中国企业海外并购溢价研究
发布时间：2018-09-06 11:55
【摘要】：随着我国经济实力和国家影响力的增强,中国企业海外收购兼并活动日益频繁,正从以往主要担当资产被收购的角色逐渐变成主要的资产并购方。中国企业海外并购的现状和趋势受到了学术界和政府部门的高度关注。对主并购企业来讲,并购溢价将对并购活动产生重大影响。本文遵从由微观到宏观的分析框架,分别从国有产权性质(公司层面)、敏感行业(行业层面)以及文化差异(国家层面)研究了我国企业海外并购溢价的影响因素。研究发现,国有企业在海外并购时比民营企业支付了更高的溢价;中国企业并购国外的敏感行业公司时,也支付了较高的溢价;并购双方的文化差异越大,中国企业支付的溢价越高。进一步的研究显示,中国企业支付的溢价越高,海外并购的业绩就越低。最后,研究结果还表明,国有产权性质、敏感行业以及文化差异对并购溢价的影响存在着正向的交互效应。本文拓展了跨国并购的相关研究,对于中国企业海外并购实践具有一定的政策含义和实际参考价值。
[Abstract]:With the strengthening of our country's economic strength and national influence, the overseas acquisition and merger activities of Chinese enterprises are becoming more and more frequent, and they are gradually becoming the main asset mergers and acquisitions parties from the role of the main assets acquired in the past. The current situation and trend of overseas M & A of Chinese enterprises are highly concerned by academia and government departments. For the main M & A enterprises, M & A premium will have a significant impact on M & A activities. Following the analytical framework from micro to macro, this paper studies the influencing factors of oversea M & A premium of Chinese enterprises from the aspects of state-owned property rights (company level), sensitive industries (industry level) and cultural differences (national level). The study found that state-owned enterprises pay a higher premium than private enterprises in overseas mergers and acquisitions; Chinese enterprises also pay a higher premium when acquiring foreign sensitive industry companies; the cultural differences between the two sides of M & A are greater. The higher the premium paid by Chinese companies. Further research shows that the higher the premium Chinese companies pay, the lower the performance of overseas mergers and acquisitions. Finally, the results show that there is a positive interaction between the nature of state-owned property rights, sensitive industries and cultural differences on the M & A premium. This paper expands the relevant research of transnational M & A, which has certain policy meaning and practical reference value for Chinese enterprises overseas M & A practice.
【作者单位】： 上海对外经贸大学会计学院;上海财经大学会计与财务研究院;上海财经大学会计学院;
【分类号】：F271;F275
[Abstract]:With the strengthening of our country's economic strength and national influence, the overseas acquisition and merger activities of Chinese enterprises are becoming more and more frequent, and they are gradually becoming the main asset mergers and acquisitions parties from the role of the main assets acquired in the past. The current situation and trend of overseas M & A of Chinese enterprises are highly concerned by academia and government departments. For the main M & A enterprises, M & A premium will have a significant impact on M & A activities. Following the analytical framework from micro to macro, this paper studies the influencing factors of oversea M & A premium of Chinese enterprises from the aspects of state-owned property rights (company level), sensitive industries (industry level) and cultural differences (national level). The study found that state-owned enterprises pay a higher premium than private enterprises in overseas mergers and acquisitions; Chinese enterprises also pay a higher premium when acquiring foreign sensitive industry companies; the cultural differences between the two sides of M & A are greater. The higher the premium paid by Chinese companies. Further research shows that the higher the premium Chinese companies pay, the lower the performance of overseas mergers and acquisitions. Finally, the results show that there is a positive interaction between the nature of state-owned property rights, sensitive industries and cultural differences on the M & A premium. This paper expands the relevant research of transnational M & A, which has certain policy meaning and practical reference value for Chinese enterprises overseas M & A practice.
【作者单位】： 上海对外经贸大学会计学院;上海财经大学会计与财务研究院;上海财经大学会计学院;
【分类号】：F271;F275
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2 李建立;;中国企业海外并购主要障碍分析[A];全国律协经济专业委员会2010论坛（成都）论文集[C];2010年
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