摘要
基于我国2006~2012年114例上市公司跨国并购案例,运用市场绩效研究方法,对收购方的短期财富效应及其影响因素进行了研究,结果表明收购方股东获得了显著的财富效应,跨国并购的目的、实质经营资产是在国内还是国外以及收购的行业相关性对跨国并购收购方的财富效应影响显著,但收购方的控股性质和目标地域经济发展程度对收购方的财富效应并没有造成显著差异。基于产业升级、经济转型和提高企业核心竞争力,我国应大力促进跨国并购的发展。
Based on 114 cross-border MAs（CBMAs） involving Chinese listed companies from 2006 to 2012, we studied the short- term wealth effects and their influence factors for the acquirers＇ shareholders. We find that the acquirers＇ shareholders show a significant wealth effect, and the influence factors include the purpose of the CBMA, the degree to which the companies involved in the CBMA are related, and whether the real operating assets are at home or abroad.The nature of the holdings of the acquirers＇ shareholders and the level of economic development of the target＇s location have no significant effect on the wealth effects on the acquirer shareholders. Finally, we conclude that China should encourage CBMAs in order to upgrade its industries, transform the economy, and improve the core competences of companies.
关键词
上市公司
跨国并购
财富效应
影响因素
Listed companies
Cross-border M＆As
Wealth effects
Influencing factors
