摘要
本文以2005年至2010年我国沪深交易所成功进行跨国并购的103家公司为研究样本,利用多元回归模型对中国企业跨国并购绩效的影响因素进行实证检验。研究结果表明:现金支付方式、第一大股东持股比例、并购双方的文化异质对收购公司的并购绩效影响显著正相关;收购公司的政府关联度与其并购后的短期绩效正相关,与其长期绩效显著负相关;收购公司的公司规模与其并购后的短期绩效显著负相关,与其长期绩效显著正相关。在此基础上指出政府应加大对国内企业跨国并购的扶持力度,应当谨慎选择跨国并购的时机和目标公司,强化跨国并购后的整合效应,通过海外并购实现全球资源的优化配置。
The paper uses the 103 listed companies which have successful conducted cross-national M&As in Shanghai and Shenzhen stock exchanges from2005 to 2010 as samples,and adopts themethodology of multivariable linear regression model to study actor analysis influencing the cross-border mergers and acquisitions of the Chinese companies. It demonstrates the problems that cash payment instruments,shareholding proportion of the largest stockholder of the acquiring company and cultural factors positively affected the performance of the acquiring company; there was a positive correlation between the political connections of the acquiring company and short-term performance after M&A. Based on the findings it concludes that the government should speed up the supporting on cross-national M&As of domestic corporations,enhance the combination of cross-national M&As,improve the performance and simultaneously minimum the risk and loss.
出处
《会计研究》
CSSCI
北大核心
2014年第3期64-70,96,共7页
Accounting Research
基金
国家社科基金项目"中国企业‘走出去’背景下跨国并购的战略动因与经营绩效研究"(13BG019)的阶段性成果
