外资并购与民营并购绩效的比较研究——基于1995-2009年经验数据

Comparative Study of Performance between Foreign M&As and Private M&As Based on 1995-2009 Data

跨国并购作为国际直接投资的高级形态,已成为国际资本流动的主要形式。文章以外资和民营并购我国上市公司为研究样本,对两种并购方式下目标公司长期和短期市场绩效进行了比较检验。研究结果显示:外资并购短期绩效显著高于民营并购短期绩效,外资并购长期绩效显著低于民营并购长期绩效。该结果说明:短期内由于外资享有我国社会的普遍优惠政策,资本市场对外资并购反应比民营并购更加正面,但从长期来看,外资并购并不必然带来先进的科学技术、公司治理和管理水平,外资并购实际运作效果并不优于民营并购。

Taking the foreign and private M＆As of listed companies as samples, this paper studies both long-term and short-term market performance of the target companies under the two modes of M＆As by the comparative test. The study indicates that the short-term performance of foreign M＆As tends to be significantly better than private mergers, while the long-term performance of foreign M＆As is significantly lower than that of the private ones. The result shows that in the short term, the capital market＇ s response to foreign capital is more positive, although in the long run, the foreign M＆As is not certainly better than private M＆As.