详细信息
国有企业并购中“自大效应”的量化研究
Quantitative Analysis of Hubris Effect of State-owned Enterprise's Merger and Acquisition
文献类型:期刊文献
中文题名:国有企业并购中“自大效应”的量化研究
英文题名:Quantitative Analysis of Hubris Effect of State-owned Enterprise's Merger and Acquisition
作者:黄群慧[1];孙亮[2,3];张娟[4]
第一作者:黄群慧
机构:[1]中国社会科学院工业经济研究所;[2]中国社会科学院研究生院;[3]北京化工大学;[4]北京联合大学培训中心
第一机构:中国社会科学院工业经济研究所
年份:2015
卷号:36
期号:6
起止页码:104-111
中文期刊名:经济与管理研究
外文期刊名:Research on Economics and Management
收录:CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2014】;CSSCI:【CSSCI2014_2016】;
基金:国家社会科学基金重大项目"深入推进国有经济战略性调整研究"(12&ZD085);河南大学"新型城镇化与中原经济区建设河南省协同创新中心"项目
语种:中文
中文关键词:企业并购;协同效应;自大效应
外文关键词:merger and acquisition ; synergies effect ; hubris effect
摘要:企业并购的主要动机源于协同效应、自大效应和委托—代理效应,国有企业由于其高度集中的股权结构以及特殊的治理结构,委托—代理效应对其并购的驱动作用非常弱,而协同效应和自大效应则很明显。作者从企业并购过程中的利润增量变化率与自大效应成负向比例关系出发构建数学模型,并得出结论:并购企业的自大效应与初始并购溢价、利润增量,以及并购企业的流动资产有密切关系,如果并购企业的流动资产远远大于初始自大效应溢价,自大效应对并购企业的影响比较小;反之会比较明显。随着并购后利润增量先降后升,自大效应便随之先升后降。文章还以中海油并购加拿大尼克森石油公司为例,计算出了某特定时刻的自大效应溢价与协同效应收益。
The major intention of enterprise' s merger and acquisition includes the synergies effect, the principal-agent effect and the hubris effect. Due to the concentrating ownership and governance structure of the state-owned enterprises, the principal-agent effect is very weak, but the synergies effect and the hubris effect are obvious. It is found that changes in the rate of profit increment has a close relationship with the initial hubris effect,profit increment and the current assets of the enterprises, which means that the hubris effect is fairly weak if current assets is far greater than the initial hubris effect, and on the contrary it will be strong. Along with the up and down of the profit increment, the hubris effect will change accordingly. Taking the CNOOC Limited' s acquisition of NEXEN as an example,the paper calculates the hubris effect and the synergies effect.
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