上市公司外资并购绩效的实证研究

【作者】 李静；

【导师】 姚铮；

【作者基本信息】 浙江大学 ， 管理科学与工程， 2008， 硕士

【摘要】 近年来,外资并购井喷式的发展吸引了多方关注。但是,自我国1995年6月发生第一起外资并购上市公司事件以来,并购参与各方对外资并购的认识一直有所不同,国家政策也经历了长期的反复。从监管者及政府的角度来看,外资并购可以通过引进先进技术和管理方式来有力地推动我国的经济发展和产业升级,同时也可能在并购过程中形成垄断力量,危害国家经济安全和消费者权益;从国内上市公司来看,外资并购作为一种外部治理机制,可以激励管理层提高公司经营水平,当然,也可能使不具备并购经验的公司陷入敌意收购的窘境;对于投资者来说,外资并购传递了关于宏观经济、产业发展和具体并购公司的诸多信息,更与他们在股票市场的切身利益密切相关。本文首先回顾了我国外资并购上市公司发展历程和研究文献,然后通过案例分析和理论探讨,定性地研究了影响外资并购绩效的因素。最后通过选取发生自1995年6月到2006年8月的50个符合研究标准的外资并购上市公司样本,综合运用事件法、会计研究法和非参数检验法,研究了影响外资并购中国上市公司的短期和长期绩效问题。通过实证研究,本文发现了共同驱动外资并购产生短期和长期绩效的因素,同时也发现了在短期绩效和长期绩效中起不同作用的因素。在短期中,外资并购方式、外资在目标企业中的持股数量、人民币汇率以及高管持股情况对并购绩效有影响;在长期中,在消除行业不同对目标公司财务指标的干扰后,本文发现人民币汇率不再显著影响并购企业的长期绩效。在得到以上一些实证结论后,本文将该结论与反垄断和国家经济安全联系起来,讨论了本文的政策含义。更多还原

【Abstract】 In Chinese capital market,foreign capital M&A is the hottest topic recently.On the contrary of the warmly speeding foreign capital M&A,the recognition of foreign capital M&A differs greatly since the June 1995 when the 1^st foreign capital M&A case was taken place in China.From the perspective of regulator（or government）, foreign capital M&A is a component of the foreign direct investment（FDI）,which can promote Chinese economic growth and step up it’s industries from inputting advanced technology and management.But the foreign capital M&A can also shape a monopoly power,jeopardizing the safety of state’s economic and consumers’ welfare. Meanwhile,from the viewpoints of listed companies,foreign capital M&A,as a mechanism of outer corporate governance,can enhance their performance.But concerned the poor ability to encounter hostile takeover,foreign capital M&A must be a threat to Chinese listed companies.Finally,foreign capital M&A reveals a lot of information about the industries,companies,or even the macroeconomic situation, which means a lot for investor.This dissertation reviews the history of foreign capital M&A in China,keeps a tight pace with the literature of foreign capital M&A both in China and USA.After selecting a bundle of cases to illerstrate the factors which place influence on the performance of foreign capital M&A,We do a empirical study using event studies, accounting based study and nonparametric test to investigate the performance of foreign capital M&A.As the results,when the industry difference was controlled,we found that there are some factors influence both short run and long run M&A performance,while some are not.At the end and as a conclusion,we explore the practical meaning of the empirical results concerning antitrust and regulation.更多还原