本文關(guān)鍵詞： 中國(guó)企業(yè) 跨國(guó)并購(gòu) 價(jià)值創(chuàng)造 資產(chǎn)尋求 動(dòng)態(tài)能力　出處：《武漢大學(xué)》2014年博士論文　論文類型：學(xué)位論文

【摘要】：跨國(guó)并購(gòu)是實(shí)現(xiàn)資源配置的重要方式。經(jīng)濟(jì)學(xué)家錢納里曾指出,發(fā)展中國(guó)家要素市場(chǎng)的非均衡現(xiàn)象非常突出,因而資源在再配置方面的潛力較之發(fā)達(dá)國(guó)家更為重要。中國(guó)企業(yè)海外并購(gòu)的快速發(fā)展已成為中國(guó)企業(yè)躋身全球舞臺(tái)的重要標(biāo)志。據(jù)普華永道統(tǒng)計(jì),2012年,中國(guó)企業(yè)海外并購(gòu)交易金額為652億美元,增幅達(dá)54%,創(chuàng)歷史新高。2012年12月,中海油以151億美元并購(gòu)加拿大油砂運(yùn)營(yíng)商尼克森公司(Nexen Inc.),成為具有里程碑意義的海外并購(gòu)事件。然而,作為新興市場(chǎng)的后發(fā)企業(yè),這種快速展開的海外并購(gòu)能否為企業(yè)創(chuàng)造價(jià)值一直存在爭(zhēng)議。一些著名企業(yè)海外并購(gòu)的失敗案例為這種擔(dān)憂提供了佐證。例如,2004年,TCL出資5.6億美元重組法國(guó)湯姆遜公司(Thomson SA)彩電和DVD業(yè)務(wù),導(dǎo)致了企業(yè)連續(xù)幾年的巨額虧損；2004年,上汽集團(tuán)出資5億美元控股韓國(guó)雙龍汽車公司(Ssang Yong Motor Company),結(jié)果以雙龍的破產(chǎn)而告終�？鐕�(guó)并購(gòu)是以企業(yè)為載體,調(diào)整資源存量、優(yōu)化產(chǎn)業(yè)結(jié)構(gòu)、提高配置效率、促進(jìn)經(jīng)濟(jì)融合,使我國(guó)經(jīng)濟(jì)進(jìn)入長(zhǎng)期可持續(xù)發(fā)展軌道的重要方式。作為后發(fā)企業(yè),我國(guó)企業(yè)存在產(chǎn)業(yè)集中度低等問題,其跨國(guó)并購(gòu)多為產(chǎn)業(yè)投資式的跨國(guó)并購(gòu)；因此,跨國(guó)并購(gòu)的價(jià)值創(chuàng)造效應(yīng)并不十分顯著。但是,也有一些企業(yè)雖然是產(chǎn)業(yè)投資式并購(gòu)卻顯著的創(chuàng)造了價(jià)值。那么,是哪些因素影響了企業(yè)跨國(guó)并購(gòu)的價(jià)值創(chuàng)造?其影響機(jī)制如何? 學(xué)術(shù)界關(guān)于跨國(guó)并購(gòu)能否為公司創(chuàng)造價(jià)值的爭(zhēng)論由來已久。一些學(xué)者認(rèn)為,跨國(guó)并購(gòu)提供了國(guó)際化、協(xié)同和風(fēng)險(xiǎn)分散等方面的整合利益,因而可以為并購(gòu)方和目標(biāo)企業(yè)的股東創(chuàng)造價(jià)值(Kang,1993; Gubbi et al.,2010)。另一些學(xué)者則強(qiáng)調(diào),跨國(guó)并購(gòu)過程中的一些潛在挑戰(zhàn)會(huì)阻礙并購(gòu)目標(biāo)的實(shí)現(xiàn),對(duì)并購(gòu)企業(yè)的價(jià)值產(chǎn)生負(fù)面的影響。我國(guó)企業(yè)跨國(guó)并購(gòu)只有二十幾年的歷史,已有的跨國(guó)并購(gòu)樣本不多,有關(guān)的跨國(guó)并購(gòu)價(jià)值創(chuàng)造的研究也較少,而現(xiàn)有的不多的有關(guān)中國(guó)企業(yè)海外并購(gòu)價(jià)值創(chuàng)造的研究在結(jié)論上也存在一定的分歧。從現(xiàn)有的研究基礎(chǔ)看,多數(shù)文獻(xiàn)集中于單個(gè)問題的探討,如績(jī)效或績(jī)效影響因素,相對(duì)缺乏深入的整合研究,跨國(guó)并購(gòu)作為一項(xiàng)復(fù)雜的投資活動(dòng),必然有其自身的演化過程與運(yùn)行機(jī)制,單獨(dú)研究個(gè)別問題固然重要,卻容易忽略對(duì)其內(nèi)在的、深層的動(dòng)因、路徑及機(jī)制的考察；同時(shí)現(xiàn)有的研究多關(guān)注企業(yè)自身或外部因素對(duì)并購(gòu)績(jī)效的影響,較少深入挖掘企業(yè)內(nèi)部因素對(duì)并購(gòu)績(jī)效的影響,因而無(wú)法揭示跨國(guó)并購(gòu)價(jià)值創(chuàng)造的過程和深層機(jī)制。 本文的選題密切關(guān)注理論和實(shí)踐的前沿,運(yùn)用實(shí)證研究的方法,深入剖析了我國(guó)企業(yè)跨國(guó)并購(gòu)價(jià)值創(chuàng)造問題。首先,本文從資產(chǎn)尋求視角對(duì)我國(guó)企業(yè)跨國(guó)并購(gòu)的財(cái)富效應(yīng)及其影響因素進(jìn)行探索,并給出了邏輯一致的解釋。我們以2002-2012年間我國(guó)上市公司180個(gè)跨國(guó)并購(gòu)事件為樣本,采用事件研究法檢驗(yàn)其財(cái)富效應(yīng)。結(jié)果發(fā)現(xiàn),在[-10,10]事件窗口中,我國(guó)企業(yè)的海外并購(gòu)獲得了顯著的正的財(cái)富效應(yīng)。進(jìn)一步地,我們采用回歸分析方法,分別從并購(gòu)企業(yè)特征、目標(biāo)企業(yè)特征、東道國(guó)特征和并購(gòu)方式四個(gè)方面探索影響財(cái)富效應(yīng)的關(guān)鍵因素。結(jié)果顯示,并購(gòu)企業(yè)的研發(fā)強(qiáng)度和跨國(guó)并購(gòu)經(jīng)驗(yàn)對(duì)財(cái)富效應(yīng)具有顯著的積極影響,而并購(gòu)企業(yè)的成長(zhǎng)速度、資產(chǎn)規(guī)模和股權(quán)集中度則對(duì)財(cái)富效應(yīng)具有明顯的負(fù)面影響；同時(shí),東道國(guó)的創(chuàng)新與成熟度對(duì)財(cái)富效應(yīng)具有積極作用,縱向并購(gòu)由于其更易于獲得研發(fā)、渠道或礦產(chǎn)資源而受到市場(chǎng)的肯定。 然后,本文聚焦于中國(guó)企業(yè)跨國(guó)并購(gòu)的長(zhǎng)期價(jià)值創(chuàng)造問題,引入動(dòng)態(tài)能力視角對(duì)影響并購(gòu)價(jià)值創(chuàng)造的因素進(jìn)行了深入、系統(tǒng)的考察,通過建構(gòu)一個(gè)感知、獲取、轉(zhuǎn)換能力為自變量,研發(fā)強(qiáng)度為調(diào)節(jié)變量,資產(chǎn)規(guī)模、行業(yè)集中度、并購(gòu)資產(chǎn)類型和并購(gòu)經(jīng)驗(yàn)為控制變量的我國(guó)企業(yè)跨國(guó)并購(gòu)價(jià)值創(chuàng)造機(jī)制的分析框架,并進(jìn)行了實(shí)證檢驗(yàn)。研究發(fā)現(xiàn),感知、獲取、轉(zhuǎn)換能力三個(gè)變量對(duì)跨國(guó)并購(gòu)價(jià)值創(chuàng)造具有積極顯著的影響；研發(fā)強(qiáng)度對(duì)于轉(zhuǎn)換能力對(duì)價(jià)值創(chuàng)造的影響具有正向的調(diào)節(jié)作用,說明研發(fā)強(qiáng)度高的企業(yè)其轉(zhuǎn)換能力較強(qiáng)；行業(yè)集中度、資產(chǎn)類型、并購(gòu)經(jīng)驗(yàn)也對(duì)價(jià)值創(chuàng)造有顯著影響。 最后,本文運(yùn)用扎根理論,通過大量的搜集、分析8家樣本企業(yè)跨國(guó)并購(gòu)的多種數(shù)據(jù),構(gòu)建了我國(guó)企業(yè)跨國(guó)并購(gòu)的價(jià)值創(chuàng)造機(jī)制,研究發(fā)現(xiàn)動(dòng)態(tài)能力在跨國(guó)并購(gòu)的價(jià)值創(chuàng)造方面有重要作用,并購(gòu)過程中動(dòng)態(tài)能力作用的類型主要有三種：感知、獲取和轉(zhuǎn)換,它們各在不同階段發(fā)揮主要作用。本文進(jìn)一步探討了自然資源獲取型和戰(zhàn)略資產(chǎn)獲取型跨國(guó)并購(gòu)價(jià)值創(chuàng)造方面的異同,發(fā)現(xiàn)兩種類型并購(gòu)在感知機(jī)制方面并無(wú)差別,但企業(yè)表現(xiàn)出的感知能力并不相同,在獲取方面,中介投行及合作伙伴的引入易促成自然資源獲取型并購(gòu)獲取的成功和降低戰(zhàn)略資產(chǎn)獲取型并購(gòu)資產(chǎn)獲取與整合重構(gòu)的風(fēng)險(xiǎn),而多樣化的支付和融資方式可以減少戰(zhàn)略資產(chǎn)獲取型并購(gòu)資金壓力從而有助于價(jià)值創(chuàng)造；轉(zhuǎn)換能力方面兩種類型跨國(guó)并購(gòu)方面差異顯著,在組織結(jié)構(gòu)、文化、人力資源和供應(yīng)鏈方面進(jìn)行中等或較高程度整合的資源型企業(yè)容易形成新的資源能力基礎(chǔ)并實(shí)現(xiàn)價(jià)值創(chuàng)造,而在供應(yīng)鏈、研發(fā)、品牌、渠道等方面進(jìn)行較高程度整合的戰(zhàn)略資產(chǎn)尋求型企業(yè)容易實(shí)現(xiàn)協(xié)同創(chuàng)新和資源能力基礎(chǔ)的更新并實(shí)現(xiàn)價(jià)值創(chuàng)造。 本文的研究同時(shí)具有重要的實(shí)踐意義。首先,投資者對(duì)我國(guó)企業(yè)資產(chǎn)尋求型海外并購(gòu)的正面評(píng)價(jià)證明了“走出去”戰(zhàn)略的正確性。我國(guó)企業(yè)應(yīng)該積極推進(jìn)國(guó)際化戰(zhàn)略,把握時(shí)機(jī),適時(shí)收購(gòu)目標(biāo)企業(yè)有價(jià)值的知識(shí)資產(chǎn)和重要自然資源,以克服后來者劣勢(shì),提升企業(yè)的資源和能力基礎(chǔ)。其次,我國(guó)企業(yè)應(yīng)加大研發(fā)投入,堅(jiān)持以國(guó)際化的視野推進(jìn)戰(zhàn)略轉(zhuǎn)型,通過跨國(guó)并購(gòu)等方式積極利用海外資源,特別是發(fā)達(dá)國(guó)家企業(yè)所掌握的關(guān)鍵資產(chǎn),以加快技術(shù)追趕；最后,我國(guó)企業(yè)應(yīng)不斷在并購(gòu)實(shí)踐中積累經(jīng)驗(yàn),提高自身的動(dòng)態(tài)能力,以敏銳的戰(zhàn)略國(guó)際化眼光捕捉跨國(guó)并購(gòu)目標(biāo)和時(shí)機(jī),審慎的進(jìn)行并購(gòu)評(píng)估和談判,才能在跨國(guó)并購(gòu)的實(shí)踐中創(chuàng)造價(jià)值。
[Abstract]:Transnational merger is an important way to realize the allocation of resources. The economist Chanari once pointed out that the imbalanced factor markets in developing countries is very prominent, and therefore the potential of resources in reallocation of developed countries is more important. The rapid development of overseas mergers and acquisitions China enterprises has become an important symbol of Chinese enterprise among the global stage. According to PWC statistics, 2012 Chinese, overseas mergers and acquisitions transactions amounting to $65 billion 200 million, an increase of 54%, a record high in December.2012, CNOOC's $15 billion 100 million acquisition of Canadian oil sands operators Nixon company (Nexen Inc.), become overseas mergers and acquisitions events has milepost sense. However, as an emerging market after the development of enterprises, the rapid expansion of the overseas mergers and acquisitions can create value for the enterprise has been controversial. The failure cases of overseas mergers and acquisitions of some famous enterprises is provided with such concerns Card. For example, in 2004, TCL invested $560 million in restructuring the French firm Thomson (Thomson SA) and DVD color TV business, causes the enterprise huge losses for several consecutive years; in 2004, SAIC invested $500 million holdings of Ssangyong Motor Company (Ssang Yong Motor Company), results in Ssangyong resulted in the bankruptcy. The transnational merger and acquisition is to enterprises as the carrier, to adjust the allocation of resources, optimize the industrial structure, improve the allocation efficiency, promote economic integration, an important way to make the economy of our country enter into long-term sustainable development track. As enterprises, enterprises of our country exist in the low degree of industrial concentration, the cross-border mergers and acquisitions for industrial investment type of transnational mergers and acquisitions; therefore, multinational M & a value creation effect is not very significant. However, there are also some enterprises although the industrial investment type merger has significant value creation. Then, what are the factors affecting multinational enterprises What is the value creation of M & A? How is its impact mechanism?
The academic circles on cross-border mergers and acquisitions can create value for the company's long-standing controversy. Some scholars believe that the transnational merger provides internationalization, coordination and integration of the interests of risk diversification and other aspects, so it can be for the acquirer and target enterprise shareholder value creation (Kang, 1993; Gubbi et al., 2010). Some other scholars stressed that some of the potential challenges in the process of cross-border mergers and acquisitions will hinder the implementation of mergers and acquisitions, have a negative impact on the value of corporate mergers and acquisitions. The history of cross-border mergers and acquisitions of Chinese enterprises only 20 years, the cross-border mergers and acquisitions sample not much research about cross-border mergers and acquisitions create value is less, but not much about the existing Chinese enterprises overseas mergers create value research in conclusion there are some differences. From the basis of the existing research, the majority of the literature focuses on individual issues, such as performance or performance Study on the integration of factors, the relative lack of in-depth, cross-border mergers and acquisitions as a complex investment activities, there must be the evolution process and operation mechanism of its own, individual issues are important, but easy to overlook their intrinsic and deep motivation, path and mechanism study; at the same time, the existing studies pay more attention to their own or the impact of external factors on the performance of mergers and acquisitions, less influence to deep mining enterprise internal factors on the performance of mergers and acquisitions, and therefore can not reveal the process of cross-border mergers and acquisitions of value creation and deep mechanism.
This paper pays close attention to theory and practice, the use of empirical research methods, in-depth analysis of the problems of Chinese enterprises transnational mergers and acquisitions create value. First of all, this paper explores from the perspective of asset wealth effect factors of cross-border mergers and acquisitions of Chinese enterprises and its influence, and gives a logical and consistent interpretation. We take 2002-2012 years 180 Chinese listed companies mergers and acquisitions events as a sample, to test the wealth effect by using the method of event study. The results showed that in the [-10,10] event window, Chinese enterprises overseas mergers and acquisitions have significantly positive wealth effect. Further, we use regression analysis method, separately from the enterprise merger and acquisition target enterprise characteristics, characteristics exploring the key factors affecting the wealth effect of the four aspects of host country characteristics and acquisition mode. The results showed that the corporate R & D intensity of cross-border mergers and acquisitions experience on wealth effect We should have a significant positive effect, while the growth rate of corporate mergers and acquisitions, asset size and equity concentration of wealth effect has obvious negative impact; at the same time, a host of innovation and maturity of the wealth effect has a positive effect, vertical mergers and acquisitions because of its easier access to research, channels or mineral resources by the market.
Then, this paper focus on the problem of creating long-term value China transnational M & A, dynamic capability perspective into the influence factors of value of in-depth, systematic investigation, obtained by constructing a perception, conversion ability as independent variables, R & D intensity was adjusted variable, asset size, industry concentration, analysis framework of mergers and acquisitions the type of assets and experience in mergers and acquisitions for the control variables for cross-border mergers and acquisitions of Chinese enterprises value creation mechanism, and an empirical test. The study found that perception, acquisition, conversion ability of three variables has a positive and significant impact on cross-border mergers and acquisitions create value; development intensity has a positive regulatory role to affect the conversion ability of value creation. That R & D intensity of enterprises with high conversion capability; industry concentration, types of assets, mergers and acquisitions experience also has significant influence on value creation.
Finally, this paper uses grounded theory, through extensive collection, analysis of data of 8 sample companies of transnational mergers and acquisitions, the construction of cross-border mergers and acquisitions of Chinese enterprises value creation mechanism, the study found that dynamic capabilities in cross-border mergers and acquisitions of value creation plays an important role, there are three main types of dynamic capabilities in the merging process: perception each of them, acquisition and conversion, play a major role in different stages. This paper further discusses the acquisition of natural resources and strategic asset acquisition transnational mergers create value differences between the two types of mergers and acquisitions, found no difference in the perception mechanism, but corporate performance perception is not the same as in the acquisition, the introduction of intermediate investment bank and partners likely to contribute to the acquisition of natural resources acquisition success and reduce access to strategic assets acquisition and integration of assets to obtain the risk of the construction , and various payment and financing can reduce access to strategic assets acquisition funding pressure to help create value; the difference conversion capacity of two types of cross-border mergers and acquisitions significantly, in the organizational structure, culture, human resources and supply chain aspects of resource type enterprise medium or high degree of integration of the resources to form new foundation and the realization of value creation, and in the supply chain, R & D, brand, channel and other aspects of a higher degree of integration of the strategic asset seeking enterprises to realize innovation and collaboration ability based resource update and create value.
This study also has important practical significance. First of all, investors in China's enterprise asset seeking positive evaluation type of overseas mergers and acquisitions vindicates "going out" strategy. Chinese enterprises should actively promote the internationalization strategy, seize the opportunity, timely acquisition of knowledge assets of the target enterprise value and important natural resources, in order to overcome the later disadvantage, resources and capacity of enterprises enhance the foundation. Secondly, China's enterprises should increase investment in research and development, to promote the strategic transformation in international vision, active use of sea source through cross-border mergers and acquisitions of foreign capital, especially the key assets of enterprises in developed countries have, in order to accelerate the technological catch-up; finally, China's enterprises should continue to accumulate experience in practice, improve their dynamic capabilities, capture the transnational merger and acquisition and timing with the keen international strategy perspective, careful assessment of mergers and acquisitions Evaluation and negotiation can create value in the practice of transnational mergers and acquisitions.

【學(xué)位授予單位】：武漢大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類號(hào)】：F279.2;F271
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本文編號(hào)：1447507