中国企业跨国并购绩效研究

The Study on Performance of Chinese Companies' Overseas M&As

本文采用事件研究法,选取近年来由中国A股上市公司发起的110跨国并购事件,研究了这些跨国并购事件的短期绩效。本文将跨国并购事件根据被并购方所属行业的行业景气度情况将总样本分成了两个子样本,发现表明当被并购方所处行业为景气行业时跨国并购的短期绩效明显高于被并购方所属行业为非景气行业时的跨国并购。

This paper uses event study method to study the short-term performance in Chinese enterprises cross-border M＆A events with the data of 1 10 multinational M＆A events, which are launched hy China＇s A-stock market listed companies, the total sample are divided into two groups, one group is on behalf of the acquired party in a high industry prosperity, another one is on behalf of the acquired party in a low industry prosperity, the cross-sectional regression results show that： when acquired party in high industry prosperity average gained more abnormal rate of return than acquired party in low industry prosperity.