“一带一路”倡议下我国企业跨国并购绩效的影响因素分析

Analysis of Factors Influencing the Performance of Cross-border Mergers and Acquisitions of Chinese Enterprises under the Belt and Road Initiative

本文选取2016—2020年44起中国企业对“一带一路”沿线国家和地区进行跨国并购的实际案例,涉及40家上市企业。为保障研究的稳定性,给定四年的财务数据,即并购前一年、并购当年、并购后一年、并购后两年。文章从内部、外部及交易三个维度对并购绩效的影响因素进行实证分析,研究发现:(1)企业规模与企业跨国并购的绩效呈负相关;(2)上市公司成熟度与企业跨国并购的绩效呈正相关;(3)企业所有权性在结果中体现出对于企业绩效的显著性,其中国营企业比非国营企业的跨国并购绩效更突出;(4)东道国经济发展水平与企业跨国并购的绩效水平呈正相关;(5)企业并购规模与企业跨国并购的绩效呈正相关;(6)现金支付对绩效有积极的正效应。最后,本文提出相关政策建议,以期为企业后续的并购行为提供借鉴。

This paper selects 44 actual cases of Chinese enterprises conducting cross-border mergers and acquisitions in countries and regions involved in the Belt and Road Initiative from 2016 to 2020,covering 40 listed companies.To ensure the stability of the research,nancial data from four years are provided:the year before the acquisition,the acquisition year,the year after the acquisition,and two years after the acquisition.This paper empirically analyzes the factors influencing the performance of mergers and acquisitions from the perspectives of internal,external,and transaction dimensions.The study reveals:(1)There is a negative correlation between enterprise size and the performance of enterprise cross-border mergers and acquisitions;(2)The maturity of listed companies is positively correlated with the performance of enterprise cross-border mergers and acquisitions;(3)The ownership nature of the enterprise signicantly aects its performance,with the performance of state-owned enterprises in cross-border mergers and acquisitions being more prominent than that of non-state-owned enterprises;(4)The economic development level of the host country is positively correlated with the performance level of cross-border mergers and acquisitions by enterprises;(5)The scale of enterprise mergers and acquisitions is positively correlated with the performance of cross-border mergers and acquisitions by enterprises;(6)Cash payments have a positive eect on performance.Finally,the paper puts forward relevant policy suggestions in order to provide reference for the subsequent merger and acquisition behavior of enterprises.