中国企业并购敏感性海外资产的经验研究

A Study on Chinese Companies' Acquisitions of Sensitive Assets Abroad

近年来中国企业海外并购的步伐不断加快,但不少并购却因无法通过他国的外资并购安全审查而遇阻。本文研究中国企业并购涉及国家安全的敏感性海外资产对并购成败及并购绩效的影响。结果表明,相比地方国企和民企,中央国企更可能到海外并购敏感性资产。相比其他并购,敏感性资产并购的成功概率较低,但市场反应较好,有利于提升股东价值。国企实施敏感性资产并购对股东价值的正面影响显著弱于民企。综上,作者认为企业在实施"走出去"战略时,应注意减少并购的政治风险,实现国家、市场和企业利益多赢的局面。

In recent years, the pace of Chinese companies＇ cross-border mergers and acquisitions has been accelerating, but many of them were obstructed by foreign countries＇ security censorship. Using a sample of 543 cross-border mergers and acquisitions made by China＇s listed companies between 2000 and 2014, this paper examines how the acquisition of foreign sensitive assets, which may threat foreign countries＇ national security, affects the likelihood of acquisition completion and peribrmance. We find that central state-owned enterprises are more likely to acquire sensitive assets than private-owned and local state- owned enterprises. Meanwhile, the sensitive acquisitions are less likely to be completed than others. The market reaction of acquisition announcements is significantly greater for sensitive acquisitions than for other acquisitions, suggesting that sensitive acquisitions help increase shareholders＇ wealth. Last but not least, we show that the positive effect of sensitive acquisitions on shareholders＇ wealth is stronger for private-owned enterprises than for state-owned enterprises. Overall, our findings suggest that China＇s companies should re- duce the political risks of cross-border acquisitions and try to achieve a win-win situation for the nation, the market and enterprises while implementing ＂go-out＂ strategy.