驰名商标与并购目标公司选择——基于资源效应的研究视角

Well-known Trademark and Merger Target Selection

基于资源效应视角,采用2005—2013年同行业、同年度及规模相近的公司配对样本研究并购目标公司的驰名商标特征发现:驰名商标作为优质无形资产有助于收购方实现规模经济、扩大市场占有率和降低经营风险等并购目的。作为市场声誉的信号传递机制有助于降低并购过程中风险和不确定性。驰名商标拥有公司更易成为并购目标。在关联方并购中,由于信息优势及资源整合便利更为明显,因而更倾向于选择驰名商标公司作为并购标的。并购活动及目标公司选择受到宏观经济环境的密切影响,后金融危机时代由于海外并购替代以及经济前景受挫,驰名商标公司并购吸引力有所减弱。

Based on the angle of view of resource effect, authors construct paired samples to analyze characters of target companies according to the same industry, the same year of merger, and similar asset scale using the events of mergers during 2005-2013.The results show that as the high quality intangible assets, well-known trademark is more likely help acquiring firms to realize merger targets of scale economy,expanding market occupancy and lower operation risk. The signal transmission mechanism of market reputation can help to reduce the risk and uncertainty during the course of merger and acquisition. The probability of companies with well-known trademark to be selected will be improved, In the merger and acquisition of related parties, because of the information advantage and convenient resource integration are more apparent, thus well-known trademark company is more likely to be chosen as targets. Mergers and acquisitions and selection of target companies are intimately affected by the macroeconomic environment, after the financial crisis era, due to the frustration of overseas M＆A replacement and economic outlook, acquisitions attraction of companies with well-known trademark weakened.