管理评论

管理评论 ›› 2021, Vol. 33 ›› Issue (8): 256-262.

• 组织与战略管理 • 上一篇    下一篇

客户关系管理、内部控制与企业并购绩效测度综合评价——基于多元线性回归模型分析

陈小军1, 吉富星2   

  1. 1. 中国科学院大学经济与管理学院, 北京 100049;
    2. 中国社会科学院大学经济学院, 北京 102488
  • 收稿日期:2019-06-14 出版日期:2021-08-28 发布日期:2021-09-04
  • 通讯作者: 吉富星(通讯作者),中国社会科学院大学经济学院教授,硕士生导师,博士
  • 作者简介:陈小军,中国科学院大学经济与管理学院博士研究生。
  • 基金资助:
    北京市社会科学基金一般项目（19YJB013）。

Customer Relationship Management, Internal Control and Merger and Acquisition Performance——Analysis of Multivariate Linear Regression Model

Chen Xiaojun1, Ji Fuxing2   

  1. 1. School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100049;
    2. School of Economics, University of Chinese Academy of Social Sciences, Beijing 102488
  • Received:2019-06-14 Online:2021-08-28 Published:2021-09-04

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摘要： 企业并购是一项复杂的系统工程，对于并购双方的当期效益和未来发展都会产生深远的影响。传统的企业并购绩效评价方法多从财务角度入手，存在较大的局限性。基于资本价值驱动视角看，影响并购绩效的因素是复杂且多层面的；其中，客户价值、管控能力对并购价值的实现至关重要。为此，本文从企业客户关系管理、内部控制维度出发构建评价指标体系，测度了这几个潜变量，并从实证研究角度检验了企业并购绩效的影响因素。研究结果表明，客户关系管理、内部控制均与企业并购绩效具有显著正相关关系，但客户关系管理对并购绩效的影响程度更高。客户关系管理是企业经营效益的根基，而内部控制是一项系统的保障工程。故而，应加强客户、内控、财务等方面的管控，方能更好地发挥并购的协同效应和规模效应。

关键词: 企业并购, 客户关系管理, 内部控制, 绩效评价

Abstract: Corporate merger and acquisition (M&A) is a complicated process, which has a far-reaching impact on the current and future performance of both acquirers and acquirees. The traditional methods of M&A performance evaluation are mainly from the financial perspective, which has significant limitations. From the perspective of value-driven capital, there are complex and multiple factors influencing the performance of M&A, among which customer value and control ability are crucial to the realization of M&A value. Therefore, this paper constructs evaluation indicators from the dimensions of enterprise customer relationship management and internal control, effectively measures the potential variables, and studies the impact of both on enterprise M&A performance from the perspective of empirical research. The results show that the multi-dimensional M&A performance evaluation system designed in this paper can better and more comprehensively measure the M&A performance. Internal control and customer relationship management are significantly positively correlated with the M&A performance, and customer relationship management has a greater impact on M&A performance. Customer relationship management is the foundation of business performance of enterprises, and internal control is a systematic guarantee project. It is necessary to strengthen the management of customers, internal control, finance and other aspects at the same time, in order to give better play to the synergies and economies of scale.

Key words: merger and acquisition, customer relationship management, internal control, performance evaluation