中国企业跨国并购绩效之谜——理论探讨与实证分析
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| Title | Do Cross-border Mergers and Acquisitions by Chinese Firms Create Value?——Theoretical Framework and Empirical Analysis
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| 作者 | 马晓白 武常岐 |
| Author | Ma Xiaobai and Wu Changqi |
| 作者单位 | 北京大学光华管理学院 |
| Organization | Guanghua School of Management, Peking University |
| 作者Email | maxiaobai88@pku.edu.cn；topdog@pku.edu.cn |
| 中文关键词 | 跨国并购 并购绩效 中国企业 |
| Key Words | Cross-border Mergers and Acquisitions; Firm Performance; China |
| 内容提要 | 随着中国经济的快速发展，越来越多的中国企业通过跨国并购进入海外市场，但现实中，对于中国企业跨国并购的绩效表现却众说纷纭，尚未有明确结论。本文以1996-2013年中国上市公司发起的361起跨国并购事件为样本，探究跨国并购究竟能否为中国收购方企业创造价值，就不同的绩效测量方式进行了系统比较。研究发现，市场投资者对中国企业跨国并购有积极预期，并购公告发布后中国企业获得了正累计异常收益。而具有以往跨国并购经验的公司市场收益更好，另外当目标企业位于发达国家时，市场绩效也更好。另一方面，由于跨国并购在管理整合方面存在一定挑战和难度, 对收购方企业的经营会造成潜在风险，因此企业短期会计绩效变差。相对于民营控股企业，国有企业会计绩效更好；选择文化距离较小的东道国，并购后的会计绩效也越好。 |
| Abstract | With the rapid growth of Chinese economy, Chinese MNEs have increasingly participated in cross-border mergers and acquisitions (M&As). This phenomenon has raised great attention in the media, but our understanding of whether and why this mode of international expansion creates value to acquirer firm is limited. Using a unique and manually-constructed firm-level dataset, we examine multiple performance measures of 361 cross-border M&As by Chinese MNEs listed on Shanghai, Shenzhen, Hong Kong and New York Stock Exchanges during the sample period 1996-2013. We argue that cross-border acquisitions facilitate internalization of strategic assets that are both difficult to trade through domestic market and take time to develop internally, thus gaining positive stock market reactions. Our empirical findings confirm positive cumulative abnormal returns on average and suggest that market investors react positively to the presence of prior cross-border acquisition experience and developed target countries. However, to realize the synergy after acquisitions, Chinese MNEs need to actively manage the interdependencies between different business lines, which, in turn, increase the coordination costs. The results show that cross-border acquisitions indeed lead to significant negative accounting performance. Furthermore, there is a positive impact on the accounting performance if the acquiring firm is state-owned. We also find that cultural distance between China and the host country negatively affect the accounting performance. |
| 文章编号 | WP882 |
| 登载时间 | 2015-06-02 |
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