摘要
针对兼并与收购分别对并购发起方企业的创新绩效影响差异问题,从企业层面汇总三十组兼并数据及三十组收购数据,运用数据包络分析方法对涉及兼并和收购的企业进行比较。结果显示:兼并比收购给并购企业带来较高的创新绩效,如果并购发起方企业比较注重创新市场表现,选择收购的效率要好;如果并购发起方企业比较注重自身的资产能力提升,选择兼并会带来更高的创新绩效;如果并购发起方仅仅注重技术能力的提升,那么选择兼并的效率高。鉴于此,政府针对于不同的并购类型制定差异化政策,尤其是在创新导向下的并购活动,更需要政策的扶持与推动。国企应将重点放在兼并方式上,依此提升国企的资源效率和创新绩效,是较为适合国企的并购方式。
Against the differences impact of mergers and acquisitions to M＆A initiators we summary the thirty group merger and acquisition data from the enterprise level, and using data envelopment analysis method to compare these two groups. The results showed that： mergers bring a higher innovation performance to enterprise than acquisitions. If the sponsor enterprise pays more attention to the creativity of market performance the acquisition is a better choice. If the sponsor enterprise pays more attention to enhance their assets ability, then the merger will bring a high innovation performance. If the sponsor enterprise only focus on technical ability promote, then choose the merger better. In view of this, the government should according to the different types of M＆A develop different policies, especially in the innovation -oriented M＆A activities, so they needs to provide more supporting and promoting policy. State-owned enterprises should focus on the mergers way, and by this way they can improve the resource efficiency and innovation performance. So the merger is suitable for the state-owned enterprise.
出处
《上海管理科学》
2015年第4期14-21,共8页
Shanghai Management Science
基金
国家自然科学基金(71071108)
天津大学自主创新基金资助项目(1306)
关键词
兼并与收购
技术效率
数据包络分析
创新绩效
mergers and acquisitions
technical efficiency
data envelopment analysis
innovation performance
