中国企业跨国并购对被并购企业绩效的影响
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| Title | The Effect of Wealth Acquired by Chinese Companies
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| 作者 | 蒋冠宏 蒋殿春 |
| Author | Jiang Guanhong and Jiang Dianchun |
| 作者单位 | 厦门大学经济学院；南开大学经济学院 |
| Organization | XiaMen University;NanKai University |
| 作者Email | jiangguanhong2009@163.com；jdc@nankai.edu.cn |
| 中文关键词 | 跨国并购；异常收益率；事件研究法；国有企业； |
| Key Words | Cross Merge and Acquisition; Ratio of Abnormal Return; Event Time Research; SOE; |
| 内容提要 | 本文利用事件研究法检验了1995-2014年350起中国企业的跨国并购事件对被并购企业绩效的影响。通过事件研究，我们主要得到以下结论。第一，在并购公告日的各事件窗口被并购企业获得了显著为正的异常收益率，说明并购事件总体得到了市场的正面评价。第二，中国企业的所有制、并购行业、并购形式和被并购企业的区域对被并购企业的绩效有差异化影响。具体表现是：中国国有企业的并购显著提升了被并购企业绩效；在能源和矿产行业的并购明显提升了被并购企业绩效；以合资形式的并购更能提升被并购企业绩效；被并购企业如果在发达国家或在非香港地区上市更能提升其绩效。最后，本文构建计量模型检验了被并购企业绩效的决定因素。通过检验我们发现，中国国有企业、并购方式、并购行业和被并购企业归属地区等因素显著影响了被并购企业的异常收益率；人民币升值增加了被并购企业的异常收益率；中国企业与被并购企业的物理和文化距离也增加了其异常收益率。总之，本文研究发现中国企业的跨国并购明显改善了被并购企业的绩效。 |
| Abstract | The paper investigates the effect of wealth when the foreign companies acquired by Chinese companies. We use the way of event time research to find the evidence and find several results. Firstly, the acquired company get the positive abnormal return in the announce data. Secondly, the ownership, way of merge, the industry, and the region of acquired companies affect the abnormal return. If the foreign company acquired by the SOE company of China, it will get the positive CAR. If the merge occurs in the industry of nature resource or the acquired company is from developed countries, it also will get the positive CAR. We also stand up an empirical mode to find what factors are in done. After that we find some empirical evidence. Firstly, the ownership of Chinese company, mode of merge, industry, and region all have the empirical effect on the CAR. Secondly, the exchange of RMB and distance from the acquired country also has the effect. Finally, we find that the merger by the Chinese company have the positive effect on acquired companies. |
| 文章编号 | WP978 |
| 登载时间 | 2015-12-09 |
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