外资并购的价值效应及绩效影响因素的实证研究

An Empirical Study on Value Effects of Foreign-capital M&As and Influencing Factors

"引进外资"政策的提出,使得外资并购的价值效应受到普遍关注。文章实证检验了外资并购的短期和中长期绩效及其影响因素,结果显示:短期,外资并购有助于中国企业获得超额收益,反映了市场对"外资并购"的正面评价;但长期,外资并购会损害本国企业绩效。外资并购中,被收购的股权比例、目标企业的规模和Tobin's Q值与目标企业获得的长期绩效呈正相关关系。此外,从长期绩效考虑,政府可以积极吸引香港地区企业进行外资并购,积极引导海外地区企业进行同行业并购。

The paper provides a thorough analysis of the impact of foreign-capital M＆As on Chinese firms＇ short-term and long-term performance. It finds that Chinese companies obtain positive returns as measured on the announcement date, but negative abnormal returns in long term performance. Further, it finds that： acquisition scale, the size of the target and the Tobin＇s Q value of the target are positively related with the long-term performance of the target. In addition, from the long-term performance consideration, the government can attract Hong Kong＇s foreign-capital M＆As, or actively guide the foreign firms to carry out intra-industry M＆As.