摘要
通过选取华润三九并购澳诺制药为案例,以分权理论为理论依据,深入分析了投资方在营销、供应链、人员与企业文化等方面赋予被并购企业的自由决策权。研究发现:(1)被并购企业的能力决定了其在投后整合中的分权程度。被并购企业在某一维度的能力越强,分权程度也越高,有助于发挥被并购企业的能力与优势,避免因过度管控造成高昂的决策成本。被并购企业能力越弱的维度,获得的分权程度也越低,有助于控制因目标不一致而导致的代理成本。(2)并购方根据情况动态调整投后整合的强度,对于被并购企业能力较弱的融合维度,其分权程度随着融合程度的提升而逐步降低。(3)作为一种非正式制度安排,文化融合对于稳定人员与团队,促进后续正式融合具有显著的正向作用。研究结果填补了产业投资投后整合的研究空白,也可为投资方从长远利益出发、更好地对被并购企业进行整合与赋能提供参考与借鉴。
Taking the industrial investment event of CR Sanjiu M&A of Aonuo Pharmaceutical as the research sample and using the decentralization theory as the theoretical basis,this paper deeply analyzes the decision-making power decentralized to the invested by the industrial investor in different aspects of marketing,supply chain,and personnel,and discusses the way and path of post-investment integration of industrial investment.Research has found that:Firstly,the ability of the acquired enterprise determines its degree of decentralization in post-investment integration.The stronger the ability of the acquired party in a certain dimension,the higher the degree of decentralization,which helps to leverage the capabilities and advantages of the acquired party and avoid high decision-making costs caused by excessive control.The weaker the ability of the acquired party,the lower the degree of decentralization obtained,which helps to control agency costs caused by inconsistent goals.Secondly,the acquiring party dynamically adjusts the intensity of post-investment integration according to the situation.For the integration dimension with weaker capabilities of the acquired party,the degree of decentralization gradually decreases as the degree of integration goes on.Thirdly,as an informal institutional arrangement,cultural integration has a significant positive effect on stabilizing personnel and teams,and promoting subsequent formal integration.The research findings of this article can fill the research gap in post-investment integration of industrial investment,and can provide reference for investors to integrate better and empower the acquired enterprises from a long-term perspective.
作者
段文譞
刘俊勇
周辉
DUAN Wen-xuan;LIU Jun-yong;ZHOU Hui(China Special Economic Zone Research Center,Shenzhen University/Shenzhen Guarantee Group,Shenzhen 518057,China;School of Accounting,Central University of Finance and Economics,Beijing 100081,China;China’s Research and Development Center of Management Accounting,Beijing 100081,China;China Resources Sanjiu Pharmaceutical Co.,Ltd.,Shenzhen 518110,China)
出处
《管理案例研究与评论》
北大核心
2025年第2期255-268,共14页
Journal of Management Case Studies
基金
国家社会科学基金项目“数字化转型下中国管理会计创新与应用研究”(21BGL009)
国家社会科学基金项目“商业智能对企业管理控制系统的影响机理研究”(21BGL095)
财政部“会计名家培养工程”项目(财会[2018]14号)。
关键词
投后整合
分权
管控程度
post-investment integration
decentralization
degree of control
