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文化价值观是一个企业的核心要素之一,是企业的整体信念与行为规范。本文从文化价值观的维度解析企业的并购案件,并深入探究了收购者在获得目标方控制权之后的持股比重、并购双方文化价值观差异性与并购绩效之间的关系。通过对2011-2015年我国A股并购案的实证研究发现:并购企业双方的文化价值观一致性较强,就会提升企业并购的长期账面绩效。分析结果说明,在当前国内经济结构发展不合理的背景中,企业构建积极、向上的文化价值观,在一定程度上有益于新合并体长期绩效的提升,进而实现快速增长的发展战略。
Cultural values is one of the core elements of an enterprise, corporate belief and code of conduct as a whole. This article analyzes the M & A cases of enterprises from the perspective of cultural values, and explores the relationship between the proportion of shareholdings acquired by acquiring parties after acquiring the controlling power of the target and the difference between the cultural values of M & A and M & A performance. Through the empirical study on the A-share mergers and acquisitions in China from 2011 to 2015, it is found that the consistency of the cultural values of both mergers and acquisitions enterprises will enhance the long-term book performance of the mergers and acquisitions. The analysis shows that in the current background of unreasonable development of domestic economic structure, the positive and upward cultural values of enterprises can benefit the improvement of the long-term performance of the newly consolidated entities to a certain extent, and then realize the rapid growth of the development strategy.