私募股权基金参与对我国企业跨国并购绩效的影响

The Effect of Private Equity Funds on Performance in Cross-border M&A Transactions of Chinese Firms

随着私募股权基金日益参与到我国企业的跨国并购活动中,其对我国企业跨国并购绩效的影响值得关注。文章构建了一个包含254起我国企业海外并购案例的数据集,采用倾向得分匹配法和倍差法相结合的方法,对私募股权基金参与是否有助于提升我国企业跨国并购的绩效进行了检验。结果表明:私募股权基金的参与在一定程度上可以提升我国企业跨国并购的绩效,且这种积极作用主要体现在短期财务绩效和民营企业的海外并购中。联合私募股权基金有望成为我国企业,尤其是民营企业成功跨国并购的捷径之一。

With the increasing participation of private equity funds （PE） in the cross-border M＆A transactions of Chinese firms, their effect on the performance is worthy of attention.This paper constructed a data set containing 254 cases of overseas M＆A of Chinese firms.Using Propensity Score Matching and Difference In Differences, we tested whether the participation of PE can improve the performance of cross-border M＆A.The results showed that the participation of PE can enhance the performance of cross-border M＆A of Chinese firms to a certain extent,and this positive role is mainly reflected in the interim, especially private firms.Cooperating with PE is expected to he one of the shortcuts for Chinese firms to successfully implement cross-border M＆A.