并购、资源重组与目标企业增长

Mergers and Acquisitions,Resource Reallocation and the Growth of Target Firms

中国企业并购日趋活跃,但频频曝光的失败案例使其资源重组效应遭到质疑。鲜有研究关注到并购绩效多受目标企业被并购后增长的影响,本文利用2000-2013年中国工业企业数据考察目标企业被并购后的产出增长情况及其资源重组效应。研究结果表明,目标企业被并购后投入增加但因效率下降而增长受挫;大目标企业投入减少而效率提高,资源重构的正效率效应大于资源投入减少的负数量效应进而促进企业增长;小目标企业投入增加但效率降低,资源重构的负效率效应超过资源投入增加的正数量效应进而抑制企业增长。本文探讨了以并购助推大企业转型和中小企业“专精特新”发展的实践空间,为探索以资源重组方式推进供给侧结构性改革提供了理论支撑与新观察视角。

Mergers and acquisitions(MAs)of Chinese firms are becoming increasingly active,but the effect of resource reallocation has been questioned due to the exposure of many failed cases.Few studies have paid attention to the fact that MA performance is mainly affected by the development of target firms after being acquired.Therefore,this paper uses data on Chinese industrial firms from 2000 to2013 to investigate the growth of target firms and the resource reallocation effect after being acquired.The study finds that after the acquisition,the investment of target firms increases while their efficiency decreases,leading to a setback in firm growth.The investment of large target firms is reduced,while their efficiency increases,resulting in a more positive efficiency effect in resource reallocation than the negative quantitative effect of reducing investment in resources,thus promoting firm growth.On the other hand,the investment of small target firms increases while their efficiency decreases,leading to a greater negative efficiency effect in resource reallocation than the positive quantitative effect of increasing investment in resources,thus inhibiting firm growth.The paper also discusses the practical space for MAs to promote the transformation of large firms and the development of the“specialisation and innovation”of small and medium-sized enterprises,providing theoretical support and a new perspective to explore how to reallocate resources to promote supply-side structural reform.