基于国家风险的我国企业跨国并购交易财务政策选择研究

The Research on the Financial Policy Choice of Cross-border M&A Transaction in China Based on Country Risk

跨国并购是我国企业提高国际竞争力,进行海外扩张的重要方式。其中,支付方式、融资方式及溢价率高低的政策选择对跨国并购交易成败起关键作用。笔者以2005—2012年217起跨国并购案例为研究样本,基于是否存在国家风险假定,检验了融资方式、溢价率等财务政策选择对并购成功的影响。实证检验结果表明,国家风险降低了跨国并购成功的可能性;内源融资方式使并购交易成功的可能性增加,但在高国家风险水平下,选择内源融资政策对交易成功的正向影响作用变小;溢价率对并购交易成败具有至关重要的影响作用,溢价率越高,并购交易成功的可能性显著减小;在国家风险水平较高时,选用内源融资方式及较低的溢价率财务政策,可有效提高跨国并购交易成功的可能性。

Cross-border M＆A is an important way for Chinese enterprises to improve international compet- itiveness and expand overseas. The policy choice of payment, financing means and premium rate plays an im- portant role on the success of cross-border M＆A. We test the impact of different financing means and premium on M＆A cases based on 217 samples from 2005 to 2012 and the existence of a country risk assumption. The empirical results show that the country risk reduces the likelihood of cross-border M＆A success. In addition, Endogenous financing enhances the likelihood of cross-border M＆A success, but this positive effect is weak- ened at a high level of the country risk. Meanwhile, Premium rate has a crucial impact on cross-border M＆A success or failure, which shows a negative correlation relationship with success. The combination of Endogenous financing and lower premium rate will improve possibility of the cross-border M＆A success under the condition of high country risk.