外资并购中国上市企业的动因研究——基于目标企业的视角

On the Motive of Foreign Merger and Acquisition of Chinese Listed Companies Based on the Perspective of Target Firms

文章以1998～2007年外资并购上市公司的事件为研究样本,从目标企业的视角分析了外资并购的动因。研究发现:外资并购通过内部资本市场的构建形成了财务协同效应,所以财务协同效应应该是外资并购的主要动因之一;外资并购并非持投机性的动机,而应该是以投资性并购为主要动因;作为投资性的外资并购,外资在快速进入东道主国市场后,具有雪藏目标企业品牌、推广自有品牌的动机。

The paper, using a sample of foreign companies＇ merger and acquisition of Chinese listed target firms from 1998 to 2007, studies the M＆A motive of foreign firms from the perspective of target firms. It finds that the foreign mergers and acquisitions have built financial synergies from the formation of internal capital markets, which are one of the main motives of foreign mergers and acquisitions; speculations are not the motive of mergers and acquisitions, but investments should be the main motive; as an investmentoriented foreign merger and acquisition, after it quickly enters the host country market, it has a motive of freezing the target brand and promoting its own brand.