中国企业并购敏感性海外资产的经验研究

发布时间：2018-08-09 06:43

【摘要】：近年来中国企业海外并购的步伐不断加快,但不少并购却因无法通过他国的外资并购安全审查而遇阻。本文研究中国企业并购涉及国家安全的敏感性海外资产对并购成败及并购绩效的影响。结果表明,相比地方国企和民企,中央国企更可能到海外并购敏感性资产。相比其他并购,敏感性资产并购的成功概率较低,但市场反应较好,有利于提升股东价值。国企实施敏感性资产并购对股东价值的正面影响显著弱于民企。综上,作者认为企业在实施"走出去"战略时,应注意减少并购的政治风险,实现国家、市场和企业利益多赢的局面。
[Abstract]:In recent years, the pace of Chinese enterprises' overseas mergers and acquisitions has been speeding up, but many mergers and acquisitions have been blocked by the security review of foreign capital mergers and acquisitions in other countries. This paper studies the influence of foreign assets of Chinese enterprises' Merger and acquisition involving national security on the success or failure of mergers and acquisitions and the performance of mergers and acquisitions. It is possible to acquire sensitive assets abroad. Compared with other mergers and acquisitions, the probability of successful merger and acquisition of sensitive assets is lower, but the market reaction is better and the shareholder value is promoted. The positive impact of the state-owned enterprise on shareholder value is significantly weaker than that of the private enterprises. The political risks of M & A should be reduced to achieve a win-win situation in the interests of the state, market and enterprises.
【作者单位】：厦门国家会计学院;厦门大学管理学院;
【基金】：国家自然科学基金青年项目(71272082、71232005、71402156、71532012) 教育部哲学社会科学研究重大课题攻关项目(15JZD019) 福建省社科规划项目(2014C123) 福建省软科学项目(2013R0094)的资助
【分类号】：F271

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