金融危机、政府干预与企业跨国并购绩效  

The Influence of the Financial Crisis and Government Intervention on the Cross-border M&A Abnormal Return

作　　者：徐晓慧[1] 李杰[2] 

机构地区：[1]浙江大学经济学院 [2]暨南大学产业经济研究院产业组织与规制研究所

出　　处：《国际贸易问题》2016年第6期167-176,共10页Journal of International Trade

基　　金：国家社科基金一般项目(15BJL087);中央高校基本科研业务费专项资金资助(15JNYH001);广东省自然科学基金自由申请项目(2014A030313395)的支持

摘　　要：本文通过比较金融危机前后我国企业跨国并购的超额收益,分析金融危机对企业跨国并购绩效和相关因素作用的影响。采用Bai-Perron多重断点检验判断金融危机初始点,利用单因素和双因素市场模型评估企业跨国并购的超额收益,得到核心结论如下:金融危机提高了我国企业跨国并购绩效。金融危机期间,企业跨国并购绩效的提高幅度先上升后下降再上升,呈N字型;政府直接干预和间接干预的作用开始显化。This paper compares China cross-border MA abnormal return pre and post financial crisis, and analyzes the impact of financial crisis exerting on cross- border MA performance and related factors. By using Bai- Perron method to estimate initial point of financial crisis and building single factor and two factors models to evaluate abnormal return, the research indicates that financial crisis increased the abnormal returns of acquirers. During financial crisis, the increased range of abnormal return expanded at first and then narrowed, expanded again eventually just like ＂N＂ shape. The financial crisis strengthens the effect of direct government intervention and the indirect government intervention.

关 键 词：金融危机 政府干预 跨国并购 超额收益 

分 类 号：F279.2[经济管理—企业管理]