我国上市公司跨国并购财务绩效的影响因素研究

Factors Impacting Financial Performance in Cross-border M & A of Listed Companies in China

近年来，我国多家制造业企业通过跨国并购实施国际化战略，期望通过获取外部知识和技术资源来提升企业的核心竞争力。因此，评估跨国并购的绩效，特别是财务绩效自然成为研究的热点。以2001—2014年国内发生跨国并购的32家制造业上市公司为分析对象，对影响这些上市公司财务绩效的主要因素进行多元回归分析，发现：并购方资产规模与总资产周转率、流动比率呈正相关，文化差异与流动比率、净资产收益率呈负相关，获得被并购企业的权益比率对总资产周转率、流动比率、净资产收益率的影响不显著。

In recent years, many Chinese manufacturing enterprises implement the internationalization strategy through cross-border M ＆ A and expect to acquire external knowledge and resources to improve the core competitiveness. Therefore, evaluation of the enterprises performance, especially financial performance become the focus of research. The authors selected 32 manufacturing enterprises from stock market listed companies, which performed cross-border M ＆ A in 2004 -2014, and did the multiple regression analysis about the effect factors of these enterprises financial performance. The results indicate that the asset size positively correlated with TAT and CR, the cultural differences negatively correlated with CR and ROE, and the equity ratio of target company has no significant effect on TAT, CR and ROE.