并购动机与并购绩效——基于节约交易成本视角及进一步投资需求的检验

M&A Motivation and M&A Performance:A Test based on the Perspective of Saving Transaction Cost and Further Investment Demand

基于节省签订合约成本的研究视角,区分企业横向并购和纵向并购,检验企业纵向并购的内在动机对长期并购绩效的影响。结果发现:专用性资产是企业纵向并购的必要条件,进一步投资则是企业纵向并购的内在动机;相比于横向并购,纵向并购有着更好的长期并购绩效,且随着观测时期的加长而愈加显著。通过中介效应模型检验发现:进一步投资对纵向并购的长期并购绩效具有显著正向影响。纵向并购在节省由专用性资产导致的高昂签订合约成本的同时,不可避免会产生新的组织成本,而进一步投资带来的收益抵消新的成本是企业纵向并购的内在动机,并会带来好的长期并购绩效,但需要在并购一段时间后才能逐渐体现。本文结论的政策含义是强调并购动机与并购绩效的相关性,而以降低交易成本为目的的并购更倾向于有更好的长期绩效,这也是相关并购政策发挥作用的重要前提。

Based on the perspective of saving contract cost,this paper distinguishes horizontal M&A and vertical M&A,and tests the influence of internal motivation of vertical M&A on long-term M&A performance.The results show that:specific assets are the necessary conditions for vertical M&A,and further investment is the intrinsic motivation of vertical M&A;compared with horizontal M&A,vertical M&A has better long-term M&A performance,and it becomes more significant with the extension of observation period.Through the mediating effect model test,we find that further investment has a significantly positive impact on the long-term performance of vertical M&A.Vertical M&A can not only save the high cost of signing contracts caused by special assets,but also produce new organizational costs.The income from further investment offsets the new costs is the intrinsic motivation of vertical M&A,and it will bring good long-term M&A performance,but it will be gradually reflected after a period of time.The policy implication of the conclusion of this paper is to emphasize the correlation between M&A motivation and M&A performance,while M&A aiming at reducing transaction costs tends to have better long-term performance,which is also an important premise for the relevant M&A policies to play a role.