外资并购的信号传递效应分析--加剧竞争压力抑或提高并购概率

Intra-industry Information signaling of Foreign Acquisitions

外资并购事件可能向目标方竞争对手传递竞争压力加剧的信息,亦可能传递再次并购即将发生的信息。本文以89次外资并购中国上市公司的事件为样本,实证考察了外资并购传递的信息内容。本文实证结果发现,在外资并购首次宣告时,目标方竞争对手的市场反应显著为负;而一旦外资并购被终止,竞争对手的市场反应则显著为正。该结论表明,外资并购事件在目标行业传递了行业竞争压力即将加剧的信号。本文进一步分析显示,在外资并购成功实施后,目标方的盈利能力、经营效率、流动性以及偿债能力都逐渐超过竞争对手。

Foreign acquisition may transfer information about competition pressure or acquisition probability to the target＇s rivals in the industry. The paper empirically examines the information contents delivered by foreign acquisition, with the sample of 89 foreign acquisitions of Chinese listed companies. The authors find that target＇s rivals reacted negatively to foreign acquisition initial announcements and positively to termination announcements. The result suggests that foreign acquisitions in China signaled a change in the competitive balance in the acquired industries, consistent with competitive hypothesis. Further analysis of the long-term operating performance measures also shows that the acquired firms outperformed their industry counterparts in the post-acquisition period.