创造性资产寻求型跨国并购的经济效应——基于雅戈尔收购美国新马集团的案例分析  

Research on the Economic Effect of Creative Assets-seeking Cross-border M&A——A Case Study Based on Youngor's acquiring of the Xin Ma Group

作　　者：李梅[1] 吴松[1] 

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《经济管理》2010年第4期56-63,共8页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"中国对外直接投资逆向技术溢出的理论和实证研究"(70973089);武汉大学人文社会科学研究青年项目"中国企业跨国并购的战略动因和绩效研究:基于创造性资产的视角"(08QNXM06)

摘　　要：本文以2007年雅戈尔收购美国新马集团为例,运用事件研究法和财务指标法考察了中国企业基于创造性资产寻求的跨国并购的财富效应和经营绩效。研究表明,此次跨国并购未能为雅戈尔股东带来财富效应。财务绩效方面,此次跨国并购短期内提升了雅戈尔服装业务的绩效,但是,其整体营运能力、偿债能力和发展能力等指标却不容乐观。雅戈尔通过收购获得了新马集团的国际分销渠道、设计能力和国际管理能力三项创造性资产,但是如何利用这些创造性资产为公司创造长期价值还有待进一步的并购整合。This paper examined the wealth effect and operating performance of creative assets-seeking crossborder M＆A undertaken by Chinese enterprises based on Youngor＇ s acquiring of the American Xin Ma Group in 2007, using event study method and financial indicators analysis method. The empirical result revealed that this creative assets-seeking cross-border M＆A didn＇ t increase shareholder wealth. On the financial performance side, this cross-border M＆A improved the clothing business＇ performance, but Youngor＇ s total operating ability, debt paying ability and developing ability were unoptimistic. Through the acquisition, Youngor acqired three creative assets including the international distribution channels, design capability and international management ability of the Xin Ma Group. How to make good use of these three creative assets and create long - term value for Youngor needs further integration.

关 键 词：创造性资产 跨国并购 财富效应 经营绩效 

分 类 号：F831.6[经济管理—金融学]