跨境并购对我国上市企业微观绩效的影响

The Impact of Cross-border Mergers and Acquisitions on the Micro Performance of Listed Firms in China

收集2010—2017年中国A股上市企业的跨境并购事件为研究样本,运用倾向得分匹配和多期双重差分法从微观层面研究跨境并购对企业绩效的影响。结果表明:跨境并购行为能够显著地提高企业的全要素生产率和盈利能力;相比国有企业、吸收能力较低的企业和东道国为非发达国家的并购企业而言,非国有企业、吸收能力较高的企业和东道国为发达国家的并购企业实施跨境并购对企业微观绩效的促进作用更大。政府要在坚持对外开放的同时推进国有企业深化改革,激发企业活力;企业也要与政府步调一致,积极响应国家政策。

By collecting the cross-border mergers and acquisitions(M&A) events of Chinese A-share listed enterprises from 2010 to 2017 as the research samples, the impact of cross-border M&A on corporate performance was studied from the micro level by means of propensity score matching and multistage difference in difference(DID) method. The results showed that cross-border M&A could significantly improve the total factor productivity and profitability of enterprises. Further research showed that, compared with state-owned enterprises, enterprises with low absorptive capacity and M&A enterprises in the host country of non-developed countries, cross-border M&A of non-state-owned enterprises, enterprises with high absorptive capacity and M&A enterprises in the host country of developed countries had a greater promotion effect on the micro performance of enterprises.