| 外资并购与目标企业效率研究:基于啤酒行业的实证分析 |
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| 引用本文： | 刘伟. 外资并购与目标企业效率研究:基于啤酒行业的实证分析[J]. 经济与管理, 2012, 26(5): 44-48 |
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| 作者姓名： | 刘伟 |
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| 作者单位： | 华东政法大学商学院,上海,201620 |
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| 基金项目： | 国家社会科学基金，教育部人文社会科学研究青年基金，华东政法大学085工程卓越法律人才培育与发展(学位与研究生教育)类"竞争法与产业规制"项目 |
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| 摘 要： | 外资并购是外国直接投资进入中国市场的一种主要手段.随着加入WTO后,外资在中国啤酒行业掀起一波接一波的并购浪潮.以中国啤酒行业2002-2006年间28起并购为研究对象,选取124家啤酒企业的财务数据,采用DEA-Tobit两阶段回归模型,实证分析外资并购相对于国内并购对目标企业的效率的影响.结果显示:外资并购既没有提升目标企业的纯技术效率,也没有对目标企业的规模效率产生影响,而与之形成对照的是内资并购对目标企业的纯技术效率有显著的提升.
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| 关 键 词： | 外资并购 目标企业 效率 啤酒行业 |
Research on Foreign Mergers and Target Enterprise's Efficiency:Empirical Evidence from Beer Industry |
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| Liu Wei. Research on Foreign Mergers and Target Enterprise's Efficiency:Empirical Evidence from Beer Industry[J]. Economy and Management, 2012, 26(5): 44-48 |
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| Authors: | Liu Wei |
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| Affiliation: | Liu Wei(School of Business,East China University of Political Science and Law,Shanghai 201620,China) |
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| Abstract: | Foreign mergers and acquisitions is a main way of FDI into China market.Since China entry into WTO,Foreign investments in Chinese beer industry have set off a wave of mergers and acquisitions.The author focus on 28 Foreign mergers and acquisitions in Chinese beer industry,selects the financial data of 124 beer enterprises in China,empirically analyses the impacts of Foreign mergers and acquisitions on the influence of target enterprise’s efficiency by DEA-Tobit two stage approach.The result indicates that foreign mergers and acquisitions can not affect the pure technical efficiency of target enterprises,but also can not affect the scale of efficiency of target enterprises.On the contrary,Domestic mergers and acquisitions can improve the pure technical efficiency of target enterprises. |
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| Keywords: | Foreign mergers and acquisitions Target enterprises Efficiency Beer industry |
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