我国制造企业跨国并购绩效评析——基于48个上市公司案例的经验数据

Analysis on the Performance of Cross-border M&A of Chinese Manufacturing Enterprises——Based on Empirical Data from 48 Cases

以我国制造业上市公司48起跨国并购案例为样本,通过建立跨国并购绩效综合评价指标体系,实证评估跨国并购完成前后共五年的绩效变化情况。结果表明:我国制造企业跨国并购后获得了优于并购前的绩效水平;逆经济周期、横向并购、并购亚洲国家企业更有利于我国制造企业提升跨国并购绩效。因此,我国制造企业在跨国并购前需要切实评估自身跨文化吸收能力,优先考虑跨国并购文化差异较小的亚洲国家企业;在逆经济周期背景下,尝试跨国并购具有优质资产的企业,并且在并购模式方面多选择同行企业进行横向并购;跨国并购完成后必须加强整合能力,以保持企业长期绩效的提升。

This paper takes 48 cross-border M&A cases of listedmanufacturing companies in China as the research object,and analyzes the performance changes in five years around the cross-border M&Aby establishing a comprehensive evaluation index system for cross-border M&A. The results demonstrate that,Chinese manufacturing companies have achieved better performance through crossborder M&A. In addition,inverse economic cycles,horizontal mergers and acquisitions,mergers and acquisitions of Asian companies will be more conducive to improve enterprise performance. Therefore,it is suggested that Chinese manufacturing companies need to effectively assess their cross-cultural absorption capacity before cross-border M&A,and choose companies from Asian countries with small cultural difference for cross-border M&A;under the background of inverse economic cycle,try the cross-border M&A of enterprises with high quality assets and select peer companies for horizontal mergers and acquisitions. After the completion of cross-border M&A,it is necessary to strengthen the integration ability to maintain the long-term performance improvement.