外资并购、投资者保护与目标企业的超常收益——89件外资并购中国上市公司案的研究

Foreign Acquisition,Investor Protection and the Abnormal Returns of Target Firms

以1995年—2007年间发生的89件外资并购中国上市公司案为样本,分析收购企业所处国家(或地区)的投资者保护水平对跨境并购目标企业收益的影响。分析结果显示,不管收购企业来自普通法系国家(或地区)还是来自大陆法系国家(或地区),目标企业在并购宣告期都获得显著为正的超常收益,而且二者之间没有显著差异。回归分析显示,收购企业所处国家(或地区)对股东权利保护的程度与目标企业宣告期收益显著正相关,而其他指标如债权人权利、会计准则和执法效力则对目标企业的宣告期收益没有显著的影响。

We analyzed the influence of the investor protection degree of bidder country on the abnormal returns of target firms on the basis of a sample of 89 foreign acquisitions of Chinese listed companies during 1995--2007. We measured investor protection by five inde- xes： legal origin, shareholder rights, creditor rights, accounting standard and enforcement. Results showed that the target obtained is significantly positive AR during acquisition announcement whether the bidder is from common law or civil law countries. And regression indicated that target AR is only positively related to shareholder rights. Other indexes, like creditor rights, accounting standard and enforcement, have no significant influence on target AR.