并购后控制与并购绩效的关系研究:基于合法性的调节效应

主并企业对被并企业的控制会影响并购绩效,而企业的各种利益相关者对于企业并购的态度即并购合法性会对并购后控制与并购绩效之间的关系产生影响。基于123个样本实证分析得到如下结论:主并企业对被并企业的非正式控制程度对主并企业的并购绩效具有显著积极作用,而正式控制程度与并购绩效之间没有显著相关性;并购的外部合法性对并购后正式控制与并购绩效之间的关系具有显著的正向调节作用,而并购的内部合法性对并购后非正式控制与并购绩效之间的关系具有显著的负向调节作用。研究结论对于中国企业的并购后决策以及如何实现并购目标具有理论指导价值。

The Relationship between Post-Acquisition Control and Acquisition Performance with Legitimacy as a Moderator

Post-acquisition control can affect acquisition performance and acquisition legitimacy plays a significant role on the relationship between post-acquisition control and acquisition performance.Based on a sample of 123 acquisitions,this paper makes an empirical study on the relationship among post-acquisition control,acquisition legitimacy and acquisition performance.It is found that post-acquisition informal control has significant positive effect on acquisition performance and formal control has no influence on acquisition performance.Furthermore,the relationship between post-acquisition formal control and acquisition performance is positively moderated by external legitimacy,while internal legitimacy has negatively moderating role on the relationship between informal control and acquisition performance.