从可口可乐并购汇源案看外资并购的信号传递效应

Information Signaling of Foreign Acquisitions: Evidence from Coca-Cola's Acquisition of Huiyuan Juice

本文以可口可乐并购汇源为例分析了外资并购中国企业的信号传递效应。数据显示。对可口可乐并购汇源的首次宣告,饮品企业平均市场反应为负;而随着案件进入反垄断审查阶段,饮品企业的负市场反应逐渐消失;当案件最终被商务部否定时,饮品企业平均市场反应为正。数据结果支持了竞争效应假说,即外资并购传递了"目标行业竞争压力即将加剧"的信号。对饮品企业的单独分析显示,盈利能力与汇源果汁较为接近的饮品企业受案件的冲击更为明显;它们对案件首次宣告表现出更强的负市场反应,而对案件终止宣告表现出更强的正市场反应。

This paper analyzes the case of Coca-Cola＇s acquisition of Huiyuan Juice to reveal the information contents that foreign acquisitions signaled to the target industry. Our data shows that the juice companies got significantly negative CAR during the period of this case＇s initial announcement. When the case went into the progress of anti-monopoly scrutiny, however, their negative CAR gradually disappeared. And they got positive CAR when the case was finally rejected by Ministry of Commerce of China. These results support competitive hypothesis that foreign acquisitions signaled a change in the competitive balance in the acquired industries. And our further analysis shows that those firms, whose profitability is close to Huiyuan, suffered greater competitive pressure. They reacted more negatively to acquisition initial announcement and more positively to termination announcement.