我国企业海外并购提升了公司价值吗——以吉利并购沃尔沃为例

汽车企业海外并购有利于谋求市场和技术,实现全球资源配置和新的利润增长点。以吉利汽车并购沃尔沃汽车这一特有的"蛇吞象"式海外并购事件为例,从市场反应和财务绩效两方面来研究吉利并购沃尔沃能否提升公司价值:从市场反应发现其累积超常收益率并没有跑赢市场;从财务指标变动趋势发现,盈利能力并不稳健,成长能力逐年减弱,风险水平比较高,长期来看将会使股东的财富受到损失。最后从微观和宏观层面上对我国海外并购提出几点建议。

Can the Overseas M＆A of China＇ s Enterprises Enhance Corporate Value --Based on Geely in the Acquisition of Volvo

It is beneficial for auto companies to seek market and technology, achieve global allocation of resources and a new profit growth point by overseas M＆A. The paper takes Geely＇s acquisition of Volvo as an example, which was named as ＇She Tun xiang＇ （ Snake swallows elephant ） type acquisition since it was uncommon. It studies whether Geely＇s acquisi- tion of Volvo can enhance company value from the market response and financial performance. The results show that Geely＇ s cumulative abnormal returns are not outperform the market from tbe market response; profitability is not stable, the ability to grow gradually reduced, the risk level is relatively high flom movements of financial indicators, the long-term wealth of shareholders would suffer losses. Finally, some recommendations have heen proposed for China＇s Overseas M＆A from the micro and macro level.