中国国企财务风险对海外投资并购影响——以上市国有企业为例

The Impact on Financial Risk of Chinese State-Owned Enterprises on Overseas Investment and M&A——Illustrated by the Example of On-Listed State-Owned Enterprises

文章以中国上市国有企业为例,对中国国有企业债务危机对于海外投资并购的影响机制和影响因素进行了分析,并着重对两者之间的关系进行了实证研究。根据对2010年至2016年中国国有企业海外投资并购年度数据的梳理,采用面板logit模型进行回归分析,并用probit模型作为稳健性检验的工具方法,得出基本结论:资产负债率对海外投资并购的影响呈正向显著且较为稳健;资产回报率对上市公司海外投资行为没有显著影响;总资产规模越大的公司,越具有海外投资的冲动;国有企业上市公司的海外投资并购呈现出明显的行业聚类现象。因此,分析结果表明:中国国有企业在进行海外投资并购的同时必须进行良好的财务管理,把控好自身的财务风险,避免出现债务危机,以减少对企业海外投资并购的负面影响。

Taken Chinese listed state-owned enterprises as examples,the influencing mechanism and factors of Chinese stateowned enterprises'debt crisis on overseas investment and M&A are analyzed,and the focus of the empirical research is the relationship between them.Based on the analysis of the annual data of overseas investment and M&A of Chinese state-owned enterprises from 2010 to 2016,the panel logit model is adopted for regression analysis,and the probit model is used as the robustness test tool.The basic conclusion shows that the asset-liability ratio has a positive and steady influence on overseas investment and M&A.The return on assets has no significant impact on the overseas investment behavior of listed companies.The larger the total assets of the company,the more overseas investment impulse will have,and the overseas investment and state-owned listed companies presents an obvious industryclustering phenomenon.Therefore,the research results shows that during carrying out overseas investment and M&A,the Chinese stateowned enterprises must carry out good financial management,control their own financial risks and avoid debt crisis,so as to reduce the negative impacts on overseas investment and M&A.