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-  2018 

Industrial Eco-environmental Heterogeneity and Location Selections of Cultural Firms’ Inter-regional M&A

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摘要 异地并购是文化企业克服资源约束、实现跨越式成长的重要方式。受资源需求和产业生态环境异质性的影响,文化企业异地并购的区位选择具有较大差异。本文基于资源基础理论,从政策支持、文化资源、创意要素和产业发育四个维度构建文化产业生态环境评价指标体系,以2008-2016年543起文化企业并购事件为样本,实证研究产业生态环境对文化企业异地并购偏好和绩效的影响。结果表明,受并购双方所处区域文化产业生态环境差异的影响,文化企业异地并购的区位选择偏好显著不同。从绩效表现来看,产业生态环境的改善能为文化企业带来成长效应,被并方所处区域的产业生态环境越好于主并方,文化企业并购绩效越好,但这种成长效应只存在于国有文化企业作为主并方的异地并购中。进一步考察企业的绩效产生机制,发现外部环境的增量支持可有效降低国有文化企业的营业成本。本文的结论对文化企业科学选择并购区位以及政府优化投资环境、提升引资效率具有借鉴意义。
Abstract:Inter-regional M&A is an important way to mitigate cultural firms’ resource constraints and realize their great-leap-forward development. Affected by the heterogeneity of the regional industrial environment, the location selections of cultural firms in M&As are quite different. Based on resource-based theory, this paper constructs an index system of regional environmental assessment from the four dimensions of policy support, cultural resources, creative elements and industrial development and uses the data of 543 M&A events from 2008 to 2016 to exploit the impact of regional industrial environment on cultural firms’ M&A location choices and performance. The results suggest that the industrial eco-environment has significantly affected the cultural firms’ M&A activities. Considering the M&A performance, the improvement of the industrial eco-environment can bring growth effects to cultural firms. The better the environment where the target is located, the better the M&A performance of the acquirer, but the growth effect only exists in the M&A which the state-owned cultural firm as the acquirer. Further examine the mechanism of firms’ performance, and finds that the incremental support of the external environment can effectively reduce the operating costs of state-owned cultural firms. The findings have important reference for cultural firms’ regional selections and government to optimize the investment environment.


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