宗族文化与企业并购收益

Clan Culture and M&A Returns

基于2005年全国1%人口调查、2010和2012年“北京大学中国家庭和个人跟踪调查”(CFPS)数据,本文以姓氏集中度代理宗族文化强度,研究并购双方所在地区宗族文化差异对企业并购收益的影响,发现宗族文化差异越大企业并购收益越高.进一步研究表明宗族文化不会显著影响地区内个体的思维方式或价值观念,但宗族的排外性使强宗族文化地区企业掌握了独有的社会关系网络和社会资本,收购强宗族文化地区企业有助于外地企业进入地方社会网络,吸收地方社会资本,增加市场竞争优势.基于这一现象构建投资策略,收益远超市场表现.本文研究结果对构建投资策略、企业并购决策具有价值.

Based on data from the 2005 population census and the China Family Panel Studies(CFPS)of Peking University in 2010 and 2012,this paper studies the impact of clan culture differences on M&A returns by using family name concentration as an agent of clan culture intensity.It is found that the bigger the clan culture difference is,the higher the return of M&A is.Further research shows that clan culture will not affect the way of thinking or values of individuals,but the exclusiveness of clan makes enterprises in strong clan culture areas have a unique network of social relations and more social capital.Acquisition of enterprises in strong clan culture areas helps foreign enterprises to enter local social networks and absorb social capital.Based on this phenomenon,we construct investment strategy and gain far from market performance.