中国企业跨国并购促进生产率进步了吗？

Does Chinese Enterprises' Cross-border M&A Promote Productivity progress?

针对中国企业对外跨国并购是否提升了企业生产率问题,我们利用数据匹配法为2009-2013年149家对外跨国并购的上市公司找到可供比较的对照组,运用倍差法检验了企业对外跨国并购对生产率的影响。通过检验我们发现:对外跨国并购总体上并没有显著地提升企业生产率,促进作用相当微弱;分行业检验发现,商业行业的跨国并购显著促进了生产率提升,其他行业没有显著表现;掌握控股权的并购企业能显著提升企业生产率,少数控股的并购企业促进作用不明显;并购经验的多寡对企业生产率提升不显著;对发达国家的海外并购有助于企业生产率的显著提升,而对发展中国家并购投资的生产率效应不显著。

For Cross-border M＆A would improve the enterprises’ productivity,we use data matching method to find the control group to compared with the 149 cross-border mergers and acquisitions’ listed companies in 2009-2013,using difference-in-difference method to test the effect of enterprise cross-border acquisitions on productivity.Through the examination,we find that：（1） Cross-border mergers and acquisitions generally did not significantly improve enterprise productivity,promoting effect is weak;（2） The industry inspection found,commerce industry of cross-border acquisitions significantly promote the productivity but other industries did not significantly;（3） owning majority holding power of enterprise mergers and acquisitions can significantly improve enterprise productivity but minority holdings of corporate mergers and acquisitions in the promotion of the role is not obvious;（4） The amount of acquisitions experience of enterprise productivity have not risen significantly;（5）Overseas mergers and acquisitions to the developed world helped to significantly improve Chinese enterprises’ productivity,while cross-border M＆A to the developing countries has no significant effect on the productivity.