摘要
海外并购已经成为中国企业对外直接投资的主导模式,那么,哪些因素影响了中国企业的海外并购绩效?构建一个综合的研究框架,从国家、企业、交易这三个不同层面探究中国企业海外并购绩效的影响因素,通过对176家中国A股上市公司的269个海外并购样本进行实证研究,研究发现显著影响中国企业海外并购绩效的因素来自不同层面。具体而言,国家竞争力、营商环境、海外并购经验、管理层能力、账面市值比、企业规模、财务状况、关联属性等因素都显著地影响海外并购绩效。结合实证分析的结果,文章为中国企业海外并购良好绩效的取得提供了操作层面的启示。
Nowadays, overseas acquisition has become the dominant pattern of Chinese firms＇ OFDI. Then, there is a question about what affect the performance of overseas acquisition. This paper establishes a research framework which searches for the influence factors on the perform- ance of overseas acquisition. We sample the 269 cases of overseas acquisition from 176 Chinese listed firms in A-shares. The results show that the factors from various dimensions affect the performance markedly, including national competitiveness, business environment, experience in overseas acquisition, managers＇ ability, Book-to-Market ratio, firm size, financial condition, and so on. Based on these findings, this paper also provides practical advice on how to obtain a good performance on overseas acquisition.
作者
吴先明
纪玉惠
WU Xian-ming JI Yu-hui
出处
《科学决策》
CSSCI
2016年第10期1-19,共19页
Scientific Decision Making
基金
国家社会科学基金重点项目(项目编号:12AZD034)
国家社会科学基金项目(项目编号:11BGL044)
教育部哲学社会科学研究重大课题攻关项目(项目编号:14JZD017)
关键词
海外并购
绩效
中国企业
overseas acquisition
performance
Chinese firms
