组织冗余流动性会影响文化企业并购决策吗?

Does the Liquidity of Organizational Slack Influence M&A Decisions of Cultural Enterprises?

组织冗余是可以重新部署、利用的现实或潜在可用资源,其流动性水平会影响企业并购的行为决策。结合文化企业特点和内外部情境因素,基于沪深A股文化传媒类上市公司2014-2019年的并购事件样本,有利于权变解析组织冗余流动性与文化企业并购决策的关系。研究发现,组织冗余流动性与并购意愿、并购规模和并购频率正相关,冗余流动性水平越强,文化企业实施并购的可能性越大、并购规模越大且越倾向于进行连续性并购;进一步考察对并购交易设计的影响发现,组织冗余流动性促进采用现金支付交易方式,提升了并购溢价水平;低融资约束和高管理自主权情境下,冗余资源配置利用的能动性更强、自由度更大。研究结论从流动性视角拓展了组织冗余影响文化企业并购决策的研究文献,可以为文化企业组织冗余管理和并购投资决策提供实践启示。

Organizational slack is the actual or potential resources available that could be redeployed,and its liquidity level will influence M&A decisions of cultural enterprises.Based on M&A events initiated by the A-share cultural and media companies listed in Shanghai and Shenzhen from 2014 to 2019 and considering the internal and external situational factors,along with the characteristics of cultural enterprises,this paper analyzes the relationship between organizational slack liquidity and M&A decisions of cultural enterprises.Results show that the level of organizational slack liquidity is positively correlated with the willingness of implementing M&A,as well as the M&A size and frequency.The higher the liquidity level is,the more likely cultural enterprises are to carry out M&A,make larger transactions,and more inclined to proceed continuous M&A.A further study on M&A transaction designs shows that organizational slack liquidity promotes the use of cash payment to complete transactions and increases the M&A premium level.Under the circumstance of low financing constraints and high management autonomy,the allocation and utilization of slack resources is more dynamic and has a greater degree of freedom.The research conclusions expand the research literature by showing that organizational slack affects M&A decisions of cultural enterprises from the perspective of liquidity,and can provide practical inspiration for cultural enterprises to manage organizational slack and make M&A investment decisions.