摘要
外资并购是外国直接投资进入中国市场的一种主要手段。随着加入WTO后,外资在中国啤酒行业掀起一波接一波的并购浪潮。以中国啤酒行业2002—2006年间28起并购为研究对象,选取124家啤酒企业的财务数据,采用DEA-Tobit两阶段回归模型,实证分析外资并购相对于国内并购对目标企业的效率的影响。结果显示:外资并购既没有提升目标企业的纯技术效率,也没有对目标企业的规模效率产生影响,而与之形成对照的是内资并购对目标企业的纯技术效率有显著的提升。
Foreign mergers and acquisitions is a main way of FDI into China market. Since China entry into WTO, Foreign investments in Chinese beer industry have set off a wave of mergers and acquisitions. The author focus on 28 Foreign mergers and acquisitions in Chinese beer industry, selects the financial data of 124 beer enterprises in China, empirically analyses the impacts of Foreign mergers and acquisitions on the influence of target enterprise＇s efficiency by DEA-Tobit two stage approach. The result indicates that foreign mergers and aequisitions ean not affect the pure technical efficiency of target enterprises, but also can not affect the scale of efficiency of target enterprises.On the contrary, Domestic mergers and acquisitions can improve the pure technical efficiency of target enterprises.
出处
《经济与管理》
CSSCI
2012年第5期44-48,共5页
Economy and Management
基金
国家社会科学基金项目(11BFX056)
教育部人文社会科学研究青年基金项目(09YJCZH046)
华东政法大学085工程卓越法律人才培育与发展(学位与研究生教育)类"竞争法与产业规制"项目
关键词
外资并购
目标企业
效率
啤酒行业
Foreign mergers and acquisitions
Target enterprises
Efficiency
Beer industry
