中国企业跨境并购业绩研究——基于所有制的对比分析

Research on the Performance of Chinese Enterprises Cross-border Mergers & Acquisitions——Based on the Comparative Analysis of Enterprise Ownership

近年来,中国企业跨境并购的规模不断扩大,但企业跨境并购后是否有效整合了被并购企业的资源和技术,实现协同效应,一直备受争议。本文采取倾向得分匹配-双重差分,实证研究跨境并购对并购方的业绩影响,研究发现:跨境并购对中国企业业绩的影响是正面的,且对民营企业的业绩影响显著为正,但对国有企业业绩的影响不显著;从动态效应来看,跨境并购对中国企业业绩与民营企业业绩的影响在并购当年与并购后多年均显著为正;机制分析上,如果参与跨境并购的并购方企业为国有企业,当固定资产周转率得到提升时,该国有企业的业绩将实现提高;如果参与跨境并购的并购方企业为民营企业,不仅提高固定资产周转率有利于业绩提高,当研发投入比例、劳动效率得到提高时,该民营企业的业绩也将得到提高。

In recent years, the scale of cross-border mergers and acquisitions by Chinese enterprises has continued to expand, but whether the cross-border mergers and acquisitions of enterprises can effectively integrate the resources and technologies of the merged enterprises and achieve synergies has been controversial. This paper adopts propensity score matching-double difference to empirically study the impact of cross-border mergers and acquisitions on the performance of acquirers. The study finds that the impact of cross-border mergers and acquisitions on the performance of Chinese enterprises is positive, and the impact on the performance of private enterprises is significantly positive, but the impact of cross-border mergers and acquisitions on the performance of Chinese state-owned enterprise is not significant;From the perspective of dynamic effects, the impact of cross-border mergers and acquisitions on the performance of Chinese companies and private companies is significantly positive in both the year of the merger and the first year after the merger;In terms of mechanism analysis, the improvement of fixed assets turnover of state-owned enterprises will make cross-border mergers and acquisitions positively influence the performance. If the acquirer is a private enterprise, its performance is likely to improve with the increase of turnover rate of fixed assets and the increase of the ratio of R&D investment and labor efficiency.