跨国并购是否提高了企业风险:来自中国上市公司的证据

Do Cross-border Mergers and Acquisitions increase Firm Risk?Evidence from Chinese Listed Companies

文章在对中国企业跨国并购的风险及影响因素进行微观分析的基础上,利用中国2008~2017年上市公司跨国并购的样本,采用倾向得分匹配和倍差法检验了跨国并购对企业风险的影响。研究发现,实施跨国并购会显著增加并购企业的风险,尤其在国家风险较高、制度水平较低、文化距离较远的东道国进行的跨国并购,以及在服务业、战略资产行业和跨行业的跨国并购,企业风险更为显著;国有企业相比民营企业在跨国并购后承担更多的风险;对于并购后的风险管理,融资约束较弱和拥有海外经历高管的企业更有可能在并购后降低整合风险。

This paper builds some theoretic hypotheses on the firm risk resulted from cross-border mergers and acquisitions(M&A)by Chinese firms,and provides detailed tests using data from listed companies in China during 2008~2017 with PSM-DID method.The study finds that Chinese cross-border M&A significantly increase firm risk.The risk express as the high risk of host country,the low institutional level,and cultural difference.The M&A is also risky to service industry,especially those with abound strategic asset and involve cross-country investment.We also identify that firm’s risks are more pronounced when the acquirers are state-owned.Besides,for the risk management after M&A,firms with less financing constraints and senior executives who have overseas experience are more likely to reduce the integration risk after M&A.