金融危机影响中国企业跨国并购的实证研究

An Empirical Study on the Impact of Financial Crisis on Chinese Enterprises' Cross-border M&As

文章以2003-2014年中国制造业行业A股上市企业的3710个观察值为样本,实证研究得到:金融危机后中国企业参与跨国并购的概率增加,民营企业对金融危机的影响更加敏感,民营企业跨国并购增加的比例大于国有企业,尤其是大规模民营企业。因此,中国企业要以金融危机为契机,合理进行跨国并购。对政府而言,要加大支持力度鼓励民营企业进行跨国并购。

The paper adopts observations of A-share listed companies in manufacturing industry from 2003 to 2014 to have an empirical test, reaching the following conclusions： the financial crisis has a positive impact on Chinese enterprises＇ cross-border MA. From the perspective of acquirers＇ ownership structure, private enterprises are more sensitive to the impact of the financial crisis, especially large-scale private enterprises. Therefore, Chinese enterprises should take the financial crisis as an opportunity to have a reasonable cross-border MA. For the government, they should encourage private enterprises to take part in cross-border