并购整合对并购公司绩效的影响——基于中国液化气行业的研究

本文基于问卷调查的数据,以2000-2006年间我国液化气行业的43个并购事件为样本,对并购后整合程度与速度对并购绩效的影响进行了实证研究.结果表明:液化气行业并购整合中必须重视市场整合和生产运作整合,市场整合和生产运作整合的程度越高和整合的速度越快,越有利于并购目标的市场业绩的实现;同时,并购整合的程度越高,越能体现出成本的协同效应而带来成本的降低;此外,并购后市场业绩实现带来的规模经济也使企业节约运作成本;最后,并购后如果能够带来企业市场业绩的改善,会有利于并购后最终公司财务绩效的改善.但并购后并购双方的成本节约并没有直接带来并购后财务绩效的改变.     

公司并购惯性研究——以美国石油公司为例

以美国石油公司2000年-2010年并购数据为样本,研究了并购惯性对公司绩效的影响。研究结果表明:并购惯性与公司绩效正相关;并购惯性越高的公司并购惯性对公司绩效的影响越大;并购次数越多的公司并购惯性对公司绩效的影响越强。     

我国上市公司绩效与公司治理结构关系的实证分析

本文在分析公司治理结构与公司经营财务业绩相关关系的基础上 ,将公司绩效分解为净资产收益率代表的公司价值和托宾Q值代表的公司价值成长能力两个指标 ,分别建立公司价值与公司治理结构各影响因素以及公司价值成长能力与公司治理结构各影响因素关系的多元线性数学模型 ,对之进行多元线性回归分析 ,考察它们之间的相关性和回归系数 ,并通过拟合出的回归方程考察公司短期与长期发展能力与公司治理结构的关系 ,是对公司治理结构与公司绩效关系进行研究的一次有益尝试。文章最后还为完善我国公司治理结构 ,提高我国公司绩效提出了若干建议     

并购行为对企业业绩影响的实证研究

研究运用财务指标法进行并购行为对企业绩效影响的实证分析。分别对总体公司、收购公司、目标公司的并购前、并购当期、并购后的绩效进行对比分析,结论表明并购行为对公司总体、收购公司以及目标公司的绩效影响不一样。     

董事联结、目标公司选择与并购绩效——基于并购双方之间信息不对称的研究视角

本文基于并购双方之间信息不对称的研究视角,检验了并购双方之间的董事联结关系对目标公司选择和并购绩效的影响,结果显示:与并购方存在董事联结(包括间接董事联结)关系的公司更可能成为并购的目标公司,当这种董事联结关系是由内部董事形成时,以及当目标公司与并购方地处不同区域时,与并购方存在董事联结关系的公司成为目标公司的可能性更大;当并购方与目标公司之间存在董事联结关系时(与不存在董事联结关系相比),并购方获得的短期并购绩效并无显著差异,但获得的长期并购绩效会相对较好;并且当这种董事联结关系是由内部董事形成时,以及当目标公司与并购方地处不同区域时,董事联结关系对长期并购绩效的正向影响更强。这些发现意味着,并购双方之间的董事联结关系对并购行为产生重要影响,但其影响程度大小同时还依赖于联结关系类型、并购双方空间距离,特别地,董事联结关系的正向绩效效应需要在并购后一段时间之后才得以体现。     

公司特征、行业特征和并购战略类型的实证研究

本文以2001～2004年的我国上市公司中的148起相关并购事件和169起无关多元化并购事件为样本,考察了相关并购公司以及无关多元化并购公司并购前的公司特征和行业特征。研究发现:相关并购的公司与无关多元化并购的公司并购前在公司绩效、公司规模、国有股比例以及多元化状况方面存在显著差异,而公司可利用资源中除了每股未分配利润所代表的内部资金之外,其他资源以及公司经营风险和行业绩效等方面不存在显著差异。     

高管报酬激励、战略并购重组与公司绩效——来自中国A股上市公司的实证

本文运用结构方程模型探究了高管报酬激励、战略并购重组与公司绩效间的作用关系路径。研究发现,高管年薪报酬对公司绩效的直接正向作用显著,高管持股报酬对公司绩效的直接正向作用不显著;在激励契约完备与不完备的前提下,不同高管报酬激励、战略并购重组、公司绩效之间作用路径及其显著水平不同,战略并购重组的中介作用及公司规模与公司性质调节作用也不相同。研究结果为为中国企业选择高管报酬激励方式、进一步完善公司治理结构提供实证支持。     

上市公司股权结构与公司价值关系的探讨

本文在对股权结构与公司绩效关系进行理论分析的基础上，描述了我国上市公司股权结构的现状及特征，对股权结构影响上市公司价值的因素进行了分析，并提出优化融资结构，完善资本市场的具体措施，以使上市公司完善治理结构，进而保证公司取得良好的经营绩效，提升公司价值。     

上市公司股权结构、多元化经营与公司绩效问题研究

公司股权结构与多元化经营是理论界颇具争议的问题.研究表明,公司多元化经营虽可获得显著收益但也会产生显著成本,这些成本可能会随着多元化程度提高而侵蚀公司利益,进而影响到公司绩效.结合代理成本假设,利用复回归模型探讨股权结构对多元化程度的影响以及多元化对公司绩效的影响.     

公司控制中的董事会领导结构和公司绩效

本文针对公司控制中存在的不同的董事会领导结构,分析了董事会领导结构的不同形式和公司绩效之间的关系。鉴于传统的绩效指标体系的缺陷,采用了EVA评价体系来分析董事会领导结构与公司绩效之间的关系,本文以中国上市公司为样本,构建了以控制权比例和EVA为指标的数据库,实证分析了董事长和总经理两职状态对公司绩效的影响,探讨了公司绩效的决定因素,得出了两职合一与公司绩效负相关的结论。     

并购后高管变更、合法性与并购绩效——基于制度理论的视角

并购后的高管变更对于企业的并购绩效具有重要的影响,但目前的研究结论没有取得一致性。本文基于制度理论的视角引入合法性的概念,通过123份并购样本实证分析了并购后高管变更、合法性以及并购绩效之间的关系。研究结果显示:并购后高管变更与并购的外部合法性和内部合法性之间均存在显著的负相关;而外部合法性和内部合法性对于并购绩效具有显著的积极作用。本研究结论对于我国企业的并购后高管变更决策以及如何提升并购绩效具有理论指导意义。     

How does decision-making involvement affect perceptions of speed during post-merger integration?

This article offers an empirical demonstration of how different employees perceive the speed of change during the post-merger integration (PMI) process. As such, it adds to the growing body of literature on the speed of integration in the aftermath of a merger or acquisition (M&A). It broadens our understanding of the M&A integration process as it goes beyond binary recommendations of ‘fast’ or ‘slow’ integration by highlighting the relationship between an employee's involvement in the decision-making process and their perception of the speed of change.We conducted a multi-level longitudinal study over a two-and-a-half-year period. Our qualitative research on two not-for-profit, higher education institutions, employed multiple sources of process data. Building from this, our article thus provides not only novel theoretical insights into the PMI process, but equally offers valuable managerial advice on how staff morale, turnover and change resistance might be more efficiently managed during PMI.     

Alternative forms of charismatic leadership in the integration of mergers and acquisitions

It is becoming increasingly clear that post-merger and acquisition (M&A) performance, especially in terms of achieving the integration of merging firms, is strongly affected by organizational factors, such as leadership. This paper presents a theoretical model showing how alternative forms of charismatic leadership can be relevant to the implementation of M&As. A unique aspect of our conceptualization is that we recognize the distinction between charismatic leaders with more of a personalized versus socialized power motive, the behaviors emanating from each respective type, and likelihood of resulting effects on the post-combination organization of an M&A. We also propose that personalized charisma will result in an absorption strategy and accompanying stress, resistance to change, and turnover that vary in degree between acquiring and acquired firms. Conversely, socialized charisma will result in collaborative vision-formation and decision-making processes that will ultimately achieve transformation in both of the combining firms. We further argue that absorption strategies can result in effective integration of the target firm into the acquiring firm when the pre-merger condition of the former is unfavorable.     

Corporate raiders don't cut investment in R & D

A focal point of the public debate over the effects of corporate mergers and acquisitions is their impact on the level of spending on long term projects. This study examines the pre-and post-merger levels of spending on R & D and the more general category of capital expenditures. Analysis of expenditures for a sample of firms drawn from the largest corporate mergers in the US during the late 1970s indicate that long term spending rises significantly in the post-merger environment. This supports the view that acquiring firms. whether hostile or friendly, recognize the relationship between such spending and firm value.     

Advancing post-merger integration studies: A study of a persistent organizational routine and embeddedness in broader societal context

Studies analyzing organizational routines in post-merger integration (PMI) studies at the micro level are almost nonexistent. To fill this research gap, the author performs a longitudinal exploratory case study of an admissions routine of an art college undergoing a merger with a larger university, drawing on advances in routine dynamics literature. The study enhances understanding of PMI challenges by depicting routines' internal dynamics, their incompatibility, and the role of broader context in shaping their performances post-merger. The findings trace resistance to PMI to routine incompatibility caused by the simultaneous presence of multiple understandings (ostensive aspects) for integration, generated by the quest for efficiency-based synergies and continuity within the university post-merger, and for preservation, inherited from the pre-merger era and the routine embeddedness within the local context. The findings shed new light on the post-merger integration–preservation dilemma by illustrating how the interplay of routine participants’ agency and routine embeddedness within the organization and broader societal context constrains PMI, in spite of an intended full consolidation plan, as routine participants enact the routine in the emerging context.     

Governance of sustainable supply chains in the fast fashion industry

This paper examines the impact of corporate social responsibility behavior on the sustainability performance of focal companies and their partners in fast fashion supply chains. The attributes of sustainability and the mechanism of sustainability governance of the fast fashion supply chain are also discussed. From the perspective of strategic corporate social responsibility, we first analyze the motives for adopting sustainability governance in fast fashion supply chains, and identify seven competitive sustainable attributes of the fast fashion product based on sustainable development theory. Then, by establishing a sustainability governance framework, we identify seven factors that affect the sustainability governance decision-making and evaluate the efficiency and legitimacy mechanism of sustainability governance from internal and external perspectives. Finally, we explore the application of the governance mechanisms via a case study based on H&M’s seven sustainability commitments. The findings suggest that the core influence and centrality of a corporation should be strengthened from the perspective of internal governance, and stakeholders should collaborate to achieve sustainability governance throughout the entire fast fashion supply chain from the perspective of external governance.     

The dynamic impacts of M&A on employment in Japan

This paper provides empirical evidence on the dynamic effects of merger and acquisition (M&A) on employment in Japan. The main contributions to the gaps in existing literature are: targeting employment effects of M&A, examining them by the deal type (merger and acquisition) and by the sector (manufacturing and non-manufacturing), tracing the effects in the long term, using large dataset with 9,880 sample firms and 2,530 M&A cases for the period from 1995 to 2008, and focusing on the case of Japan. Our main findings are: the “acquisition” with the key role of “extension and growth” proved to have positive effects in the dynamic terms on target firms’ employment, mainly in manufacturing sector with high labor productivity. On the other hand, the “merger” with key function of “consolidation” turned out to have negative impacts dynamically on post-merger firms’ employment, mainly in non-manufacturing sector with low labor productivity. The strategic implication might to be that the different employment responses to M&A events between manufacturing and non-manufacturing reflect the difference in labor productivity between them, i.e. the dual structure of Japanese economy.     

What Makes Better Boards? A Closer Look at Diversity and Ownership

This study investigates the joint effect of corporate ownership and board of directors' diversity configurations on the success of strategic merger and acquisition (M&A) decisions. Board diversity is defined as the extent to which its demographic diversity as measured by the culture, nationality, gender and experience of its directors complements its statutory diversity. A theoretical framework linking ownership, board diversity and M&A strategic decision making is proposed and tested. Based on a sample of 289 M&A decisions undertaken by Canadian firms over the period 2000–2007, demographic diversity is found to have a clear and non‐linear effect on M&A performance while statutory diversity is of limited influence. Ownership is found to influence the effect of diversity, making the relation finer and more precise. This has practical implications. First, statutory diversity is not sufficient for well‐performing boards. Also, ownership is an important factor. The most advocated board diversity aimed at insuring the board's independence is not valid across all ownership configurations. From a public policy perspective, results provide support for the principles‐based approach in governance. Governance regimes should encourage the search for a balance between board diversity and the need for cohesion that best serves the firm's purpose and obligations.     

财务困境、财务困境间接成本与公司业绩

本文研究了上市公司财务困境、财务困境间接成本及其与公司业绩之间的关系.通过实证研究企业陷入财务困境以后业绩变化的情况,本文认为,我国上市公司的间接财务困境成本显著为正,从总体来看,公司的间接困境成本大约为企业价值总额的25%-36.5%之间,资本结构对这种业绩的变化所引起的困境间接成本具有显著影响.负债率越高的企业,在困境期内将损失越大的市场份额和利润.     

Does strategic corporate performance depend on corporate financial architecture? Empirical study of European,Russian and other emerging market’s firms

Performance of the firm depends on its structural dimensions: capital structure, ownership structure and corporate governance. Their interactions are known as corporate financial architecture according to S. Myers. In this paper we analyze financial architecture which is a mix of ownership structure, capital structure, control and board’s composition, and therefore, provides the given framework for improving corporate performance. We contribute to the literature by different attributes of our study. In contrast to most empirical papers on performance, we develop integrated rather than segmented approach combining the intrinsic components of corporate financial design in one research model. We introduce new variable to capture the structure of ownership for the purpose of performance analysis. Our third contribution is based on comparative analysis of the influence of financial architecture over corporate performance in rather different capital market environment: developed European and emerging (developing) capital market’s countries. We start with a classic empirical model of the impact of ownership structure, capital structure and other components of financial architecture on the corporate performance. Further we verify the validity of exogenous nature of key variables of the classic model when applying it to companies in developed and emerging market environment. Our results could have some important policy implications for the firms in normal economic environment as well as in the period of global economic crisis. We found that the higher proportion of related ownership which indicates investors with significant voting power and the board’s composition affect firm performance positively. The related shareholders and independent directors seem to add more value to firms while the impact of government ownership differs depending on the country. The emerging market’s sample versus the one from developed countries proves the stronger influence of corporate financial architecture over performance.