系统管理学报

系统管理学报 ›› 2024, Vol. 33 ›› Issue (3): 824-839.DOI: 10.3969/j.issn.1005-2542.2024.03.018

• 企业管理与公司金融 • 上一篇    下一篇

大数据、有限信息与企业并购

武琼1，柳扬2，谢雁翔2，刘孟晖3   

  1. 1.兰州大学管理学院，兰州 730000；2.南开大学商学院，天津 300071；3.郑州大学商学院，郑州 450001
  • 收稿日期:2023-03-17 修回日期:2023-07-30 出版日期:2024-05-28 发布日期:2024-06-04
  • 基金资助:

    国家自然科学基金青年科学基金资助项目（72202088）；甘肃省基础研究计划——软科学专项资助项目（22JR4ZA039）；

    中央高校基本科研业务费专项资金资助项目（22lzujbkydx028）

Big Data, Limited Information, and Corporate Merger and Acquisition

WU Qiong1, LIU Yang2, IE Yanxiang2, LIU Menghui3   

  1. 1.School of Management, Lanzhou University, Lanzhou 730000, China; 2. Business School, Nankai University, Tianjin 300071, China; 3. Business School, Zhengzhou University, Zhengzhou 450001, China
  • Received:2023-03-17 Revised:2023-07-30 Online:2024-05-28 Published:2024-06-04

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摘要：

以2007～2021年A股上市公司并购事件为样本，通过年报文本分析法构建并购方“大数据”应用程度的指标，检验并购方大数据应用对并购绩效的影响，研究发现：相对于没有应用大数据的并购方，应用大数据的并购方总体上获得了更高的并购绩效；信息获取是大数据提高并购方并购绩效的主要机制；大数据对并购绩效的提升作用仅限于目标公司为公众公司，当目标公司为非公众公司时，大数据难以显著提高并购方的并购绩效，说明大数据分析只能根据目标公司的公开资料提供有限信息；并购方与目标公司存在董事联结，能够强化大数据对并购绩效的提升作用，尤其强化了目标公司为公众公司时（与目标公司为非公众公司相比）的并购绩效，说明机器的有限“硬信息”与人的“软信息”相结合更能够显著提高并购绩效。因此，“人机协同”或许是数字时代提高并购绩效的有效策略。

关键词:

大数据, 有限信息, 董事联结, 并购绩效

Abstract:

This paper, by using merger and acquisition (M&A) events of A-share listed companies in China from 2007 to 2021 as a sample, and constructing indicators of the degree of “big data” application by M&A parties through text analysis of annual reports, tests the impact of big data application by M&A parties on M&A performance. It is found that M&A parties that apply big data obtain a higher overall M&A performance compared to those that do not apply big data. In addition, information access is the main mechanism by which big data improves the M&A performance of M&A parties. Moreover, the enhancement effect of big data on M&A performance is limited to the target company being a public company. When the target company is a non-public company, it is difficult for big data to significantly improve the M&A performance of the M&A party, indicating that big data analysis can only provide limited information based on the public information of the target company. Furthermore, the effect of big data on M&A performance is enhanced when there is a link between the M&A party and the directors of the target company, especially when the target company is a public company (compared with a non-public company), indicating that the combination of limited “hard information” of machines and “soft information” of people can significantly improve the M&A performance. Therefore, “human-computer cooperation” may be an effective strategy to improve the M&A performance in the digital age.

Key words:

big data, limited information, director linkage, merger and acquisition (M&A) performance

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