我国上市公司海外并购股东财富效应研究——基于2004-2010年数据的实证分析

An Empirical Study on Chinese Listed Firm’s Overseas Acquisition and Shareholder Wealth

本文采用事件研究法探讨中国上市公司的海外并购是否为股东创造了财富。以2004-2010年中国A股上市公司29起跨境并购为样本,研究发现并购公告能显著提高股东财富,并购当日的超额收益为2.04%,[-10,1]日的累计超额收益为2.52%。本研究同时发现,充当中国海外并购"初级行动团体"的中国上市公司与行业平均相比,具有更大的规模和更低的资产负债率。他们主要分布在服务、能源和机械产业,青睐并购海外同行业公司,旨在获取对方控制权,并且交易规模相对较小,这表明我国上市公司的海外并购是一种战略并购,具有较强地化解海外并购经营和财务风险的能力,这可能是中国股票市场给予积极评价的主要原因。

This article addresses the question on whether companies from emerging economies--China create shareholder value through cross-border Mergers and acquisitions. The standard event study methodology is used to ascertain the abnormal returns around the announcement day. The study covers the period from 2004 to 2010 with a sample size of 29 events. The announcement effect is positive and significant around the announcement day. The average abnormal return is 2.04% on day 0, and the two day （days 0 and 1） cumulative abnormal return is 2.52%. Due to the limitation of sample size, a cross-sectional analysis about the variation among firm＇s abnormal return is unable to be carried out. However, based on statistical analysis of the data, the common characteristics of acquires and their acquisition can still be found： the acquirers have significantly larger scale and lower debt ratio than their peers. Moreover, they prefer to acquire the target in their similar industry, carry out relatively-small size deal and aim to obtain control rights, which reflect the typical motivation of Chinese listed companies are for long-term strategic effect and have stronger capacity to avoid the risk of cross-border acquisitions. Those may help to explain why the shareholders of these firms can benefit from the cross border M＆A announcements.