第頁(yè)跨行業(yè)并購(gòu)的動(dòng)因和經(jīng)濟(jì)效果研究國(guó)內(nèi)外文獻(xiàn)綜述1.1跨行業(yè)并購(gòu)經(jīng)濟(jì)動(dòng)因的研究現(xiàn)狀國(guó)內(nèi)外學(xué)者主要從五個(gè)方面對(duì)并購(gòu)動(dòng)因進(jìn)行了深入地學(xué)術(shù)研究：獲取短期投機(jī)價(jià)值，獲得協(xié)同效應(yīng)，提升市場(chǎng)地位，實(shí)現(xiàn)多元化戰(zhàn)略、促進(jìn)業(yè)務(wù)轉(zhuǎn)型發(fā)展。當(dāng)然，這其中也存在部分觀點(diǎn)是并購(gòu)與迎合投資者情緒密切相關(guān)。關(guān)于公司股權(quán)并購(gòu)資產(chǎn)交易獲取短期投機(jī)價(jià)值，衛(wèi)力，婁牡丹(2015)等學(xué)者認(rèn)為部分企業(yè)進(jìn)行跨行業(yè)并購(gòu)帶有一種投機(jī)目的，上市公司具有特定的股票流通機(jī)制和股權(quán)結(jié)構(gòu)在跨行業(yè)并購(gòu)時(shí)可以憑借有效的內(nèi)部信息支付少量股權(quán)轉(zhuǎn)讓價(jià)格在二級(jí)市場(chǎng)上獲取流通股差價(jià)利潤(rùn)從而使企業(yè)獲得短期重組價(jià)值。關(guān)于獲得產(chǎn)業(yè)協(xié)同，H.IgorAnsoff（1965）提出了協(xié)同的概念，大體意思是指一家公司并購(gòu)另一家公司，可以通過(guò)優(yōu)勢(shì)互補(bǔ)，產(chǎn)生比一家企業(yè)單獨(dú)經(jīng)營(yíng)更好的經(jīng)濟(jì)效果。簡(jiǎn)單可以表述為“2+2=5”ADDINEN.CITE<EndNote><Cite><Author>Ansoff</Author><Year>1965</Year><RecNum>4</RecNum><DisplayText><styleface="superscript">[2]</style></DisplayText><record><rec-number>4</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453513">4</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Ansoff,H.I.</author></authors></contributors><titles><title>CorporateStrategy:AnAnalyticApproachtoBusinessPolicyForGrowthandExpansion</title><secondary-title>Corporatestrategy:ananalyticapproachtobusinesspolicyforgrowthandexpansion</secondary-title></titles><periodical><full-title>Corporatestrategy:ananalyticapproachtobusinesspolicyforgrowthandexpansion</full-title></periodical><dates><year>1965</year></dates><urls></urls></record></Cite></EndNote>[2]而Weston等（1990）認(rèn)為跨行業(yè)并購(gòu)有助于企業(yè)產(chǎn)生規(guī)模效應(yīng)，更好的利用資源，提高整體效益ADDINEN.CITE<EndNote><Cite><Author>Schipper</Author><Year>1990</Year><RecNum>11</RecNum><DisplayText><styleface="superscript">[3]</style></DisplayText><record><rec-number>11</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453531">11</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Schipper,K.</author><author>Weston,J.F.</author><author>Chung,K.S.</author><author>Hoag,S.E.</author></authors></contributors><titles><title>Mergers,restructuring,andcorporatecontrol</title><secondary-title>JournalofFinance</secondary-title></titles><periodical><full-title>JournalofFinance</full-title></periodical><pages>1723</pages><volume>45</volume><number>5</number><dates><year>1990</year></dates><urls></urls></record></Cite></EndNote>[3]。Myers等和Kode等一致認(rèn)為企業(yè)在成功并購(gòu)之后著重于抓住可承擔(dān)起成本低的融資機(jī)遇來(lái)繼續(xù)開(kāi)展并購(gòu)活動(dòng)，也就是此次并購(gòu)活動(dòng)所帶來(lái)的財(cái)務(wù)協(xié)同效應(yīng)可以在一定程度上使融資風(fēng)險(xiǎn)降低、節(jié)省經(jīng)營(yíng)成本等。ADDINEN.CITE<EndNote><Cite><Author>Kode</Author><Year>2003</Year><RecNum>2</RecNum><DisplayText><styleface="superscript">[4,5]</style></DisplayText><record><rec-number>2</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453501">2</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Kode,Gvm</author><author>Ford,J.C.</author><author>Sutherland,M.M.</author></authors></contributors><titles><title>Aconceptualmodelforevaluationofsynergiesinmergersandacquisitions:acriticalreviewoftheliterature</title><secondary-title>SouthAfricanJournalofBusinessManagement</secondary-title></titles><periodical><full-title>SouthAfricanJournalofBusinessManagement</full-title></periodical><dates><year>2003</year></dates><urls></urls></record></Cite><Cite><Author>Majluf</Author><Year>1984</Year><RecNum>6</RecNum><record><rec-number>6</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453518">6</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Majluf,Mns</author></authors></contributors><titles><title>Corporatefinancingandinvestmentdecisionswhenfirmshaveinformationthatinvestorsdonothave</title><secondary-title>JournalofFinancialEconomics</secondary-title></titles><periodical><full-title>JournalofFinancialEconomics</full-title></periodical><dates><year>1984</year></dates><urls></urls></record></Cite></EndNote>[4，5]余光和唐國(guó)興(2019)指出中國(guó)大多數(shù)企業(yè)都是以財(cái)務(wù)為出發(fā)點(diǎn)開(kāi)展并購(gòu)項(xiàng)目工作，希望通過(guò)此項(xiàng)目使財(cái)務(wù)協(xié)同和效益狀況改善。ADDINEN.CITE<EndNote><Cite><Author>余光</Author><Year>2000</Year><RecNum>20</RecNum><DisplayText><styleface="superscript">[6]</style></DisplayText><record><rec-number>20</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453553">20</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>余光</author><author>唐國(guó)興</author></authors></contributors><titles><title>企業(yè)購(gòu)并的動(dòng)因模型和防御動(dòng)因假說(shuō)</title><secondary-title>數(shù)量經(jīng)濟(jì)技術(shù)經(jīng)濟(jì)研究</secondary-title></titles><periodical><full-title>數(shù)量經(jīng)濟(jì)技術(shù)經(jīng)濟(jì)研究</full-title></periodical><pages>35-38</pages><number>9</number><dates><year>2000</year></dates><urls></urls></record></Cite></EndNote>[6]徐虹、林鐘高等其他行業(yè)的研究者指出如果中國(guó)企業(yè)要一直實(shí)施這種橫向式的并購(gòu)戰(zhàn)略可能會(huì)讓新的規(guī)模驅(qū)動(dòng)效應(yīng)產(chǎn)生，整個(gè)行業(yè)市場(chǎng)也會(huì)越來(lái)越集中。ADDINEN.CITE<EndNote><Cite><Author>徐虹</Author><Year>2015</Year><RecNum>15</RecNum><DisplayText><styleface="superscript">[7]</style></DisplayText><record><rec-number>15</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453541">15</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>徐虹</author><author>林鐘高</author><author>芮晨</author></authors></contributors><titles><title>產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)、資產(chǎn)專用性與上市公司橫向并購(gòu)</title><secondary-title>南開(kāi)管理評(píng)論</secondary-title></titles><periodical><full-title>南開(kāi)管理評(píng)論</full-title></periodical><pages>48-59</pages><volume>018</volume><number>003</number><dates><year>2015</year></dates><urls></urls></record></Cite></EndNote>[7]關(guān)于將市場(chǎng)地位提高的動(dòng)因，MitchellM.L.等專家學(xué)者對(duì)我國(guó)資本市場(chǎng)在上世紀(jì)八十年代出現(xiàn)的美國(guó)大規(guī)模并購(gòu)活動(dòng)進(jìn)行了系統(tǒng)分析，通過(guò)對(duì)這一大樣本行為的調(diào)查研究,他們得出的結(jié)論就是:進(jìn)行并購(gòu)這一市場(chǎng)經(jīng)濟(jì)活動(dòng)的目標(biāo)雖然在某種程度上可以提升中小型企業(yè)的市場(chǎng)競(jìng)爭(zhēng)力，為企業(yè)帶來(lái)頗豐的效益，但是這種并購(gòu)行為的出發(fā)點(diǎn)只是為了進(jìn)一步獲取壟斷權(quán)利的地位，這違背了市場(chǎng)交易的公正性和秩序性。ADDINEN.CITE<EndNote><Cite><Author>Mitchell</Author><Year>1996</Year><RecNum>14</RecNum><DisplayText><styleface="superscript">[8]</style></DisplayText><record><rec-number>14</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453539">14</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Mitchell,M.L.</author><author>Mulherin,J.H.</author></authors></contributors><titles><title>Theimpactofindustryshocksontakeoverandrestructuringactivity</title><secondary-title>JournalofFinancialEconomics</secondary-title></titles><periodical><full-title>JournalofFinancialEconomics</full-title></periodical><pages>193-229</pages><volume>41</volume><number>2</number><dates><year>1996</year></dates><urls></urls></record></Cite></EndNote>[8]關(guān)于實(shí)現(xiàn)多元化戰(zhàn)略的動(dòng)因，Jensen認(rèn)為，企業(yè)如果能夠?qū)⑿屡d產(chǎn)業(yè)和新興業(yè)務(wù)成功并購(gòu)，在一定程度上會(huì)縮短企業(yè)完成多元化部署的時(shí)間，通過(guò)此種方式也可以更好地利用企業(yè)內(nèi)部資源，提升資源利用效率，如果企業(yè)要依靠自身發(fā)展實(shí)力去拓展新的業(yè)務(wù)領(lǐng)域，這就要求企業(yè)具有較強(qiáng)的經(jīng)濟(jì)能力和抗壓能力，所以考慮到這兩個(gè)因素，企業(yè)并購(gòu)還是較為合理的ADDINEN.CITE<EndNote><Cite><Author>Jensen</Author><Year>1999</Year><RecNum>7</RecNum><DisplayText><styleface="superscript">[9]</style></DisplayText><record><rec-number>7</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453520">7</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Jensen,M.</author></authors></contributors><titles><title>AgencyCostsofFreeCashFlow,CorporateFinance,andTakeovers</title><secondary-title>AmericanEconomicReview</secondary-title></titles><periodical><full-title>AmericanEconomicReview</full-title></periodical><pages>323-329</pages><volume>76</volume><number>2</number><dates><year>1999</year></dates><urls></urls></record></Cite></EndNote>[9]。吳靜（2015）發(fā)現(xiàn)如果一個(gè)企業(yè)不斷發(fā)展，勢(shì)必要擴(kuò)張，那么要促進(jìn)企業(yè)長(zhǎng)遠(yuǎn)發(fā)展，就必須開(kāi)展多樣化的業(yè)務(wù)經(jīng)營(yíng)模式，不能僅僅依靠單一的業(yè)務(wù)提升效益，因此，快速實(shí)現(xiàn)多元化發(fā)展戰(zhàn)略的一種途徑就是跨行業(yè)并購(gòu)ADDINEN.CITE<EndNote><Cite><Author>吳靜</Author><Year>2009</Year><RecNum>21</RecNum><DisplayText><styleface="superscript">[10]</style></DisplayText><record><rec-number>21</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453556">21</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>吳靜</author></authors></contributors><titles><title>我國(guó)企業(yè)并購(gòu)動(dòng)因分析</title><secondary-title>經(jīng)濟(jì)論壇</secondary-title></titles><periodical><full-title>經(jīng)濟(jì)論壇</full-title></periodical><pages>83-85</pages><volume>000</volume><number>002</number><dates><year>2009</year></dates><urls></urls></record></Cite></EndNote>[10]。Alexandridis等（2012）著重分析了第六次并購(gòu)浪潮的發(fā)展，對(duì)其基本特征進(jìn)行了研究，認(rèn)為并購(gòu)浪潮之所以能夠在市場(chǎng)上引起反響主要是市場(chǎng)流動(dòng)性較強(qiáng)ADDINEN.CITE<EndNote><Cite><Author>Alexandridis</Author><RecNum>8</RecNum><DisplayText><styleface="superscript">[11]</style></DisplayText><record><rec-number>8</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453523">8</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Alexandridis,G.</author><author>Mavis,C.P.</author><author>Travlos,N.G.</author></authors></contributors><titles><title>HowHaveM&AsChanged?EvidencefromtheSixthMergerWave</title><secondary-title>SocialScienceElectronicPublishing</secondary-title></titles><periodical><full-title>SocialScienceElectronicPublishing</full-title></periodical><dates></dates><urls></urls></record></Cite></EndNote>[11]。李雯琦，何瑛，周慧琴認(rèn)為跨行業(yè)并購(gòu)有助于傳統(tǒng)產(chǎn)業(yè)獲得學(xué)習(xí)和發(fā)展的新能力，重構(gòu)企業(yè)競(jìng)爭(zhēng)力范圍，從而最終實(shí)現(xiàn)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)和轉(zhuǎn)型升級(jí)。最后關(guān)于投資者情緒這一方面，GuiruHua，ShuliZhou，ShiyunZhang，JunqiuWang等研究者認(rèn)為產(chǎn)業(yè)政策外生沖擊下的投資者情緒對(duì)企業(yè)跨行業(yè)并購(gòu)行為有顯著的現(xiàn)實(shí)影響，產(chǎn)生跨行業(yè)資本流動(dòng)。并且分析顯示，這一效應(yīng)的產(chǎn)生是因?yàn)槭召?gòu)者依賴于股權(quán)融資，并有迎合投資者情緒的動(dòng)機(jī)ADDINEN.CITE<EndNote><Cite><Author>Hua</Author><Year>2020</Year><RecNum>9</RecNum><DisplayText><styleface="superscript">[12]</style></DisplayText><record><rec-number>9</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453526">9</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Hua,G.</author><author>Zhou,S.</author><author>Zhang,S.</author><author>Wang,J.</author></authors></contributors><titles><title>Industrypolicy,investorsentiment,andcross-industrycapitalflow:EvidencefromChineselistedcompanies'cross-industryM&As</title><secondary-title>ResearchinInternationalBusinessandFinance</secondary-title></titles><periodical><full-title>ResearchinInternationalBusinessandFinance</full-title></periodical><volume>53</volume><dates><year>2020</year></dates><urls></urls></record></Cite></EndNote>[12]。1.2跨行業(yè)并購(gòu)后果的研究現(xiàn)狀（1）跨行業(yè)并購(gòu)給企業(yè)帶來(lái)正效應(yīng)Bruner（2002）認(rèn)為被并購(gòu)方股東獲得的有利的市場(chǎng)效應(yīng)要遠(yuǎn)大于并購(gòu)方股東的市場(chǎng)效應(yīng)。并購(gòu)方獲得零失誤的回報(bào)，總的來(lái)說(shuō)，并購(gòu)方和標(biāo)的公司獲得基于正值股價(jià)調(diào)整的長(zhǎng)期投資價(jià)值回報(bào)，高管們也應(yīng)謹(jǐn)慎地正確對(duì)待并購(gòu)活動(dòng)ADDINEN.CITE<EndNote><Cite><Author>Bruner</Author><Year>2002</Year><RecNum>3</RecNum><DisplayText><styleface="superscript">[13]</style></DisplayText><record><rec-number>3</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453508">3</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Bruner,R.F.</author></authors></contributors><titles><title>DoesM&APay?ASurveyofEvidencefortheDecision-Maker</title><secondary-title>JournalofAppliedFinance</secondary-title></titles><periodical><full-title>JournalofAppliedFinance</full-title></periodical><dates><year>2002</year></dates><urls></urls></record></Cite></EndNote>[13]。JianyuMa;JoseA.Pagan;YunChu（2010）通過(guò)研究發(fā)現(xiàn)與跨行業(yè)并購(gòu)相關(guān)的收入增強(qiáng)協(xié)同效應(yīng)得到了亞洲新興市場(chǎng)的支持。行業(yè)內(nèi)并購(gòu)和跨行業(yè)并購(gòu)都實(shí)現(xiàn)了顯著的正向異?；貓?bào).信息泄露可能會(huì)導(dǎo)致更大的估值效應(yīng)，因?yàn)槿斓拇翱诎ㄔ诠嫒掌谇耙惶?。由于大公司傾向于實(shí)現(xiàn)業(yè)務(wù)多樣化，跨行業(yè)并購(gòu)交易實(shí)現(xiàn)的異常回報(bào)低于行業(yè)內(nèi)部，這可能是由企業(yè)規(guī)模效應(yīng)驅(qū)動(dòng)的ADDINEN.CITE<EndNote><Cite><Author>Ma</Author><Year>2010</Year><RecNum>13</RecNum><DisplayText><styleface="superscript">[14]</style></DisplayText><record><rec-number>13</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453536">13</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Ma,J.</author><author>Pagan,J.A.</author><author>Chu,Y.</author></authors></contributors><titles><title>RevenueenhancementandwealtheffectsofmergersandacquisitionsinAsianemergingmarkets</title><secondary-title>InternationalJournalofRevenueManagement</secondary-title></titles><periodical><full-title>InternationalJournalofRevenueManagement</full-title></periodical><pages>179-194</pages><volume>4</volume><number>2</number><dates><year>2010</year></dates><urls></urls></record></Cite></EndNote>[14]。LiuZhaoliang;DuanLing（2018）研究提出：選擇不同于本公司領(lǐng)域的行業(yè)進(jìn)行并購(gòu)效益要遠(yuǎn)遠(yuǎn)強(qiáng)于只在本公司領(lǐng)域進(jìn)行并購(gòu)。ADDINEN.CITE<EndNote><Cite><Author>Liu</Author><Year>2018</Year><RecNum>10</RecNum><DisplayText><styleface="superscript">[15]</style></DisplayText><record><rec-number>10</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453529">10</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Liu,Z.</author></authors></contributors><titles><title>MergersandAcquisitions,AbnormalStockReturnsandInvestorAttention</title><secondary-title>ScienceInnovation</secondary-title></titles><periodical><full-title>ScienceInnovation</full-title></periodical><pages>225</pages><volume>6</volume><number>4</number><dates><year>2018</year></dates><urls></urls></record></Cite></EndNote>[15]馬謖炳（2014）仔細(xì)研究了2005年－2008年之間的跨行業(yè)并購(gòu)事件，通過(guò)一些財(cái)務(wù)指標(biāo)，如公司股東權(quán)益報(bào)酬率、投資收益率和每股投資收益，合并之后效益顯著提升，所以在他看來(lái)，跨行業(yè)的并購(gòu)行為在一定程度上可以將公司的績(jī)效提升ADDINEN.CITE<EndNote><Cite><Author>馬謖炳</Author><Year>2012</Year><RecNum>17</RecNum><DisplayText><styleface="superscript">[16]</style></DisplayText><record><rec-number>17</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453546">17</key></foreign-keys><ref-typename="Thesis">32</ref-type><contributors><authors><author>馬謖炳</author></authors></contributors><titles><title>價(jià)值導(dǎo)向的跨行業(yè)并購(gòu)績(jī)效評(píng)價(jià)</title></titles><dates><year>2012</year></dates><publisher>蘭州理工大學(xué)</publisher><urls></urls></record></Cite></EndNote>[16]。李善民、黃燦等（2015）研究了社交網(wǎng)絡(luò)中的信息數(shù)據(jù)與企業(yè)并購(gòu)之間的關(guān)系，他們認(rèn)為，并購(gòu)過(guò)程中所存在的不穩(wěn)定性可以通過(guò)社交網(wǎng)絡(luò)得到有效減緩，在一定程度上可以促進(jìn)企業(yè)健康發(fā)展，提升經(jīng)營(yíng)業(yè)績(jī)ADDINEN.CITE<EndNote><Cite><Author>李善民</Author><Year>2015</Year><RecNum>22</RecNum><DisplayText><styleface="superscript">[17]</style></DisplayText><record><rec-number>22</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453558">22</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>李善民</author><author>黃燦</author><author>史欣向</author></authors></contributors><titles><title>信息優(yōu)勢(shì)對(duì)企業(yè)并購(gòu)的影響——基于社會(huì)網(wǎng)絡(luò)的視角</title><secondary-title>中國(guó)工業(yè)經(jīng)濟(jì)</secondary-title></titles><periodical><full-title>中國(guó)工業(yè)經(jīng)濟(jì)</full-title></periodical><pages>141-155</pages><number>11</number><dates><year>2015</year></dates><urls></urls></record></Cite></EndNote>[17]。陳海艷（2011）借助于案例對(duì)比分析法，分析了珠寶行業(yè)——老鳳祥這個(gè)跨行業(yè)并購(gòu)案例的績(jī)效，發(fā)現(xiàn)在并購(gòu)?fù)瓿芍蠊镜慕?jīng)營(yíng)效果有了明顯的進(jìn)步。ADDINEN.CITE<EndNote><Cite><Author>陳海艷</Author><RecNum>18</RecNum><DisplayText><styleface="superscript">[18]</style></DisplayText><record><rec-number>18</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453548">18</key></foreign-keys><ref-typename="Thesis">32</ref-type><contributors><authors><author>陳海艷</author></authors></contributors><titles><title>跨行業(yè)并購(gòu)動(dòng)因及效應(yīng)研究</title></titles><dates></dates><publisher>西南財(cái)經(jīng)大學(xué)</publisher><urls></urls></record></Cite></EndNote>[18]。（2）跨行業(yè)并購(gòu)給企業(yè)帶來(lái)負(fù)效應(yīng)TadaoSumi;MichioTsuruoka（2002）研究發(fā)現(xiàn)商業(yè)環(huán)境正在迅速變化，促使企業(yè)之間的兼并、收購(gòu)和聯(lián)盟成為一種全球趨勢(shì)。大眾媒體正忙于報(bào)道跨國(guó)和跨行業(yè)的并購(gòu)，然而，企業(yè)信息處理系統(tǒng)的整合始終是一個(gè)問(wèn)題，即使在這個(gè)看似例行的并購(gòu)時(shí)代，在合并后很久就給合并的公司帶來(lái)了一些其他困難ADDINEN.CITE<EndNote><Cite><Author>Sumi</Author><Year>2002</Year><RecNum>12</RecNum><DisplayText><styleface="superscript">[1]</style></DisplayText><record><rec-number>12</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453534">12</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Sumi,T.</author><author>Tsuruoka,M.</author></authors></contributors><titles><title>Rampnewenterpriseinformationsystemsinamerger&acquisitionenvironment:acasestudy</title><secondary-title>JournalofEngineering&TechnologyManagement</secondary-title></titles><periodical><full-title>JournalofEngineering&TechnologyManagement</full-title></periodical><pages>93-104</pages><volume>19</volume><number>1</number><dates><year>2002</year></dates><urls></urls></record></Cite></EndNote>[1]。Gregory研究了生活中的大量實(shí)例，認(rèn)為混合并購(gòu)行為并不能夠讓投資者獲得滿意的財(cái)富預(yù)期收益，市場(chǎng)上的投資者已經(jīng)對(duì)這類并購(gòu)行為不再抱有期待。ADDINEN.CITE<EndNote><Cite><Author>Gregory</Author><Year>1997</Year><RecNum>5</RecNum><DisplayText><styleface="superscript">[19]</style></DisplayText><record><rec-number>5</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453515">5</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Gregory,A.</author></authors></contributors><titles><title>AnExaminationoftheLongRunPerformanceofUKAcquiringFirms</title><secondary-title>JournalofBusinessFinance&Accounting</secondary-title></titles><periodical><full-title>JournalofBusinessFinance&Accounting</full-title></periodical><pages>971-1002</pages><volume>24</volume><number>7-8</number><dates><year>1997</year></dates><urls></urls></record></Cite></EndNote>[19]。趙相忠，何錦華(2008)隨著經(jīng)濟(jì)一體化形式的不斷發(fā)展，國(guó)際競(jìng)爭(zhēng)日益激烈，企業(yè)追求快速擴(kuò)張來(lái)增強(qiáng)自身的競(jìng)爭(zhēng)力，但多數(shù)企業(yè)在長(zhǎng)期情況下，并購(gòu)活動(dòng)都未能產(chǎn)生正向效應(yīng)ADDINEN.CITE<EndNote><Cite><Author>趙相忠</Author><Year>2008</Year><RecNum>23</RecNum><DisplayText><styleface="superscript">[20]</style></DisplayText><record><rec-number>23</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453560">23</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>趙相忠</author><author>何錦華</author></authors></contributors><titles><title>影響企業(yè)并購(gòu)效果的因素及對(duì)策</title><secondary-title>企業(yè)科技與發(fā)展:下半月</secondary-title></titles><periodical><full-title>企業(yè)科技與發(fā)展:下半月</full-title></periodical><dates><year>2008</year></dates><urls></urls></record></Cite></EndNote>[20]，黃文鳳(2014)發(fā)現(xiàn)大多數(shù)企業(yè)并購(gòu)后，都有可能無(wú)法實(shí)現(xiàn)原定的經(jīng)濟(jì)效益ADDINEN.CITE<EndNote><Cite><Author>黃文鳳</Author><RecNum>19</RecNum><DisplayText><styleface="superscript">[21]</style></DisplayText><record><rec-number>19</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453551">19</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>黃文鳳</author></authors></contributors><titles><title>企業(yè)并購(gòu)中財(cái)務(wù)資源整合效果綜合評(píng)價(jià)研究</title><secondary-title>新會(huì)計(jì)</secondary-title></titles><periodical><full-title>新會(huì)計(jì)</full-title></periodical><dates></dates><urls></urls></record></Cite></EndNote>[21]。趙妍(2021)研究發(fā)現(xiàn)不同性質(zhì)的企業(yè)并購(gòu)效果不同，中央企業(yè)在兼并重組政策頒布后企業(yè)并購(gòu)的概率和數(shù)量增多，并購(gòu)績(jī)效也會(huì)大大提高;而一些民營(yíng)企業(yè)和地方性質(zhì)的國(guó)有企業(yè)在并購(gòu)改制政策下達(dá)后，雖然并購(gòu)的可能性和規(guī)模增大，但是從質(zhì)量來(lái)看長(zhǎng)期財(cái)務(wù)績(jī)效下降A(chǔ)DDINEN.CITE<EndNote><Cite><Author>趙妍</Author><Year>2021</Year><RecNum>24</RecNum><DisplayText><styleface="superscript">[22]</style></DisplayText><record><rec-number>24</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453702">24</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>趙妍</author></authors></contributors><auth-address>北京物資學(xué)院商學(xué)院;</auth-address><titles><title>我國(guó)兼并重組政策的實(shí)施效果——以上市公司為例</title><secondary-title>中國(guó)流通經(jīng)濟(jì)</secondary-title></titles><periodical><full-title>中國(guó)流通經(jīng)濟(jì)</full-title></periodical><pages>71-83</pages><volume>35</volume><number>02</number><keywords><keyword>兼并重組政策</keyword><keyword>實(shí)施效果</keyword><keyword>企業(yè)并購(gòu)</keyword><keyword>并購(gòu)績(jī)效</keyword><keyword>融資約束</keyword></keywords><dates><year>2021</year></dates><isbn>1007-8266</isbn><call-num>11-3664/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>[22]。（3）跨行業(yè)并購(gòu)給企業(yè)帶來(lái)的正負(fù)效應(yīng)不明確Smith（1996）認(rèn)為地方政府的不同程度的有差別的管理對(duì)跨行業(yè)并購(gòu)后的企業(yè)的績(jī)效有較為顯著的重要影響。李梅（2014）在研究事件實(shí)證數(shù)據(jù)時(shí)借助了市場(chǎng)經(jīng)濟(jì)學(xué)模型，數(shù)據(jù)分析主要來(lái)源于A股上市公司發(fā)生在2006年至2011年之間的多元化企業(yè)之間的并購(gòu)事件以及財(cái)富效應(yīng)，結(jié)果表明并購(gòu)在很長(zhǎng)的時(shí)間段內(nèi)是無(wú)法產(chǎn)生顯著績(jī)效的，短期內(nèi)的效果較為顯著，而多元化的并購(gòu)和同行業(yè)的并購(gòu)在經(jīng)濟(jì)效果上幾乎是相同的。ADDINEN.CITE<EndNote><Cite><Author>李梅</Author><RecNum>16</RecNum><DisplayText><styleface="superscript">[23]</style></DisplayText><record><rec-number>16</rec-number><foreign-keys><keyapp="EN"db-id="5w5zd9te5s25fbew9zrpvwzqexfezp9sz0st"timestamp="1622453544">16</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>李梅</author></authors></contributors><titles><title>多元化并購(gòu)與同行業(yè)并購(gòu)短期績(jī)效的實(shí)證研究——基于中國(guó)A股上市公司并購(gòu)交易</title><secondary-title>財(cái)會(huì)通訊</secondary-title></titles><periodical><full-title>財(cái)會(huì)通訊</full-title></periodical><pages>87-92</pages><volume>No.653</volume><number>33</number><dates></dates><urls></urls></record></Cite></EndNote>[23]。1.3研究現(xiàn)狀評(píng)述在整理了國(guó)內(nèi)外的研究資料發(fā)現(xiàn)，獲取短期投機(jī)價(jià)值、獲得協(xié)同效應(yīng)、提高市場(chǎng)地位、實(shí)現(xiàn)多元化戰(zhàn)略、促進(jìn)業(yè)務(wù)轉(zhuǎn)型是跨行業(yè)并購(gòu)的主要原因。當(dāng)然，這其中也存在部分觀點(diǎn)是并購(gòu)與迎合投資者情緒密切相關(guān)。實(shí)質(zhì)上，企業(yè)進(jìn)行跨行業(yè)并購(gòu)的原因是多樣化的，本文只總結(jié)了部分因素。與國(guó)外相比，國(guó)內(nèi)就跨行業(yè)并購(gòu)動(dòng)因多基于傳統(tǒng)行業(yè)并購(gòu)新興產(chǎn)業(yè)以及與金融業(yè)之間股權(quán)的合并，所以研究具體的案例是十分必要的。而我國(guó)學(xué)者與國(guó)外學(xué)者在研究跨行業(yè)并購(gòu)的經(jīng)濟(jì)效果時(shí)，使用了不同的研究方法和研究條件，所以最終行業(yè)并購(gòu)的效果影響并沒(méi)有統(tǒng)一的定論，每個(gè)人的看法都有所不同。但關(guān)于將并購(gòu)之后的經(jīng)濟(jì)效果改善這一問(wèn)題，學(xué)者們普遍認(rèn)為，影響并購(gòu)績(jī)效的主要因素在于以下幾點(diǎn)：選擇的標(biāo)的必須要具有長(zhǎng)遠(yuǎn)發(fā)展力；提升并購(gòu)團(tuán)隊(duì)的專業(yè)素養(yǎng)能力；對(duì)于企業(yè)中的對(duì)價(jià)支付手段，要加以調(diào)整組合，盡可能的減少對(duì)原有業(yè)務(wù)的沖擊；并購(gòu)后對(duì)于各項(xiàng)資源要加以整合，最大限度的降低風(fēng)險(xiǎn)。所以企業(yè)在成功實(shí)現(xiàn)并購(gòu)以后，要想提升工作運(yùn)行效率，提升收益，就必須制定一套涉及并購(gòu)，以及其他各方面的綜合性方案，具體可以對(duì)人力資源和文化進(jìn)行整合等，并且一定要嚴(yán)格實(shí)施各項(xiàng)具體措施，以保證并購(gòu)能夠順利進(jìn)行。目前國(guó)內(nèi)學(xué)者在分析企業(yè)并購(gòu)經(jīng)濟(jì)效果的過(guò)程中也運(yùn)用到了財(cái)務(wù)指標(biāo)法，以及案例分析法等手段，即使財(cái)務(wù)指標(biāo)具有局限性，但是綜合我國(guó)的國(guó)情以及企業(yè)實(shí)際發(fā)展?fàn)顩r，財(cái)務(wù)指標(biāo)的變動(dòng)在某種程度上可以體現(xiàn)我國(guó)企業(yè)的發(fā)展效果。同時(shí)主要采用實(shí)證分析來(lái)研究跨行業(yè)的并購(gòu)，在案例方面的研究甚少，不同案例公司跨行業(yè)并購(gòu)的條件和環(huán)境都不盡相同，具有獨(dú)特性，本文主要研究單一跨行業(yè)并購(gòu)案例的動(dòng)因和經(jīng)濟(jì)效果，旨在為傳統(tǒng)企業(yè)跨行業(yè)并購(gòu)提出可行的建議，為后續(xù)的研究提供更加全面的資料。參考文獻(xiàn)ADDINEN.REFLIST[1]SUMIT,TSURUOKAM.Rampnewenterpriseinformationsystemsinamerger&acquisitionenvironment:acasestudy[J].JournalofEngineering&TechnologyManagement,2002,19(1):93-104.[2]H.IgorAnsoff.CorporateStrategy:AnAnalyticApproachtoBusinessPolicyfoGro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