腾讯公司跨国并购的绩效分析——基于事件研究法

Research on the Performance of Tencent’s Cross-border Mergers and Acquisitions——Based on Event Research

跨国并购是现今竞争激烈的环境下企业走向国际,提高核心竞争力的重要途径。以互联网行业巨头腾讯公司为研究对象,用事件研究法从股价角度探讨其三次游戏行业跨国并购活动对公司短期绩效的影响。研究结果显示,腾讯并购Riot Games使得公司股东价值提高,但并购CJ Games和Supercell均使得公司股东价值下跌。据此,对互联网企业的跨国并购提出如下启示:企业在并购前应做好充分的准备,在并购后应进行有效的资源整合,应开展高质量的并购决策活动。

Cross-border M&A is an important way for companies to go global and improve their core competitiveness.This paper selects Tencent,one of the internet industry giants with many cross-border M&A experiences,as the research object.The paper analyzed the impact of three cross-border M&A events since 2010 on company performance.Using Event Study to analyze the impact of three cross-border M&A events on Tencent’s short-term performance from the perspective of stock price.The study found that Tencent’s acquisition of Riot Games has increased the company’s shareholder value,but the acquisition of CJ Games and Supercell has caused the decreasing of shareholder value.So the following lessons are drawn from the Internet companies’cross-border M&A,they are full preparation,rational integration resources afterwards,implementation of high-quality cross-border M&A.