上市公司为什么会连续并购:生来不同吗?

Why Do Firms Make Serial M&As: Are They Born Different?

基于组织印记理论和资源基础理论,文章探究成立时期的环境印记对上市公司连续并购行为的影响。通过对2003—2020年间A股上市公司并购数据进行回归,研究发现:上市公司间的并购选择生来不同,后续的连续并购行为会受到“出身环境”的影响,成立时期环境越景气,其后续越可能成为连续并购公司,且并购强度越高、并购节奏也越快;公司的资源禀赋会缓解环境印记对连续并购的影响,充足的先天禀赋会降低公司对成立环境的依赖进而抑制环境印记的形成;丰裕的后天资源会覆盖公司成立时期印记进而抑制环境印记的延续。文章为连续并购行为提供了组织印记视角的解释,并区分先天禀赋和后天资源,从不同时期分析资源禀赋如何影响组织印记的形成和延续,同时也为企业理解连续并购、如何更好地促进并购行为提供了参考。

Based on organization imprinting and resource-based theory,this paper explores whether environmental imprinting during founding period influences the serial mergers and acquisitions( M&As) of firms,whether the influence is continuous and what factors may weaken the influence. Using the A-shared listed firms who make M&As deals during 2003 to 2020,through regressing the sample,this paper finds that the environmental imprinting is a positive driver to serial M&As,and the firms are born different. Meanwhile the intensity and rhythm of the serial acquirers also get higher when their founding environment is boomer. What’s more,the effect can be moderated by the resource endowment a firm have ex ante and ex post. If the firms start up with more abundant endowment in the past or they accumulate more resource at present,they may get less influence from the past imprinting when make serial M&As decisions. The article provides an explanation from the perspective of organizational imprinting for serial M&As,distinguishes between ex ante endowment and ex post resource,analyzes how resource endowment affects the formation and continuation of organizational imprinting from different periods,and also provides a reference for firms to understand serial M&As and how to better promote M&As.