跨国并购提高企业绩效了吗——基于中国上市公司的实证分析

Does Cross-border Mergers and Acquisitions Improve Business Performance?——An Empirical Analysis Based on China's Listed Companies

本文以跨国并购为单独的核心解释变量,将Wind数据库中2013—2016年的中国上市公司数据与对外跨国并购数据相匹配,利用倾向得分匹配方法,从静态到动态实证检验了跨国并购对国内上市公司绩效的影响。研究结果表明:跨国并购与国内企业绩效之间存在显著的因果效应,但是跨国并购对企业绩效的正向作用随着时间推移逐渐减弱。另外,本文还针对企业异质性进行了检验,发现东部和中部地区企业的跨国并购对绩效具有显著的促进作用,对西部地区企业的影响却不显著;民营企业跨国并购的绩效优于国有企业。本研究基于微观数据客观评估了跨国并购对国内企业绩效的影响,为进一步高效利用对外跨国并购促进国内经济发展提供了政策启示。

This paper used the cross-border M＆A as a separate core explanatory variable, matched the data of China＇s listed companies from 2013 to 2016 in the Wind database with the foreign cross-border M＆A data. Applying the Tendency Score Matching Method, this paper empirically analyzed the impact of cross-border M＆A on the performance of domestic listed compa- nies from static to dynamic. The results show that there is a significant causal effect between cross-border mergers and acquisi- tions and domestic firm performance, but the positive effect of cross-border mergers and acquisitions on corporate performance is weakening over time. In addition, this paper also tested the heterogeneity of the enterprise, and found that the transnational mergers and acquisitions in the eastern and central regions have a significant positive effect on the firms＇ performance, and the impact on the enterprises in the western region is not significant; the performance of private enterprises in cross-border mergers and acquisitions is better than that of state-owned enterprises. This study evaluated the impact of cross-border M＆A on the per- formance of domestic enterprises on the basis of micro-data, which provided a policy enlightenment for further and efficient use of foreign cross-border mergers and acquisitions to promote domestic economic development.