海外并购与国内并购的价值比较——基于PSM-DID的研究  

Comparison of the Value between Overseas M&A and Domestic M&A:Research based on PSM-DID

作　　者：范高乐 李文璐[2] FAN Gao-le;LI Wen-lu(School of Economics and Management,Tianjin Tianshi College,Tianjin 301700,China;School of Economics and Management,Hebei University of Technology,Tianjin 300401,China)

机构地区：[1]天津天狮学院经济管理学院,天津301700 [2]河北工业大学经济管理学院,天津300401

出　　处：《技术经济与管理研究》2021年第3期56-61,共6页Journal of Technical Economics & Management

基　　金：河北省社会科学基金项目(HB17GL027)。

摘　　要：文章基于2009—2018年中国沪深A股非金融上市公司数据,探究海外并购对我国企业价值的影响,发现:第一,海外并购能够提高企业全要素生产率,并且随着时间推移其影响逐步减小,但海外并购并不会比国内并购带来全要素生产率的额外提高;第二,海外并购能够对企业创新与企业出口产生显著的积极影响,但与国内并购相比其仅对企业出口存在差异影响,对企业创新水平的提升并不存在差别;第三,海外并购相比国内并购来说,会造成企业短期内的财务风险明显上升;第四,国有企业海外并购以及对非亚洲地区进行海外并购对企业出口扩张的积极影响更大,非国有企业海外并购以及对非亚洲地区的海外并购会导致企业面临更高的财务风险,企业流动比率与速冻比率明显降低。Based on the data of China's Shanghai and Shenzhen A-share non-financial listed companies from 2009 to 2018,this article explores the impact of overseas mergers and acquisitions on the value of Chinese companies and finds:First,overseas mergers and acquisitions can increase the total factor productivity of enterprises,and it will gradually decrease over time.However,overseas mergers and acquisitions will not bring an additional increase in total factor productivity than domestic mergers and acquisitions;Second,overseas mergers and acquisitions can have a significant positive impact on corporate innovation and corporate exports,but compared with domestic mergers and acquisitions,they only have a different impact on corporate exports.There is no difference in the improvement of the innovation level of enterprises;Third,compared with domestic mergers and acquisitions,overseas mergers and acquisitions will cause a significant increase in the short-term financial risks of enterprises;Fourth,overseas mergers and acquisitions of state-owned enterprises and overseas mergers and acquisitions in non-Asian regions.The positive impact on the expansion of corporate exports is even greater.Overseas mergers and acquisitions of non-state-owned enterprises and overseas mergers and acquisitions in non-Asian regions will cause companies to face higher financial risks,and the company's current ratio and rapid freezing ratio will be significantly reduced.

关 键 词：海外并购 国内并购 企业价值 双重差分 倾向得分匹配 

分 类 号：F279.2[经济管理—企业管理]