海外并购剩余效应研究--以中国上市公司为例

利用双边随机前沿模型研究我国上市公司海外并购的剩余效应，并探讨海外并购特征对并购交易价格的影响。结果发现：国外企业凭借其议价能力可获得53．2%的剩余，而我国上市公司可获剩余略小，为47．9%，因而我国上市公司将被迫接受一个高于均衡价格约5．3%的并购交易价格；非国有上市公司获得的净剩余较国有上市公司略多；我国上市公司海外并购的交易特征，如支付方式、是否重大购、是否资产收购、公司独立董事比例以及管理层持股比例等因素上的异质性，对该交易价格均具有显著影响。

Surplus Effect of Overseas M & A:A Case Study of Chinese Listed Companies

This paper uses the two-tier stochastic frontier model to study the surplus effect of overseas M&A of Chinese listed companies and discusses the influence of the characteristics of overseas M&A on the price of M&A transactions The em-pirical results are as follows:The foreign enterprises could obtain a surplus of about 53. 2% based on their bargaining power, while the listed companies of China could only obtain a lower M&A surplus, which is about 47. 9%, which means that our M&A price is about 5. 3% higher than the equilibrium price. The characteristics of overseas M&A, such as the payment meth-od of M&A, important M&A or not, assent M&A or not, the proportion of independent directors, and the proportion of manag-erial ownership of the listed companies, have significant impacts on the price of the transaction.