分类组织冗余与文化企业并购:基于文化传媒类上市公司的经验证据被引量：5

Classification of Organizational Slack and M&A of Cultural Firms:Empirical Evidence from Listed Companies of Cultural Media in China

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摘要组织冗余是企业可用资源超过维持正常运转所需必要资源的部分,分类组织冗余的异质性特征会对文化企业并购行为及后果产生权变性影响。基于2014~2019年沪深A股文化传媒类上市公司样本,通过情境化解析分类组织冗余对文化企业并购决策和绩效的影响,并考察不同产权性质下的文化企业的差异化表现,研究发现:可利用冗余、潜在冗余会促进文化企业并购且与同行业并购正相关,可恢复冗余则会抑制文化企业并购且与同行业并购、跨区域并购负相关;与国有文化企业相比,民营文化企业上述特征更为显著。可利用冗余和潜在冗余显著负向影响文化企业并购绩效,可恢复冗余对并购绩效仅具有不显著的提升作用。研究结论从组织冗余视角拓展了文化企业并购的战略行为研究,可以为文化企业组织冗余管理、并购决策选择提供参考和借鉴。 Organizational slack is the portion of an enterprise’s available resources that exceed the necessary resources for normal operation.The heterogeneous characteristics of classified organizational slack will exert contingent effects on M&A behaviors and consequences of cultural firms.Based on the samples of A-share listed cultural media companies in Shanghai and Shenzhen from 2014 to 2019,this paper makes situational analysis of the impact of classified organizational slack on M&A decision-making and performance of cultural firms,and observes the differential expression under different property rights.The findings show that the available and potential slack could promote M&A of cultural firms and they are positively correlated with M&A in the same industry,that the recoverable slack inhibits M&A of cultural firms and is negatively correlated with M&A in the same industry and cross-regional M&A.Compared with state-owned firms,private sectors show more significant above characteristics.The available slack and potential slack has significant negative impact on M&A performance of cultural firms,while the recoverable slack only bring about insignificant improvement on M&A performance.This study expands the research on the strategic behavior of M&A of cultural firms from the perspective of organizational slack,and provides reference for the management of organizational slack,and decision-making in M&A of cultural firms.

作者潘爱玲孙磊 PAN Ai-ling;SUN Lei(College of Management,Shandong University,Jinan,Shandong,250100;Department of Finance and Economics,Shandong University of Science and Technology,Jinan,Shandong,250031)

机构地区山东大学管理学院山东科技大学财经系

出处《深圳大学学报（人文社会科学版）》 CSSCI 北大核心 2021年第2期49-60,共12页 Journal of Shenzhen University：Humanities & Social Sciences

基金国家社科基金重大项目“现代文化产业体系和市场体系的协同发展研究”(20ZDA064) 山东省重点研发计划(软科学项目)“组织冗余与文化产业并购式成长:路径、效应及对策”(2019RKB01080) 山东省高校科研计划项目“组织冗余与企业并购式成长——基于‘资源-行为-绩效’范式的研究”(J18RB042)

关键词分类组织冗余并购行为文化企业并购绩效产权性质并购决策 classification of organizational slack M&A(merger and acquisition) cultural enterprise merger and acquisition performance nature of property rights merger and acquisition decision

分类号 G124 [文化科学] F271 [经济管理—企业管理]

作者简介潘爱玲,经济学博士,山东大学管理学院教授,博士生导师,主要从事公司并购、文化产业研究;通讯作者:孙磊,山东大学管理学院博士研究生,山东科技大学财经系讲师,主要从事文化产业并购相关研究。