人民币汇率波动与外资并购上市公司的价值效应  

The Fluctuation of RMB Exchange Rate and Foreign Acquisition of Listed Company

作　　者：曾亚敏[1] 廖理[1] 

机构地区：[1]清华大学经济管理学院,北京100084

出　　处：《证券市场导报》2008年第3期24-30,共7页Securities Market Herald

基　　金：教育部人文社会科学青年基金(编号:07JC790021)

摘　　要：本文以85起外资并购中国上市公司事件为样本,考察了收购方货币兑换人民币汇率对外资并购目标方股东收益的影响。实证结果表明:外资并购目标方收益与收购方货币相对人民币强弱成正比。本文结论支持了Froot和Stein(1991)的理论预期:收购方货币相对于东道国货币越强劲,收购方支付溢价的能力越高,跨境并购目标方收益就越高。本文的研究意义在于从微观层次分析了汇率与跨境并购之间的关系,验证了资本市场不完备假说对跨境并购动因的解释,并有利于解释现有研究发现的跨境并购财富效应的国别差异现象,并对我国上市企业选择并购时机提供了借鉴。The paper sampled foreign acquisition of China listed companies since 1985, and studied the effect of RMB exchange rate on buyers＇ proceeds. The test shows that the buyer proceeds have positive correlation with the exchange rate of buyers＇ currency vs. RMB. The paper supports Froot and Stein （1991） theory： the stronger the buyers＇ currency, the higher the buyers＇ proceeds. The paper analyzes the relation of exchange rate with international M＆A at micro 1 capital market hypothesis, evel, verifies the incomplete explains the difference of fortune effects of international M＆A, and provides suggestions on how local listed companies to choose timing of acquisition.

关 键 词：外资并购 汇率波动 财富效应 

分 类 号：F830.9[经济管理—金融学]