摘要
本文将跨国并购作为独立解释变量,基于2013—2016年中国上市公司的微观数据,利用倾向得分匹配方法,首次实证检验了跨国并购对企业管理效率的影响。研究结果表明:跨国并购在当年对管理效率产生了负向影响,但是随着时间推移,其正向影响作用逐渐显现并不断增强。同时,针对企业异质性从地区、企业属性和劳动生产率角度进行了检验,发现东部地区企业的跨国并购对管理效率的影响强于中西部地区;民营企业的影响作用高于国有企业;高劳动生产率企业的溢出效应优于中低劳动生产率企业。最后,据此提出了中国进一步利用好跨国并购以开放促发展的政策启示。
Taking transnational mergers and acquisitions （M＆As） as the independent explanatory variable, this paper applies the propensity score matching （PSM） methodology and investigates the effects of transnational M＆As on firms＇ management efficiency, based on Chinese listed companies＇ data from 2013 to 2016. The findings show that the firms＇ management efficiency deteriorates in the initial year. However, the impact of transnational M＆As on management effi- ciency becomes positive in the following years and such effect is strengthened by the passage of time. In addition, this study examines the effects among hetero- geneous firms from the perspective of region, the nature of enterprise and labor productivity. The results indicate that the impact is stronger for firms located in the eastern region than those located in the central and western region. Moreover, private firms are more affected by transnational M＆As than state-owned en- terprises. Also, companies with higher labor productivity gain more benefits from cross-border M＆As in comparison to those with lower labor productivity. Finally, based on this empirical study, this paper proposes some policies.
出处
《国际贸易问题》
CSSCI
北大核心
2018年第3期24-36,共13页
Journal of International Trade
基金
国家社会科学基金重大项目“推进双向投资布局的开放体制创新与内外战略协同”(15ZDC018)
上海社会科学院定向委托课题“跨国并购对我国企业管理效率的影响研究”.
关键词
跨国并购
管理效率
倾向得分匹配
上市公司
Transnational M＆As
Management Efficiency
Propensity Score Matching （PSM）
Listed Companies
