摘要
本文对我国A股ST企业进行配对研究,分析并检验困境企业冗余资源、并购行为和剥离行为的数量特征和变化趋势,以及冗余资源对并购和剥离绩效所产生的影响。本文发现,企业的冗余资源一般是逐渐减少的,而困境企业的沉淀冗余资源则逐渐增加;困境企业沉淀冗余资源较多,非沉淀冗余资源较少,而且这类企业日益增加的并购和剥离行为并不能带来绩效的提升;非沉淀冗余资源不利于绩效恢复,沉淀冗余资源恰好相反,这两种冗余资源的存在都会减弱并购和剥离的绩效。这些结论在修正、补充现有理论的同时,对困境企业实践具有一定的指导意义。
Basing on China＇s ST Firms and their matched-pair control samples, this paper analyses and tests quantity characteristics and variation trends of slack, acquisitions and divestitures along with slack＇s moderating effect on the relationships between acquisition or divestiture and performance in distressed firms. It conforms that, slack will decreases year by year except absorbed slack in distressed firms, and comparing with matched-pair con- trol samples, distressed firms owns more absorbed slack, and less unabsorbed slack. It also finds out distressed firms take more divestiture activities and acquisitions and divestitures will increase in these firms, but they don＇t show positive effect on firms＇ performance significantly. Finally, it testifies that unabsorbed slack are good for per-formance while absorbed slack are bad for, but they both play negative moderating effects on the relationships between acquisition or divestiture and performance in distressed firms. Besides the theoretical contributions, these inclusions can provide instructions for distressed firms.
出处
《经济管理》
CSSCI
北大核心
2011年第6期59-68,共10页
Business and Management Journal ( BMJ )
基金
国家自然科学基金项目"突发事件情境下冗余资源与公司绩效的关系研究"(71072038)
"基于不同决策模式的应急供应问题建模与协调机制研究"(70872046)
关键词
冗余资源
并购
剥离
绩效
slack
acquisition
divestiture
performance
作者简介
李晓翔（1982-），男，安徽寿县人。助教，博士研究生，研究领域是冗余资源管理。E-mail：rainy08@sina．com；
刘春林（1970-），男，安徽天长人。教授，博士，研究领域是运营管理。E-mail：liucl@nju．edu．cn。
