中国企业海外并购溢价的影响因素
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摘要
本文以2000—2018年中国企业海外并购交易为样本,以企业所有权性质为切入点,从公司层面、行业层面和国家层面详细探讨了影响我国企业海外并购溢价的影响因素。研究结果表明:国有企业海外并购溢价更高;中国企业并购敏感行业企业、国家间文化差异较大以及被并购方来自发达经济体时,并购溢价较高;国有产权性质对其他影响因素具有一定的调节作用;进一步分析发现上述影响更多地体现在2012年及以后年份,而"一带一路"倡议的实施一定程度上降低了中国企业海外并购溢价。本文在拓展海外并购相关研究的同时,对中国企业跨国并购具有一定的指导意义。
Based on the samples of Chinese enterprises' overseas M&A transactions from 2001 to 2018,this paper studied the factors that could affect the premium of Chinese firms' overseas M&A based on acquirer ownership as a focal point from the corporate level,industry level and country level. Our results show that state-owned firms pay higher premiums than that of private-owned firms. When Chinese enterprises merge and acquire companies in sensitive industries,they also pay higher premiums. The more cultural distances between Chinese companies and their target countries,the higher the premiums they pay. And if target firms are from developed economies,they will pay more. Meanwhile,the acquirer ownership has moderating effect on other influence factors. We also find that the mentioned influences are more respected on the year of 2012 and post-2012,but "the Belt and Road"helps reduce Chinese enterprises' overseas M&A premiums.
Based on the samples of Chinese enterprises' overseas M&A transactions from 2001 to 2018,this paper studied the factors that could affect the premium of Chinese firms' overseas M&A based on acquirer ownership as a focal point from the corporate level,industry level and country level. Our results show that state-owned firms pay higher premiums than that of private-owned firms. When Chinese enterprises merge and acquire companies in sensitive industries,they also pay higher premiums. The more cultural distances between Chinese companies and their target countries,the higher the premiums they pay. And if target firms are from developed economies,they will pay more. Meanwhile,the acquirer ownership has moderating effect on other influence factors. We also find that the mentioned influences are more respected on the year of 2012 and post-2012,but "the Belt and Road"helps reduce Chinese enterprises' overseas M&A premiums.
引文
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[2]LI S,XIA J. The Roles and Performance of State Firms and Non-state Firms in China’s Economic Transition[J].World Development,2008,36(1):39-54.
[3]朱华.国有制身份对中国企业海外竞购交易成败的影响研究[J].世界经济研究,2017(3):42-55.
[4]JEMISON D B,SITKIN S B. Acquisitions-The Process Can Be A Problem[J]. Harvard Business Review,1986,64(2):107-116.
[5]张建红,卫新江,海柯·艾伯斯.决定中国企业海外收购成败的因素分析[J].管理世界,2010(3):97-107.
[6]杨波,张佳琦,吴晨.企业所有制能否影响中国企业海外并购的成败[J].国际贸易问题,2016(7):97-108.
[7]孙淑伟,何贤杰,赵瑞光,等.中国企业海外并购溢价研究[J].南开管理评论,2017(3):77-89.
[8]江珊,魏炜,张金鑫.文化距离和制度距离对我国企业跨国并购溢价的影响研究[J].投资研究,2016(7):121-131.
[9]BECKMAN C M,HAUNSCHILD P R. Network Learning:The Effects of Partners’Heterogeneity of Experience on Corporate Acquisitions[J]. Administrative Science Quarterly,2002,47(1):92-124.
[10]LAAMANEN T. On the Role of Acquisition Premium in Acquisition Research[J]. Strategic Management Journal,2007,28(13):1359-1369.
[11]于成永,滕颖.制度质量、金融发展与并购溢价[J].国际商务财会,2015(11):53-58.
[12]BRIS A,CABOLIS C. The Value of Investor Protection:Firm Evidence from Cross-border Mergers[J]. Review Of Financial Studies,2008,21(2):605-648.
[13]温日光.风险观念、并购溢价与并购完成率[J].金融研究,2015(8):191-206.
[14]ALLEN F,GALE D. Arbitrage,Short Sales,and Financial Innovation[J]. Econometrica,1991,59(4):1041-1068.
[15]BRIS A,GOETZMANN W N,ZHU N. Efficiency and the Bear:Short Sales and Markets around the World[J].Journal of Finance,2007,62(3):1029-1079.
[16]GOLDSTEIN I,GUEMBEL A. Manipulation and the Allocational Role of Prices[J]. Review of Economic Studies,2008,75(1):133-164.
[17]李梅,余天骄.东道国制度环境与海外并购企业的创新绩效[J].中国软科学,2016(11):137-151.
[18]朱治理,温军,李晋.海外并购、文化距离与技术创新[J].当代经济科学,2016(2):79-86.
[19]赵海龙,何贤杰,王孝钰,等.海外并购能够改善中国企业公司治理吗[J].南开管理评论,2016(3):31-39.
[20]DE LA BRUSLERIE H. Crossing Takeover Premiums and Mix of Payment:An Empirical Test of Contractual Setting in M&A Transactions[J]. Journal of Banking&Finance,2013,37(6SI):2106-2123.
[21]ROSSI S,VOLPIN P F. Cross-country Determinants of Mergers and Acquisitions[J]. Journal of Financial Economics,2004,74(2):277-304.
[2]LI S,XIA J. The Roles and Performance of State Firms and Non-state Firms in China’s Economic Transition[J].World Development,2008,36(1):39-54.
[3]朱华.国有制身份对中国企业海外竞购交易成败的影响研究[J].世界经济研究,2017(3):42-55.
[4]JEMISON D B,SITKIN S B. Acquisitions-The Process Can Be A Problem[J]. Harvard Business Review,1986,64(2):107-116.
[5]张建红,卫新江,海柯·艾伯斯.决定中国企业海外收购成败的因素分析[J].管理世界,2010(3):97-107.
[6]杨波,张佳琦,吴晨.企业所有制能否影响中国企业海外并购的成败[J].国际贸易问题,2016(7):97-108.
[7]孙淑伟,何贤杰,赵瑞光,等.中国企业海外并购溢价研究[J].南开管理评论,2017(3):77-89.
[8]江珊,魏炜,张金鑫.文化距离和制度距离对我国企业跨国并购溢价的影响研究[J].投资研究,2016(7):121-131.
[9]BECKMAN C M,HAUNSCHILD P R. Network Learning:The Effects of Partners’Heterogeneity of Experience on Corporate Acquisitions[J]. Administrative Science Quarterly,2002,47(1):92-124.
[10]LAAMANEN T. On the Role of Acquisition Premium in Acquisition Research[J]. Strategic Management Journal,2007,28(13):1359-1369.
[11]于成永,滕颖.制度质量、金融发展与并购溢价[J].国际商务财会,2015(11):53-58.
[12]BRIS A,CABOLIS C. The Value of Investor Protection:Firm Evidence from Cross-border Mergers[J]. Review Of Financial Studies,2008,21(2):605-648.
[13]温日光.风险观念、并购溢价与并购完成率[J].金融研究,2015(8):191-206.
[14]ALLEN F,GALE D. Arbitrage,Short Sales,and Financial Innovation[J]. Econometrica,1991,59(4):1041-1068.
[15]BRIS A,GOETZMANN W N,ZHU N. Efficiency and the Bear:Short Sales and Markets around the World[J].Journal of Finance,2007,62(3):1029-1079.
[16]GOLDSTEIN I,GUEMBEL A. Manipulation and the Allocational Role of Prices[J]. Review of Economic Studies,2008,75(1):133-164.
[17]李梅,余天骄.东道国制度环境与海外并购企业的创新绩效[J].中国软科学,2016(11):137-151.
[18]朱治理,温军,李晋.海外并购、文化距离与技术创新[J].当代经济科学,2016(2):79-86.
[19]赵海龙,何贤杰,王孝钰,等.海外并购能够改善中国企业公司治理吗[J].南开管理评论,2016(3):31-39.
[20]DE LA BRUSLERIE H. Crossing Takeover Premiums and Mix of Payment:An Empirical Test of Contractual Setting in M&A Transactions[J]. Journal of Banking&Finance,2013,37(6SI):2106-2123.
[21]ROSSI S,VOLPIN P F. Cross-country Determinants of Mergers and Acquisitions[J]. Journal of Financial Economics,2004,74(2):277-304.