摘要
企业依赖于新建和并购这两种方式而成长。不同方式各有优劣,选择何种方式将受多种影响因素。本文在回顾企业成长理论并借鉴彭维刚（2007）＂企业战略资源特质—发展环境＂的逻辑框架基础上,结合中国企业制度背景,并以中国A股上市公司2006年数据为基础,实证检验了影响中国企业成长方式选择的主要因素。结果表明：（1）中国企业成长普遍存在＂新建＂偏好,且国有控制企业表现得更为明显;（2）从发展战略看,与西方理论预期不同,中国企业多元化战略、成长速度等与公司成长方式选择之间并不存在相关性;（3）从资源角度,人力、技术与品牌等资源优势越强的企业,越倾向于采用并购方式;但财务资源与实力与成长方式选择间并不直接关联;（4）从发展环境看,企业在并购或新建方式选择时,应以企业所在区域的市场化程度为依据,以适应或克服市场环境之不足。实证结果表明,企业所在区域的市场化程度越高,越倾向于采用并购成长模式,反之则倾向于新建方式。
Firms strategically pursue its growth through two alternative modes：start-up （Greenfield investment）or acquisition.Besides balancing its strengths and weaknesses on each of the alternatives,firms usually would take other factors into account when making its growth mode choices.Based on the literatures review,we apply and advance Peng＇s（2007） Strategy-Resource-Environment framework by integrating it with Chinese institutional considerations. Using archival data of China＇ public-listed companies（2006）,we provide partly empirical support for our hypotheses.（1）Start-up is strongly preferable by Chinese firms at large,especially by state-owned companies.（2）From the point of strategic view,no relations do exist between growth modes with both diversification and high growth strategies. （3）Firms with more resources or capacities on human and technologies are preferred to acquisition, with no same effects on financial capacities.（4）Alternative modes of growth-startup, acquisition-allow firms to fit or overcome different kinds of market inefficiencies related to both characteristics of the resources and to the institutional context,which means that firms in the area of high market development level are likely to take mode of acquisition, while firms in the area of low level are inclined to take style of start-up.
出处
《中国会计评论》
CSSCI
2011年第1期73-96,共24页
China Accounting Review
基金
北京市属高等学校人才强教深化计划“创新人才建设计划”资助(项目号PHR201006128)
关键词
新建
并购
成长方式
制度背景
Start-up
Acquisition
Growth Mode
Institutional Context
