企业金融化与海外并购财务风险

随着全球经济金融化趋势不断加强,我国企业海外扩张步伐逐步加快,并呈现出"脱实向虚"的倾向,但在这活跃背后却似乎潜藏着风险。本文从企业金融化视角切入,基于我国2007-2015年非金融企业海外并购数据,探讨企业金融化与海外并购财务风险之间的关系。结果表明:非金融企业金融化会显著加大海外并购财务风险;当并购标的位于亚洲外的其他地区、收购方为劳动密集型产业时,金融化对企业海外并购财务风险的负面影响就更为显著。因此,企业要坚持海外并购服务于实体经济发展的原则;理性选择海外并购地点,不断提高企业国际化水平;推动劳动密集型产业转型升级;着力加强企业微观条件建设,以技术研发、品牌塑造、管理优化为核心,打造中国企业自身优势。

With the tendency of global economic financialization getting stronger, the pace of overseas expansion of enterprises is speeding up gradually and showing a tendency of ＂transforming the economy from entity to virtuality＂. However, it may hide risks behind the active cross-border M＆As. This paper is based on the data of Chinese non-financial enterprises＂ cross-border M＆As between 2007 and 2015 from the perspective of financialization and explores the relationship between financialization and cross-border M＆As＂ risks. The results indicate that, financialization level significandy increases the financial risks of cross-border M＆As. When the aequirer is a labor-intensive industry or the M＆A bid is located in other regions outside Asia, the negative impacts of financial risks to cross-border M＆As is more obvious. Thus, the enterprises should adhere to the principle that the cross-border M＆As serve the development of the real economy, choose the cross-border M＆As locations rationally to improve the internationalization level of enterprises continuously, and promote the transformation and upgrading of labor-intensive industries. Efforts should be made to strengthen the micro-condition construction of the enterprises, with the technology research, brand building and management optimization as the core to create Chinese enterprises＂ own advantages.