摘要
以2000—2014年62起中国企业跨国并购旅游业务事件为样本,分析我国企业跨国旅游投资变化特征和趋势,进一步阐述并购事件对并购双方企业绩效的影响。结果表明:中国企业跨国并购投资旅游业务逐年增加。从区域分布来看,东亚和南亚是我国传统旅游并购热点区域,但近年来我国跨国旅游并购越来越向北美和欧洲发达国家集中;从旅游产业部门分布来看,娱乐和住宿餐饮逐渐成为我国跨国旅游并购的目标主体;从并购市场绩效来看,跨国并购旅游业务导致目标企业短期市场绩效下降,但却促进了主并企业短期内市场绩效的上升。
The tendency and the characteristic of Chinese companies were analyzed which did the overseas tourism investment,using a sample of 62 cross border M＆A on tourism deals from 2000 to 2014 initiated by Chinese companies listed on the Shanghai and Shenzhen Stock Exchanges,and also examined how cross border M＆A on tourism affected both sides’ enterprises. The results showed that cross border M＆A on tourism of China’ s enterprises was increasing year by year. From the regional distribution,East Asia and South Asia were the hot choice of China’s traditional tourism M＆A. But recently,cross border M＆A on tourism in China were increasingly concentrated on developed countries,such as North America and Europe. However,from the distribution of tourism industry sector,entertainment and accommodation catering gradually became the target of Chinese cross border M＆A on tourism. And from the performance of M＆A market,the cross-border M＆A on tourism business led to the declining performance on short-term market,which promoted counterpart companies’ performance on short-term market.
作者
王彩萍
别婉文
徐红罡
WANG Cai - ping;BIE Wan - wen;XU Hong - gang(Sun Yat - sen University International School of Business ＆ Finance;School of Tourism Management;Center of Tourism Development and Planning Research, Guangzhou 510275, China)
出处
《资源开发与市场》
CAS
CSSCI
2018年第5期735-740,共6页
Resource Development & Market
基金
国家旅游局旅游业青年专家培养计划资助项目(编号:032015102305v1)
广东省2016年重点平台及科研项目
特色创新项目(人文社科)(编号:2016WTSCX001)
关键词
跨国并购
旅游业务
区域分布
部门特征
市场绩效
cross border M＆A
tourism deals
regional distribution
sector characteristics
market performance
