跨国并购提高企业绩效了吗——基于中国上市公司的实证分析

发布时间：2018-04-10 22:28

本文选题：跨国并购 + 企业绩效　；参考：《经济学家》2017年06期

【摘要】：本文以跨国并购为单独的核心解释变量,将Wind数据库中2013—2016年的中国上市公司数据与对外跨国并购数据相匹配,利用倾向得分匹配方法,从静态到动态实证检验了跨国并购对国内上市公司绩效的影响。研究结果表明:跨国并购与国内企业绩效之间存在显著的因果效应,但是跨国并购对企业绩效的正向作用随着时间推移逐渐减弱。另外,本文还针对企业异质性进行了检验,发现东部和中部地区企业的跨国并购对绩效具有显著的促进作用,对西部地区企业的影响却不显著;民营企业跨国并购的绩效优于国有企业。本研究基于微观数据客观评估了跨国并购对国内企业绩效的影响,为进一步高效利用对外跨国并购促进国内经济发展提供了政策启示。
[Abstract]:Taking cross-border M & A as a single core explanatory variable, this paper matches the data of Chinese listed companies in the Wind database from 2013-2016 to the data of cross-border M & A from abroad, and uses the tendency score matching method.From static to dynamic empirical test the impact of cross-border mergers and acquisitions on the performance of domestic listed companies.The results show that there is a significant causal effect between cross-border M & A and domestic firm performance, but the positive effect of cross-border M & A on corporate performance gradually weakens over time.In addition, the paper also tests the heterogeneity of enterprises, and finds that cross-border mergers and acquisitions in the eastern and central regions have a significant impact on performance, but the impact on enterprises in the western region is not significant;The performance of transnational mergers and acquisitions of private enterprises is superior to that of state-owned enterprises.Based on microcosmic data, this study objectively evaluates the impact of cross-border M & A on the performance of domestic enterprises, and provides policy implications for the further efficient use of foreign cross-border M & as to promote domestic economic development.
【作者单位】：上海社会科学院世界经济研究所;上海WTO事务咨询中心;
【基金】：国家社会科学基金重大项目“推进双向投资布局的开放体制创新与内外战略协同”(15ZDC018)
【分类号】：F271;F279.2;F832.51

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