Các sự bổ sung chiến lược trong các vụ sáp nhập và mua lại: minh chứng từ ngành dịch vụ thu thập thông tin của Hoa Kỳ

Information Technology and Management - Tập 16 - Trang 97-116 - 2014
Olga Bruyaka1, Tabitha James2, Deborah F. Cook2, Reza Barkhi3
1Department of Management, Pamplin College of Business, Virginia Tech, Blacksburg, USA
2Department of Business Information Technology, Pamplin College of Business, Virginia Tech, Blacksburg, USA
3Department of Accounting and Information Systems, Pamplin College of Business, Virginia Tech, Blacksburg, USA

Tóm tắt

Kỷ nguyên thông tin đã làm tăng sự phụ thuộc của chúng ta vào dữ liệu, và do đó là giá trị kinh tế của các công ty dịch vụ thu thập thông tin (IRS). Trong khi các vụ sáp nhập và mua lại (M&As) là phương tiện phổ biến để duy trì sự tăng trưởng cho các công ty này, chúng thường không đáp ứng được kỳ vọng về việc tạo ra giá trị cho cổ đông. Điều này làm cho việc tìm hiểu giá trị thị trường của các vụ M&A trong ngành IRS trở nên kịp thời và quan trọng. Sử dụng khái niệm về sự bổ sung chiến lược, một khái niệm còn khá mới trong tài liệu về M&A, chúng tôi nghiên cứu sự bổ sung giữa ngành và địa lý giữa bên mua và mục tiêu cũng như các yếu tố điều kiện cụ thể của bên mua và thị trường để hiểu rõ hơn về giá trị thị trường của các vụ M&A. Qua một nghiên cứu thực nghiệm về 821 vụ M&A của 150 công ty trong ngành IRS của Hoa Kỳ trong thời gian từ 1993 đến 2006, chúng tôi cho thấy rằng hai loại sự bổ sung này có ảnh hưởng trái ngược đến giá trị thị trường của các vụ M&A. Trong khi tác động tích cực đối với sự bổ sung địa lý ở cả cấp bang và cấp bộ phận, tác động của sự bổ sung ngành được tìm thấy là tiêu cực, ngoại trừ đối với các bên mua trong ngành phần mềm và dịch vụ Internet. Ngoài ra, các phát hiện của chúng tôi cung cấp hiểu biết về vai trò của ba yếu tố điều kiện—tuổi tác, quy mô và tăng trưởng thị trường chứng khoán của bên mua—có thể giúp hiểu rõ hơn về tác động khác nhau của sự bổ sung ngành và địa lý.

Từ khóa

#sáp nhập và mua lại #dịch vụ thu thập thông tin #giá trị thị trường #bổ sung chiến lược #yếu tố điều kiện

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