地理距离对并购后企业绩效的影响——基于中国上市公司并购事件的实证研究

The Impact of Geographical Distance on Post-Acquisition Firm Performance:Evidence from Chinese Listed Companies

基于空间地理学、交易成本理论和信息不对称性,利用2009—2013年我国上市公司的769起并购事件的数据,探讨了地理距离对并购后企业绩效的影响。研究发现:(1)地理距离对并购后企业绩效有着负向影响;(2)地理距离越大,地理距离对并购后企业绩效的负向影响越明显;(3)相比于东部地区,地理距离对中西部地区并购后企业绩效的负向影响更大;(4)地理距离对并购后企业绩效的影响存在着行业差异性,劳动密集性行业中,地理距离对并购后企业绩效的影响显著为负,资本密集型行业以及技术密集型行业中,地理距离对并购后企业绩效的影响并不显著。最后,根据研究结论给出了相关的建议。

Based on the theory of spatial geography, transaction cost and asymmetric information, this paper explores the impact of geographic distance on post-acquisition firm performance with reference to a sample of 769 M＆A cases of listed corporations from 2009 to 2013. It reveals that： （1） Geographical distance has a significant negative impact on post-acquisition firm performance; （2） The longer the geographical distance, the more evident the negative impact of geographical distance has on the firm performance; （3） Compared with Eastern China, geographical distance has a more significant negative impact on the firm performance in Middle Western China; （4） The impact of geographical distance on post-acquisition firm performance varies among different industries. In labor-intensive industry, the geographical distance has a significant negative impact on post-acquisition firm performance, while the negative impact is not that significant in capital-intensive industry and technology-intensive industry. It puts forward some suggestions according to the conclusions at last.