跨国并购溢价度、公司国际化程度与并购绩效

Cross-border M&A Premium, Company Internationalization and M&A Performance

本文以2012-2016年成功实施跨国并购的上市公司为研究对象,对跨国并购溢价度、公司国际化程度与并购绩效之间的关系进行了实证检验。研究发现:跨国并购溢价度与并购绩效显著正相关;公司国际化程度对跨国并购溢价度与并购绩效之间的关系会产生显著影响,公司国际化程度越高,并购溢价度与并购绩效之间的正相关关系会越显著。此外,本文进一步分析的结果还表明:“一带一路”倡议实施后,跨国并购溢价度与并购绩效之间呈现出更为显著的正相关关系,公司国际化程度对跨国并购溢价度与并购绩效两者之间关系的正向促进作用也更加显著。为此,本文建议:跨国并购的上市公司应提升公司的国际化程度,弥补信息不对称的劣势,对标的资产进行更为准确的估值定价,进而提升并购绩效;中国上市公司应充分利用“一带一路”倡议带来的政策红利,积极通过跨国并购的方式加快开拓国际市场的步伐,不断提升国际竞争力。

This paper takes the successful implementation of cross-border M&A listed companies in 2012 -2016 as the research sam ples, and empirically tests the relationship between cross - border M&A premium, company internationalization level and M&A performance. The study finds that: The cross - border M&A premium is significantly positively correlated with M&A performance. And the degree of internationalization of the company will have a significant impact on the relationship between cross - border M&A premium and M&A performance. The higher the degree of internationalization, the more significantly positive correlation between cross - border M&A premium and M&A performance will be presented. In addition, the results of further analysis in this paper also show that: After the implementation of ‘ the Belt and Road Initiative ’, there is a more significant positive correlation between cross - border M&A premium and M&A performance, and the degree of internationalization has a more significantly positive promoting effect on the relationship between cross - border M&A premium and M&A performance. To this end, this paper suggests that : Listed companies of cross-border M&A should enhance the company's internationalization, make up for the disadvantages of information asymmetry, and conduct more accurate valuation pricing of the underlying assets, thereby improving the performance of M& A;Chinese listed companies should make full use of the policy dividend brought by ‘ the Belt and Road Initiative ’, actively accelerates the pace of exploring the international market through cross-border M& A,and continuously enhance international competitiveness.