王艳;阚铄;

• 1:广东财经大学会计学院
• 2:中国人民大学财政金融学院

摘要(Abstract)：

鉴于从企业文化维度分析公司并购价值创造问题的研究尚比较缺乏,本文从企业组织行为特征的角度量化收购方企业文化强度,研究了其对并购绩效的影响。通过对中国A股上市公司并购事件的实证检验,本文发现收购方企业文化强度越强,并购的长期绩效表现越差。同时,对于并购非上市公司、并购行业不相关企业或进行跨省份并购等并购双方文化融合难度更大的并购事件,企业文化强度对并购绩效的负面影响更为明显。本文的研究结果说明企业文化强度是能够解释并购为何不能为收购方创造价值的重要影响因素,为并购绩效影响因素的研究提供了新的分析角度与经验证据。

关键词(KeyWords)： 企业文化;兼并收购;并购绩效

Abstract:

Keywords:

基金项目(Foundation):

作者(Author): 王艳;阚铄;

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• ①参考定量研究企业文化的文献(Kotter and Heskett,1992;Sorensen,2002),本文将企业文化的量化指标简称为文化强度(Culture Strength),文化强度越高表示企业组织的共同价值观念认同越强。
• ②2007年以来中国并购市场并购事件数量与并购金额都基本保持增长态势,仅2013年全年中国并购市场共完成并购1232起(不包括属于关联交易的并购),同比上升24.3%,涉及的并购金额达932.03亿美元,同比涨幅为83.6%(清科研究中心,2013)。③2014年3月,国务院公布《关于进一步优化企业兼并重组市场环境的意见》,放松了在并购重组支付手段、定价等方面的政策要求;同年7月证监会在前期市场化改革的基础上发布《上市公司重大资产重组管理办法》,提出除借壳上市、发行股份外,上市公司重大资产重组不再需要经过证监会的行政许可。
• ④美国最适合工作公司榜(Best Companies to Work For in America)由最佳雇主学会(the Great Place to Work Institute)每年按照对超过40个国家的企业雇员的调查结果评选,http://www.greatplaceto work.com/our~approach/what-is-a-great-workplace。
• ⑤2010年4月15日,五部委(财政部、证监会、审计署、银监会、保监会)联合颁布《关于印发企业内部控制配套指引的通知》([2010]11号),明确内部控制包括5个相互联系的要素:控制环境、风险评估、控制活动、信息和沟通、监控。2012年8月14日,财政部与证监会联合发文《关于2012年主板上市公司分类分批实施企业内部控制规范体系的通知》([2012]30号),要求沪深上市公司每年定期披露内部控制审计报告。
• ⑥本文研究样本中收购方均为上市公司。⑦“差序格局”由社会学家费孝通先生在1947年《乡土中国》中提出,差序格局突出自我主义。在管理学中差序局主要应用于营销学研究,血缘、地域、经济发展水平、思维习惯、文化匹配度、势力范围是形成差序格局的主要因素。
• ⑧我们做这一处理的主要原因是通常只有形成控制权(相对)转移的并购事件才更可能涉及并购后的企业文化融合问题,我们也尝试了更严格地剔除并购后收购方股权比例不足51%的样本,即要求并购交易后收购方绝对控股目标公司,得到的主要结果保持一致。
• ⑨为了结论的稳健性,我们也尝试了保留收购方一年中并购规模最大的并购事件,或剔除一年内存在多起并购的样本等处理方式,得到的主要结果保持一致。参考Guest等(2004)、吴超鹏等(2008),我们在正文中报告“保留公司在当年所完成的第一起并购”的结果。
• ⑩并购首次公告日前后两年的总资产收益率平均变化量(△ROA_(t-2,t+2))即按并购完成之后两年(t+1年,t+2年)ROA均值减去并购前两年(t-2年,t-1年)ROA均值计算。
• 11.为了结论的稳健性,我们也使用了并购首次公告日前后1年(3年)的总资产收益率变化值作为长期并购绩效的度量指标,得到的结果保持一致,为节约报告空间,我们在正文中只报告了并购前后两年的总资产收益率变化值的结果。
• 12.参考已有文献(Singh and Montgomery,1987;Megginson et al.,2004;李善民、周小春,2007),我们将产业链中的上下游纵向并购和同一行业内的横向并购定义为行业相关性并购,相关行业企业文化可能更具有同质性。
• 13.使用并购前后1年或3年总资产收益率的变化的结果保持一致。
• 14.我们也考虑了同时改变企业文化强度和长期并购绩效的度量方式,即按刘志雄和张其仔(2009)的方法度量企业文化强度,检验其对使用并购前后1年至3年息税前利润与总资产比值变化度量的长期并购绩效的影响,回归结果仍与本文主要结果保持一致。