大陸市場的併購之公司理財研究：文獻回顧與展望

Abstract

近年來，中國的併購市場持續升溫，完成的併購案的數量與金額規模日益攀升。這其中不僅僅有經濟轉型的力量，國家政府的支持也促進了併購行為的發生。由於併購活動的井噴式的發生，國內外的很多學者對併購的議題進行研究，因此文獻的研究數量不斷增加。 本文主要聚焦在2000年到2018年期間發表在CSSCI和SSCI的期刊中關於大陸市場併購的研究。根據整理的文獻資料，筆者將本文分成併購對績效的影響、影響併購績效的因素以及跨國併購來進行分類。通過系統性的文獻整理，了解併購相關議題的發展現狀，例如：併購在市場成熟逐漸發揮正向效應，給併購績效帶來正向影響的有內部融資、關聯併購、大的併購公司的規模、非國有的股權性質、高管團隊的金融資本與在政府部門的社會網路、股權制衡、董事高管的背景關係、對高管的股票期權激勵、良好的內部控制、承擔社會責任等。與之相關的各種特性則給績效帶來的是損失。筆者根據上述文獻整理與國外學者其他的研究，繼而提出大陸市場的未來研究方向。

In recent years, China's M&A market has continued to heat up, and the number and amount of completed mergers and acquisitions are on the rise. Not only the power of economic transformation, but the support of the national government also promoted the occurrence of mergers and acquisitions. Due to the blowout of mergers and acquisitions, many scholars at home and abroad have studied the issues of mergers and acquisitions. As a result, the number of researches in the literature continues to increase. This article mainly focuses on the research on China’s market mergers and acquisitions published in CSSCI and SSCI journals from 2000 to 2018. According to the collated literature, the author divides this article into M&A's impact on performance, factors influencing M&A performance, and cross-border M&A. Through systematic documentation and understanding of the development status of M&A related issues, for example: mergers and acquisitions gradually play a positive effect in the matured market; and those have a positive impact on M&A performance are internal financing, associated M&A, the size of the company, the nature of non-state-owned equity, the financial capital of the management team, the social network in the government sector, checks and balances of equity, the background or relationship of the senior executives and the directors, the incentive of stock options for senior officials, good internal control, and social responsibility. Relatively, the opposite above-listed features result in losses for performance. Based on the above-mentioned documents, the author organizes other studies with foreign scholars and then proposes future research directions for China market.