CAJ | 학술논문

企业多元化与其绩效之间的关系为企业战略管理最为核心的研究主题之一。虽然已有研究表明,多元化有利于提高旅游企业价值,然鲜有学者从并购角度研究多元化类型与旅游企业绩效之关系。因此,本文以2002～2008年41起旅游上市公司多元化并购事件为例,将多元化并购分为相关多元化并购和无关多元化并购,采用财务研究法衡量不同类型多元化并购对企业长期绩效的影响,探讨旅游企业多元化并购类型与长期绩效的关系。结果表明,旅游企业不同类型多元化并购后长期绩效呈现明显的趋势差异：无关多元化并购后企业长期绩效表现出大起大落的趋势,并购后二期的长期绩效仅比并购前一期增长8%;相关多元化并购企业长期绩效虽然在并购后一期小幅下降,但在并购后二期大幅上升,并购后二期的长期绩效比并购前一期增长147%,同时在控制收购方其他特征之后,多元化并购类型对企业并购后二期绩效影响在10%的水平下几乎是显著的。这说明相关多元化并购更多的是一种长期价值促进作用,无关多元化并购无法获取长期价值促进效应。另外,从并购前一期企业绩效来看,相关多元化并购多发生在并购前公司绩效就已经比较好的公司,无关多元化并购公司多在并购前公司绩效就差。
기업다원화여기적효지간적관계위기업전략관리최위핵심적연구주제지일。수연이유연구표명,다원화유리우제고여유기업개치,연선유학자종병구각도연구다원화류형여여유기업적효지관계。인차,본문이2002～2008년41기여유상시공사다원화병구사건위례,장다원화병구분위상관다원화병구화무관다원화병구,채용재무연구법형량불동류형다원화병구대기업장기적효적영향,탐토여유기업다원화병구류형여장기적효적관계。결과표명,여유기업불동류형다원화병구후장기적효정현명현적추세차이：무관다원화병구후기업장기적효표현출대기대락적추세,병구후이기적장기적효부비병구전일기증장8%;상관다원화병구기업장기적효수연재병구후일기소폭하강,단재병구후이기대폭상승,병구후이기적장기적효비병구전일기증장147%,동시재공제수구방기타특정지후,다원화병구류형대기업병구후이기적효영향재10%적수평하궤호시현저적。저설명상관다원화병구경다적시일충장기개치촉진작용,무관다원화병구무법획취장기개치촉진효응。령외,종병구전일기기업적효래간,상관다원화병구다발생재병구전공사적효취이경비교호적공사,무관다원화병구공사다재병구전공사적효취차。
The relationship between the diversification of enterprises and their performances is a core research subject in the field of strategic management of enterprises.Though existing studies show that diversification is helpful in improving the value of tourism enterprises,few researchers have examined the relationship between types of diversification and the performance of tourism enterprises in terms of mergers and acquisitions（MAs）.This paper explores the relationship between different types of diversified MAs of tourism enterprises and their long-term performance by dividing diversified MAs into related diversified MAs and unrelated diversified MAs;it adopts accounting research methods to measure the impact of different types of diversified MAs on the long-term performance of enterprises,and it takes 41 incidents of diversified MAs of listed tourism companies from 2002 to 2008 as its study area. MAs were selected from the Merger,Acquisition and Assets Restructuring Database of Chinese Listed Companies;they were divided into horizontal MAs and diversified MAs,and the former were omitted from this study.In classifying related and unrelated diversified MAs,this paper adopts a more objective method than that commonly employed.Generally,researchers distinguish between related and unrelated diversified MAs by determining whether the acquiring firm and acquired firm are in the same two-digit code industry using the four-digit code of the Standard Industry Classification.This method is at variance with the original sense of related diversification,though it does reduce the subjective role of the researchers.Thus,we assessed the types of diversified MAs by judging the strategic objective relevance and technological or market relevance of the businesses of the two parties according to the description of the practical uses and strategic purposes of the underlying assets in the MA announcement.In addition,the accounting research method in this study adopts six indicators to form a synthesized evaluation index system to determine the long-performances of tourism enterprises： profitability,operation capacity,growth ability,credit capacity,financial structure,and cash flow.Further,through an analysis of the empirical results,we were able to observe changes in the performance of the acquiring firms and conduct a regression analysis to examine whether or not changes in the performance had resulted from differences in the type of diversified MA. The results show that the long-term performance of tourism enterprises clearly differs according to the type of diversified MA.The long-term performances of enterprises（as assessed using a synthesized evaluation index） presented a large rise and then a fall after unrelated diversified MAs,and the increase was on average only 8% over 2 years after the MA.Enterprises＇ long-term performance after related diversified MAs dropped a little over the first year,but it rose sharply after 2 years;the increase was on average 147%,2 years after the MA.The effect of different types of diversified MAs on enterprises＇ performances 2 years after the MA was almost significant at the 10% level after controlling for other characteristics of the acquiring firms.These results suggest that enterprises can obtain long-term benefits through related diversified MAs but not through unrelated diversified MAs.In addition,related diversified MAs are more likely to occur with enterprises that have a better business performances than those with unrelated diversified MAs. With regard to the diversification of tourism enterprises,we suggest therefore that such enterprises should give priority to related diversification.They should enter a new industry according to the degree of relatedness that industry has with their own area of business and focus on related diversified industries.