中国企业跨国并购的信号作用  被引量:1

Signaling Effects of Cross-border Merger and Acquisitions of Chinese Companies

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作  者:薛求知[1] 冯锋 Xue Qiuzhi;Feng Feng(School of Management,Fudan University,Shanghai 200433,China)

机构地区:[1]复旦大学管理学院

出  处:《技术经济》2019年第7期71-81,共11页Journal of Technology Economics

基  金:上海市哲学社会科学规划课题“中国企业国际经营的伦理责任管理内容与方式选择——基于上海地区企业的分析”(2017BGL004)

摘  要:基于信号理论,采用2006—2017年中国沪深两市上市公司在发达国家或地区的跨国并购数据,实证检验了跨国并购的信号作用。研究发现:跨国并购行为是有效的信号,能够向客户传递积极信息,提高企业销售收入;并购方所有权性质、国际化程度、所在行业集中度以及标的方所在国家或地区发展程度会影响信号作用的强弱。研究表明,企业可以通过跨国并购的信号作用改变其利益相关者的认知和行为,且在跨国并购完成或者终止决策之前,企业的跨国并购行为就能够基于信号作用对企业产生一定的积极影响。Based on the signaling theory,and using the data of Chinese listed companies'cross-border M&As in developed countries or regions from 2006 to 2017,this paper empirically tests the signaling effects of cross-border M&As.It finds that Chinese companies'behaviors of cross-border M&As are effective signals which can send positive information to customers,thereby increasing sales revenue of companies;acquiror's nature of ownership,acquiror's internationalization level,concentration ration of industry of acquirer and developmental level of host country will affect the strength of such signals.The results indicate that companies can change the perception and behavior of their stakeholder through the signaling effects of cross-border M&As,and that before the resolution of cross-border M&As,companies can benefit from their cross-border M&As through the singaling effects of cross-border M&As.

关 键 词:跨国并购 信号 利益相关者 信息不对称 

分 类 号:F272.3[经济管理—企业管理]

 

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