摘要
文章通过对2006-2012年发生的61起跨国并购交易的实证分析,研究了跨国并购在提高企业中短期绩效中的作用,结果表明:只有不到半数的企业在跨国并购交易的一年后绩效得到了提高;是否进行现金支付对跨国并购的绩效有显著的正向影响;文化差异因素、双方企业所属行业相似度、标的企业的性质,以及与跨国并购交易金额占企业总资产的比例等对企业中短期绩效的影响都不显著,且整体上呈现负相关的趋势。因此,企业只有谨慎地选择恰当的时间和合适的标的企业进行跨国并购,并采用适当方式对标的企业进行整合,才能从跨国并购交易中获得更多的价值创造。
Based on the empirical analysis of 61 cross-border mergers and acquisitions from 2006 to 2012, this paper focuses on the functions of cross-border mergers and acquisitions in the improvement of short-term performance of enterprises. Analyses show that the performance is improved in only less than half of the enterprises, and the cash payment has a significantly positive influence on the performance. Meanwhile, there are no significant differences between the short-term performance and cultural differences, similarities between the two enterprises and the ratio of the amount for mergers and acquisitions to the total asset. Therefore, enterprises should cautiously choose proper time and appropriate targets for cross-border mergers and acquisitions, so as to gain more profits out of cross-border mergers and acquisitions.
出处
《南通大学学报（社会科学版）》
CSSCI
北大核心
2016年第1期112-118,共7页
Journal of Nantong University:Social Sciences Edition
关键词
跨国并购
企业绩效
因子分析
多元回归
cross-border mergers and acquisitions
performance of the enterprise
factor analysis
multiple regression
influencing factors
