我国上市公司跨国并购财务绩效的影响因素分析  

Empirical Analysis on Influencing Factors of Financial Performance of Cross-border Mergers by China’s Listed Companies

作　　者：朱勤[1] 刘垚[1] 

机构地区：[1]浙江工商大学经济学院

出　　处：《国际贸易问题》2013年第8期151-160,169,共11页Journal of International Trade

基　　金：国家自然科学基金项目"全球价值链中我国企业创新型市场势力提升研究"(批准号71073143);国家自然科学基金项目"跨国创业导向与国际化绩效:影响机理和实证研究"(批准号71173195);教育部人文社会科学研究项目"我国企业基于反垂直预占的创新型国际市场势力培育研究"(批准号09YJC790240);杭州市软科学项目"杭州企业境外投资项目研究"(批准号20120834M25)

摘　　要：随着中国经济的快速发展,越来越多的中国企业通过实施跨国并购以获取全球要素、拓展国际市场。但现实中,中国企业的跨国并购往往难以获得理想的绩效,对中国企业海外并购绩效的影响因素进行研究,有助于清晰认识企业如何提高跨国并购战略的有效性。本文利用Zephyr全球并购交易分析库,选取截至2011年的相关数据,对2000至2008年在沪深上市企业发起的跨国并购交易为研究对象,通过多层面的综合考察,实证分析了影响我国企业跨国并购绩效的因素。结果显示,东道国的制度环境越不完善、并购双方文化差异性越小、企业自身规模越大、并购规模越大,则中国企业跨国并购的绩效越好;反之,则并购绩效越差。除上述因素外,企业的财务风险和企业年龄对跨国并购绩效也存在影响,但影响程度相对较小。由此,本文得到了一些颇有意义的结论和启示。With the rapid development of China＇s economy in recent years, more and more Chinese enterprises are doing cross-border mergers and acquisitions （M＆A） to acquire global factors and expand its international market. This strategy, however, is proven to be not very successful in practice with a number of varying reasons for its ineffectiveness. Consequently, this necessitates an in-depth analysis of cross-border M＆As in order to gain additional insight on how to improve M＆A performance. Using the Zephyr data by 2011, the paper analyzes the cross-border M＆A deals initiated by the enterprises listed in Shanghai and Shenzhen Stock Exchange over the years 2000-2008, providing a comprehensive study and an empirical analysis on the factors that affect the performance of cross-border M＆As. The study shows the less ideal is the cross-border acquiree＇s institutional environment, the smaller the cultural difference; and the larger the scale of the Chinese enterprise acquirer, the larger the magnitude of the M＆A tending to favor the performance of the Chi- nese enterprise. If these factors go in the opposite directions, the performance of M＆A deteriorates. In addition to these key factors, the financial risk and age of the acquirer enterprise also have impacts on M＆A performances, though the influences are relatively small. Finanlly the paper concludes with a few quite meaningful conclusions and revelations.

关 键 词：跨国并购 风险 财务绩效 上市公司 

分 类 号：F426.4[经济管理—产业经济]