跨国并购和国内并购对企业市场价值的影响及差异:来自中国企业的证据

文章利用2004~2015年BVD(Zephyr)的并购事件研究了中国企业跨国并购和国内并购对企业市场价值影响的差异。事件研究得到以下结论:第一,在公告日窗口两类并购都获得了非负异常收益率,且国内并购的异常收益率不低于跨国并购。第二,分跨国并购目标国来看,如果并购发达国家企业,则获得了非负异常收益率,且两类并购对企业市场价值的影响无显著差异;如果并购发展中国家企业,则没有显著异常收益率,且不高于国内并购。第三,从细分行业来看,高新技术行业的跨国并购没有获得显著异常收益率,且不高于国内并购;无论是传统制造业还是非制造业,国内并购都获得了非负异常收益率,且不低于跨国并购。在此基础上文章利用倾向得分匹配法和倍差法检验了跨国并购与国内并购对企业异常收益率影响的差异,研究发现国内并购创造的市场价值明显高于跨国并购。因此,市场对中国企业的国内并购做出了更加积极的评价。

The Difference of Performance in Domestic and Cross-border Mergers: Evidence from Chinese Firms

The paper investigates the different performance in domestic mergers and cross-border mergers using the data of Chinese firms.We use event study method to estimate the performance of mergers.We find several results.Firstly,there are positive abnormal revenue rate in both mergers,but the domestic merger is high more.Secondly,the cross-border mergers in developed countries get the positive performance,but in the developing countries it does not.So the domestic mergers get bigger performance than cross-border mergers in developing countries.Thirdly,the cross-border merges in high technology industry have no positive performance.The domestic mergers have larger performance than cross-border mergers in manufacture industry or servicer industry.We also use the propensity score matching and difference-in-difference to get the evidence.We find that the domestic mergers get bigger performance than cross-border mergers.So the paper gets that the domestic mergers get bigger performance than cross-border mergers.