资源相关性与企业并购成败的关系——以中国制造业企业为例

Relationship between Resource Relatedness and M&A Success:Evidence from Firms in Chinese Manufacturing Industry

基于资源基础理论,以中国沪深两市制造业上市企业在2000—2016年实施的并购交易为研究样本,探究了并购双方资源相关性对并购交易成败的影响。研究发现:并购方和被并购方的资源相似有助于提高并购交易的成功率;并购方与被并购方的资源互补性适度,可以提高双方并购交易的成功率,但当两者的资源互补性超过临界值时,并购双方的资源互补性对成功完成并购交易起负向作用,即并购双方的资源互补性与并购交易成败之间存在倒U形关系;并购方的国有企业性质会负向调节资源互补性与并购交易成败的关系。最后提出政策建议。

Based on the resource-based review,taking the MA transactions implemented by manufacturing companies listed in China＇s Shanghai and Shenzhen Stock Exchanges from 2000 to 2016 as the samples,it explores the impact of resource relatedness between the acquirer and the target on the success or failure of MA deals.The results show as follows：when the resources between the acquirer and the target are similar,the likelihood of success will be higher;when the resources between the acquirer and the target are complementary to a certain extent,the likelihood of success will be higher with the increase of the complementarity,but when the complementarity of two firms exceeds a certain point,the influence of resource complementarity on MA transaction will be negative,namely the relationship between the complementarity and success of transaction is inverted-U shape;at the same condition,the type of acquirer（State-Owned Enterprise）negatively moderates the relationship between the complementarity and the completion of MA transaction.Based on the above conclusions,it puts forward some policy recommendations that can be used for reference.