy regression is used to discuss whether the experience of interlock-shareholders might influence the network characteristic effect of interlock-shareholders, the network characteristic effect of interlock-shareholders and experience effect of interlock-shareholders might be changing depend on the variance of environmental uncertainty. The following contribution can be found in this paper： The abundance experience of interlocked shareholders can improve acquisition performance. This improvement can be weakened when focal firm be proximity to the centrality of acquirer＇s network, also it can be strengthened when focal firm possessed more structure holes. When focal firm＇s uncertainty is higher, the improvement can also be strengthened. Moreover, the moderate effect of structure holes get strengthened under conditions of higher uncertainty, but the moderate effect of centrality get weakened under the same condition. The conclusion provides a new view for researching on acquisition-experience＇s effect on acquisition performance based on the characteristic of shareholders＇ network under uncertainty. Also it is meaningful to apply the acquisition experience to the improvement of acquisition performance.