摘要
文章运用倾向得分匹配和倍差法,利用A股制造业上市公司中对外并购的数据,检验了企业对外并购对企业的生产率、规模和盈利情况的影响。通过研究发现:(1)出于技术寻求型动机的对外并购小幅改善了企业生产率,但总体上看,生产率在并购之后出现了下降;(2)上市公司对外并购显著提升了企业规模;(3)对外并购显著降低了企业的盈利能力;但是对于不同的子样本,影响的主要因素并不相同。
To solve the problem of whether cross-border acquisition significantly improves the business performance of listed manufacturing companies, the paper uses the method of propensity score matching and difference-in-difference to test the impact of cross-border acquisition to total factor productivity, size and profit. It finds that these cross-border acquisitions decrease the TFP slightly, although the technology seeking M＆A increases the TFP slightly. The M＆A increases the size significantly. These acquisitions reduce the profitability of the enterprise, but in different ways in subsamples.
出处
《国际经贸探索》
CSSCI
北大核心
2016年第2期63-80,共18页
International Economics and Trade Research
基金
国家自然科学基金项目"中国企业海外并购与产业国际竞争力研究"(71273142)
关键词
对外并购
全要素生产率
上市企业倾向
匹配得分倍差法
cross-border acquisition
total factor productivity
listed company
propensity score matching
difference-in-difference
