【摘要】：隨著我國經(jīng)濟實力和國家影響力的增強,中國企業(yè)海外收購兼并活動日益頻繁,正從以往主要擔當資產(chǎn)被收購的角色逐漸變成主要的資產(chǎn)并購方。中國企業(yè)海外并購的現(xiàn)狀和趨勢受到了學術界和政府部門的高度關注。對主并購企業(yè)來講,并購溢價將對并購活動產(chǎn)生重大影響。本文遵從由微觀到宏觀的分析框架,分別從國有產(chǎn)權性質(zhì)(公司層面)、敏感行業(yè)(行業(yè)層面)以及文化差異(國家層面)研究了我國企業(yè)海外并購溢價的影響因素。研究發(fā)現(xiàn),國有企業(yè)在海外并購時比民營企業(yè)支付了更高的溢價;中國企業(yè)并購國外的敏感行業(yè)公司時,也支付了較高的溢價;并購雙方的文化差異越大,中國企業(yè)支付的溢價越高。進一步的研究顯示,中國企業(yè)支付的溢價越高,海外并購的業(yè)績就越低。最后,研究結(jié)果還表明,國有產(chǎn)權性質(zhì)、敏感行業(yè)以及文化差異對并購溢價的影響存在著正向的交互效應。本文拓展了跨國并購的相關研究,對于中國企業(yè)海外并購實踐具有一定的政策含義和實際參考價值。
[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.
【作者單位】： 上海對外經(jīng)貿(mào)大學會計學院;上海財經(jīng)大學會計與財務研究院;上海財經(jīng)大學會計學院;
【分類號】：F271;F275

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