【摘要】：近年來中國(guó)企業(yè)海外并購的步伐不斷加快,但不少并購卻因無法通過他國(guó)的外資并購安全審查而遇阻。本文研究中國(guó)企業(yè)并購涉及國(guó)家安全的敏感性海外資產(chǎn)對(duì)并購成敗及并購績(jī)效的影響。結(jié)果表明,相比地方國(guó)企和民企,中央國(guó)企更可能到海外并購敏感性資產(chǎn)。相比其他并購,敏感性資產(chǎn)并購的成功概率較低,但市場(chǎng)反應(yīng)較好,有利于提升股東價(jià)值。國(guó)企實(shí)施敏感性資產(chǎn)并購對(duì)股東價(jià)值的正面影響顯著弱于民企。綜上,作者認(rèn)為企業(yè)在實(shí)施"走出去"戰(zhàn)略時(shí),應(yīng)注意減少并購的政治風(fēng)險(xiǎn),實(shí)現(xiàn)國(guó)家、市場(chǎng)和企業(yè)利益多贏的局面。
[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.
【作者單位】： 廈門國(guó)家會(huì)計(jì)學(xué)院;廈門大學(xué)管理學(xué)院;
【基金】：國(guó)家自然科學(xué)基金青年項(xiàng)目(71272082、71232005、71402156、71532012) 教育部哲學(xué)社會(huì)科學(xué)研究重大課題攻關(guān)項(xiàng)目(15JZD019) 福建省社科規(guī)劃項(xiàng)目(2014C123) 福建省軟科學(xué)項(xiàng)目(2013R0094)的資助
【分類號(hào)】：F271

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