目标透明度、交叉上市与并购绩效——中国企业在内地和海外并购的对比研究

Target Transparency,Cross Listing and M&A Performance——A Comparative Study of Chinese Enterprises’M&A in Mainland and Overseas

并购是企业获取资源及扩大市场的重要方式之一,但受交易中信息不对称问题的影响,并非所有企业都能取得理想的并购绩效表现。运用事件研究法和多元线性回归模型,以2005—2020年中国企业在内地及海外的147例并购事件为样本,研究目标透明度、交叉上市对并购绩效的影响以及交叉上市对目标透明度与并购绩效的关系的调节作用。发现目标透明度更高时,并购方绩效表现更好,且内地并购的绩效远高于海外并购;当目标透明度相似时,交叉上市企业与单一上市企业的并购绩效差异不明显。结果表明,目标透明度对中国企业的并购绩效产生积极影响,且对内地并购的影响程度大于海外并购;交叉上市对目标透明度与并购绩效的关系影响不显著,从政府及企业角度提出了提高企业并购绩效的建议。

M&A is one of the most important ways for companies to acquire resources and expand their markets,but not all companies can achieve the desired M&A performance due to the information asymmetry problem in the transaction.Using the event study method and multiple linear regression models,this paper investigated the effects of target transparency,cross-listing on M&A performance,and the moderating effect of cross-listing on the relationship between target transparency and M&A performance using a sample of 147 M&A events of Chinese firms in the mainland and overseas during 2005-2020.The performance of M&A acquirers is found to be better when target transparency is higher,and the performance of mainland M&A is much higher than that of overseas M&A;when target transparency is similar,the difference in M&A performance between cross-listed firms and single-listed firms is not significant.The results show that target transparency positively affects Chinese firms’M&A performance and to a greater extent for mainland M&A than for overseas M&A;cross-listing does not have a significant effect on the relationship between target transparency and M&A performance.This study suggests suggestions for improving corporate M&A performance from both government and corporate perspectives.