外资所有权促进了中国企业的绩效吗

Does Foreign Ownership Promote the Economic Performance of China's Enterprises

以2008～2015年间被境外投资人收购的中国企业作为研究对象,文章结合倾向得分匹配法和双重差分估计考察了跨境并购对作为并购目标的中国企业经济业绩的影响。研究结果显示,在交易完成后的三年内,跨境并购对目标企业的息税前盈余有显著的负面影响,原因在于销售额的下降幅度超过了销售成本。更进一步分析表明,该并购效应呈现出收购者来源地和目标企业所属行业的异质性:跨境并购对目标企业经济绩效的负面效应集中于制造业行业和来自于OECD的并购交易。

Taking China’s enterprises acquired by overseas investors from 2008 to 2015 as the research objects,this paper probes into the effects of cross-border mergers and acquisitions(M&A) on the economic performance of target enterprises in China based on propensity score matching(PSM) and differences-in-differences(DID). The results indicate that within three years after the completion of transaction,cross-border M&A have a significant negative impact on earnings before interest and tax(EBIT) of target enterprises. This is mainly driven by the larger decrease in sales volumn than in sales cost. Further research shows that M&A effect reveals the heterogeneity of the source of the acquirer and the industry of target enterprises: the negative influence of cross-border M&A on the economic performance of target enterprises mainly exists in the manufacturing industry and M&A from OECD.