中国企业对外并购短期财富绩效损益实证研究

以2001～2009年我国上市公司发生的对外并购事件为样本,首先运用累积超常收益法度量收购方中国企业对外并购的短期财富绩效.研究显示:中国企业在海外并购中存在负的短期财富效应,其次,将多个动因理论引入到并购绩效的研究中,对这些企业的财富绩效显著为负的现象进行了实证分析.通过累积超额收益对各种并购动因的代理财务变量做横截面多元回归,结果发现,自由现金流量假说、狂妄假说可以部分解释中国企业财富损失的原因;政府关联假说也具有一定的解释力,但是大股东控制假说和报表重组假说虽然系数为负,却不显著.

The Empirical Study on the Increase or Decrease of the Short term Wealth Performance for the Outbound M&A of Chinese Enterprises

Based on the data from 2001 to 2009 of public listed firms at Stock A,the cumulative abnormal return is calculated to measure the wealth performance of the Chinese enterprises' cross-border M&A activities.The CAR indicates that the wealth performance is negative.Then in order to find out which M&A motivations have significant negative influences on the wealth performance,the cross sectional multiple regression is applied.The results show that: free cash flow theory and over confidence theory can partly expl...