中国企业海外并购绩效评价实证研究

随着中国参与国际竞争程度的不断深化，在大力吸引外商直接投资的同时，中国对外投资数量也呈现快速增长的态势。但中国海外并购也面临着国内法律保障机制不健全、国外政治法律不确定性、安全审查日益严苛以及文化差异等突出问题。本研究从盈利水平、偿债水平、运营水平以及发展潜力四个维度构建了一个企业海外并购绩效评价体系，并基于A股16家上市公司海外并购案例进行实证分析。结果发现，在海外并购行为发生的短期内，企业的盈利水平和运营能力有所下降，债务风险有所提升，但反映企业长期发展能力的发展潜力指标表现良好；同样，本国并购企业对被并购企业的控股水平越高，并购企业的长期发展能力也就越突出；从被并购企业的所属地来看，北美地区企业表现要高于欧洲地区和澳洲地区。

Empirical study on the performance Evaluation of Chinese Enterprises' Overseas M&A

With the deepening of China's participation in international competition, while attracting foreign direct investment, China's outward investment has also shown a rapid growth trend, in the world alone. However, China's overseas M & A also faces some outstanding problems, such as imperfect domestic legal guarantee mechanism, foreign political and legal uncertainty, increasingly stringent security review and cultural differences.This research constructs a performance evaluation system of overseas M & A from four dimensions of profitability level, debt repayment level, operation level and development potential, and based on 27 A-share listed companies overseas M & A cases for empirical analysis.The results show that in the short term of overseas M & A, the profit level and operation ability of the enterprises decrease, and the debt risk increases,but the development potential index which reflects the long-term development ability of the enterprise is good;similarly,the higher the controlling level of domestic M & A enterprises to the M & A enterprises, the more prominent the long-term development ability of M & A enterprises, but from the point of view of the acquired enterprises, the performance of enterprises in North America is higher than that in Europe and Australia.