跨国并购和国内并购对企业市场价值的影响及差异:来自中国企业的证据  

The Difference of Performance in Domestic and Cross-border Mergers: Evidence from Chinese Firms

作　　者：蒋冠宏[1] Jiang Guanhong

机构地区：[1]厦门大学经济学院国际经济与贸易系

出　　处：《世界经济研究》2020年第1期82-95,M0003,M0004,共16页World Economy Studies

基　　金：自然科学基金青年项目“中国企业对外直接投资的贸易效应和就业效应”(项目批准号:71503221);自然科学基金面上项目“中国企业对外直接投资的模式选择和国际化特征研究”(项目批准号:71973112)的阶段性成果

摘　　要：文章利用2004~2015年BVD(Zephyr)的并购事件研究了中国企业跨国并购和国内并购对企业市场价值影响的差异。事件研究得到以下结论:第一,在公告日窗口两类并购都获得了非负异常收益率,且国内并购的异常收益率不低于跨国并购。第二,分跨国并购目标国来看,如果并购发达国家企业,则获得了非负异常收益率,且两类并购对企业市场价值的影响无显著差异;如果并购发展中国家企业,则没有显著异常收益率,且不高于国内并购。第三,从细分行业来看,高新技术行业的跨国并购没有获得显著异常收益率,且不高于国内并购;无论是传统制造业还是非制造业,国内并购都获得了非负异常收益率,且不低于跨国并购。在此基础上文章利用倾向得分匹配法和倍差法检验了跨国并购与国内并购对企业异常收益率影响的差异,研究发现国内并购创造的市场价值明显高于跨国并购。因此,市场对中国企业的国内并购做出了更加积极的评价。The paper investigates the different performance in domestic mergers and cross-border mergers using the data of Chinese firms.We use event study method to estimate the performance of mergers.We find several results.Firstly,there are positive abnormal revenue rate in both mergers,but the domestic merger is high more.Secondly,the cross-border mergers in developed countries get the positive performance,but in the developing countries it does not.So the domestic mergers get bigger performance than cross-border mergers in developing countries.Thirdly,the cross-border merges in high technology industry have no positive performance.The domestic mergers have larger performance than cross-border mergers in manufacture industry or servicer industry.We also use the propensity score matching and difference-in-difference to get the evidence.We find that the domestic mergers get bigger performance than cross-border mergers.So the paper gets that the domestic mergers get bigger performance than cross-border mergers.

关 键 词：国内并购 跨国并购 事件研究法 异常收益率 

分 类 号：F279.2[经济管理—企业管理] F271[经济管理—国民经济]