跨国并购的财富效应及其影响因素研究——基于双重差分方法的分析  

Using the Difference in Difference Method to Analyze the Cross-border Shareholder Wealth Effect of Mergers and Acquisitions and Its Determinants

作　　者：危平[1] 唐慧泉[1] 

机构地区：[1]中南大学商学院

出　　处：《国际贸易问题》2016年第11期120-131,共12页Journal of International Trade

基　　金：国家自然科学基金(71302066);教育部人文社会科学规划基金项目(11YJA790158);湖南省社科基金重点项目(14ZDB17)

摘　　要：本文将跨国效应的视角引入对中国企业并购的股东财富效应及其影响因素研究。通过以1993-2015年间中国上市公司495个跨国并购事件和同期4000多个国内并购事件为研究对象,采用双重差分方法,探讨了我国跨国效应与并购公司绩效的关系,并进一步研究了相关的国家差异、行业和企业层面的影响因素。研究结果表明:跨国并购能够为并购企业股东创造财富,尤其是在金融危机后至2015年。但财富效应明显小于国内并购。显著影响跨国财富效应的因素,包括我国和东道国之间人均GDP差异、宗教背景差异等;采矿类企业和国有企业的跨国财富效应低于其国内并购活动。本文的研究为中国企业跨国并购的绩效研究提供了新的更为直接的证据。This paper studied the shareholder wealth effect of Chinese enterprises' M&A and its determinants from a perspective of cross- border effect.Based on a sample of 495 cross-border M&A undertaken by Chinese listed firms and more than 4000 domestic M&A between 1993 and 2015, the paper used difference in difference method to investigate the relationship between the cross-border effect and acquiring companies' performance, and its influence factors at country, industry and firm level. The empirical study found that cross- border M&A can create value for shareholders, in particular during the period of post-crisis. However, when match with domestic M&A, the cross- border wealth effect is significantly negative. This suggests, in a Chinese context, that investors are more in favour of domestic rather than cross- border M&A in spite of a strong support by the central government. The significant determinates for the cross-border wealth effect include the gap between china and targeting countries' GDP per capita and religion background. The research also found that, cross- border M&A carried by the mining enterprises and state- owned enterprises gained less for shareholders compared with domestic ones. All those findings have contributed new and more direct evidences to understanding performance of Chinese crossborder M&A.

关 键 词：跨国并购 跨国效应 股东财富效应 事件研究法 双重差分方法(DID) 

分 类 号：F279.2[经济管理—企业管理]