南开管理评论
南開管理評論
남개관리평론
Nankai Business Review
2015年
3期
48~59
,共null页
产品市场竞争 资产专用性 行业竞争地位 横向并购 并购绩效
產品市場競爭 資產專用性 行業競爭地位 橫嚮併購 併購績效
산품시장경쟁 자산전용성 행업경쟁지위 횡향병구 병구적효
Product Market Competition; Asset Specificity; Competi- tive Position; Horizontal Merger; Merger Performance
与以往通过资产专用性研究纵向一体化（纵向并购）的视角不同,文章以研发投入作为资产专用性的替代变量,研究在不同产品竞争市场环境下,资产专用性对横向并购行为与绩效的影响。研究发现,随着产品市场竞争程度和资产专用性的增加,上市公司横向并购的可能性呈现先升后降的特点;进一步研究发现,产品市场竞争程度越高,横向并购越有利于提升企业价值,尤其在高专用性资产投入的企业中更为显著。本研究为企业的并购和资产专用性投资决策提供了新的经验证据。
與以往通過資產專用性研究縱嚮一體化（縱嚮併購）的視角不同,文章以研髮投入作為資產專用性的替代變量,研究在不同產品競爭市場環境下,資產專用性對橫嚮併購行為與績效的影響。研究髮現,隨著產品市場競爭程度和資產專用性的增加,上市公司橫嚮併購的可能性呈現先升後降的特點;進一步研究髮現,產品市場競爭程度越高,橫嚮併購越有利于提升企業價值,尤其在高專用性資產投入的企業中更為顯著。本研究為企業的併購和資產專用性投資決策提供瞭新的經驗證據。
여이왕통과자산전용성연구종향일체화（종향병구）적시각불동,문장이연발투입작위자산전용성적체대변량,연구재불동산품경쟁시장배경하,자산전용성대횡향병구행위여적효적영향。연구발현,수착산품시장경쟁정도화자산전용성적증가,상시공사횡향병구적가능성정현선승후강적특점;진일보연구발현,산품시장경쟁정도월고,횡향병구월유리우제승기업개치,우기재고전용성자산투입적기업중경위현저。본연구위기업적병구화자산전용성투자결책제공료신적경험증거。
The existing domestic and foreign literature, which based on research paradigm of the incomplete contract theory, investigates the relationship between the degree of asset specificity and the en- terprise vertical mergers. The asset specificity and the opportunist behavior were regarded as the important motivation of the enterprise vertical integration. However, as an mainstream form of mergers and acquisitions, scholars mainly use synergy theory （including operating synergy and financial synergy） and market advantage theory to explain horizontal mergers. The literature from the asset specificity theory is almost blank. In fact, highly dynamic competitive environment, rapid technological change, increasing R＆D investment and risk will force enterprise to horizontal mergers as an approach of important external innovation. Different from the previous papers which only focus on ver- tical integration from the point of asset specificity, using research and development intensity as asset specificity variables, and the listed com- panies in Shanghai and Shenzhen stock exchanges from 2007 to 2012 as our research sample, we discuss the impact of asset specificity on horizontal mergers and performance in different competitive market en- vironment. The results show that as the degree of competition in prod- uct markets and asset specificity increases, the possibility of horizontal mergers first rises then falls. Furthermore, we also find that the higher the degree of market competition, the more the horizontal mergers can improve the performance of enterprises, and this phenomenon will be- come more apparently in the high-specific assets invested enterprises. This research not only further enriches and expands the enterprises hor- izontal merger documents, but also clarifies the mechanism between the internal and external corporate governance from a new perspective. In addition, this paper will improve the enterprise＇s decision of M＆A and asset specificity investment, and help enterprises to obtain sustainable competitive advantage. Above all, this research provides new empirical evidence for mergers activities and asset specific investment decisions of the listed company.
