我国企业海外上市对跨国并购的影响研究
|
摘要
目前有关中国企业海外上市的研究大多在财务管理领域,主要探讨海外上市对企业资本成本及公司治理的影响,很少有研究从企业战略角度入手。事实上,海外上市不仅满足了企业的融资需求,还与其国际化战略息息相关。从制度理论视角来看,海外上市可以通过管制、规范和认知合法性提升企业在东道国的合法性。以"A+H"型上市(同时在A股和H股上市)企业为研究对象,进行实证分析后发现,海外上市能够促进跨国并购;进一步的研究还发现,对于缺乏国际化经验的企业或国有企业来说,海外上市对跨国并购的促进作用更为显著。
The extant research on overseas listing of Chinese firms mainly focuses on the listing influence on capital cost and company governance within the financial research area. However, the overseas listing effect is seldom discussed from a company's strategic perspective. In fact, overseas listing not only meets the financial needs of the firms, but also is closely related to its international strategy. From the perspective of institutional theory, overseas listing can enhance the legitimacy of firms in the host country through regulatory, normative and cognitive legitimacy of firms. Using sample firms of "A + H" type listed Chinese firms, the empirical analysis shows that overseas listing facilitates cross-border M&As, and the facilitating effect is stronger for those firms which lack international experience or state-owned ones.
The extant research on overseas listing of Chinese firms mainly focuses on the listing influence on capital cost and company governance within the financial research area. However, the overseas listing effect is seldom discussed from a company's strategic perspective. In fact, overseas listing not only meets the financial needs of the firms, but also is closely related to its international strategy. From the perspective of institutional theory, overseas listing can enhance the legitimacy of firms in the host country through regulatory, normative and cognitive legitimacy of firms. Using sample firms of "A + H" type listed Chinese firms, the empirical analysis shows that overseas listing facilitates cross-border M&As, and the facilitating effect is stronger for those firms which lack international experience or state-owned ones.
引文
[1] YAN H,Wang J,Den P.Outbound linkage and inbound leverage for emerging multinationals: a signaling theory perspective[J].Asia Pacific Journal of Management,2018, 35(2).
[2] ZAHEER S.Overcoming the liability of foreignness[J].Academy of Management Journal,1995,38(2).
[3] PENG M W,Wang D Y L,Jiang Y.An institution-based view of international business strategy: a focus on emerging economies[J].Journal of International Business Studies, 2008, 39(5).
[4] BELL R G,Filatotchev I,Aguilera R V.Corporate governance and investors’ perceptions of foreign IPO value: an institutional perspective[J].Academy of Management Journal, 2014, 57(1).
[5] CHAN C M,Makino S.Legitimacy and multi-level institutional environments: implications for foreign subsidiary ownership structure[J].Journal of International Business Studies, 2007, 38(4).
[6] 谢洪明,张倩倩,邵乐乐,吴华飞.跨国并购的效应:研究述评及展望[J].外国经济与管理,2016, 38(8).
[7] FRANCIS B B,Hasan I,Sun X,Waisman M.Can firms learn by observing? Evidence from cross-border M&As[J]. Journal of Corporate Finance, 2014, 25(25).
[8] BASUIL D A, Datta D K.Effects of industry- and region-specific acquisition experience on value creation in cross-border acquisitions: the moderating role of cultural similarity[J]. Journal of Management Studies, 2015, 52(6).
[9] BARBOPOULOS L,Marshall A,Macinnes C,Mccolgan, P. Foreign direct investment in emerging markets and acquirers’ value gains[J]. International Business Review, 2014, 23(3).
[10] AMMER J,Holland S B,Smith D C,Warnock F E.US international equity investment[J].Journal of Accounting Research, 2012, 50(5).
[11]KING M R, Segal D. International cross-listing and the bonding hypothesis[R]. Staff Working Papers, 2004.
[12] CAI H.Bonding, law enforcement and corporate governance in China[J].Stanford Journal of Law, Business and Finance,2007,13.
[13] KELOHARJU M, Knüpfer S, Linnainmaa J.Do investors buy what they know? Product market choices and investment decisions[J].Review of Financial Studies, 2012, 25(10).
[14] KING M R, Mittoo U R.What companies need to know about international cross-listing[J].Journal of Applied Corporate Finance, 2007, 19(4).
[15] RATHERT N.Strategies of legitimation: MNEs and the adoption of CSR in response to host-country institutions[J]. Journal of International Business Studies, 2016, 47(7).
[16] 杜晓君,齐朝顺,杨勃.政策风险与中国跨国企业海外市场进入模式选择[J].管理科学,2017, 30(4).
[17] SCOTT W R. Approaching adulthood: the maturing of institutional theory[J].Theory and Society, 2008, 37(5).
[18] GU Y,Filatotchev I,Bell R G,Rasheed A A.Liability of foreignness in capital markets:institutional distance and the cost of debt[J].Journal of Corporate Finance, 2017.
[19] 聂左玲,汪崇金,秦凤鸣.财经报道可以倚重吗?——来自AH交叉上市公司的现场实验证据[J].外国经济与管理,2017, 39(10).
[20] 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).
[21] UHLENBRUCK K.Developing acquired foreign subsidiaries:the experience of MNEs in transition economies[J].Journal of International Business Studies, 2004, 35(2).
[22] ANAND J, Delios A. Absolute and relative resources as determinants of international acquisitions[J].Strategic Management Journal, 2002, 23(2).
[23] LU J,Liu X,Wright M,Filatotchev I.International experience and FDI location choices of Chinese firms:the moderating effects of home country government support and host country institutions[J]. Journal of International Business Studies, 2014, 45(4).
[24] CHEN Y Y,Young M N.Cross-border mergers and acquisitions by Chinese listed companies[J].Asia Pacific Journal of Management, 2010, 27(3).
[25] 李培馨,李发昇,陈运森,王宝链.海外单独上市、信息成本和股票价格——理论和实证分析[J].管理科学学报, 2013, 16(12).
[26] 覃家琦,邵新建.交叉上市、政府干预与资本配置效率[J].经济研究, 2015(6).
[27] 马金城,焦冠男,马梦骁.中国企业海外并购行业分布的动态变化与驱动因素:2005-2012[J].宏观经济研究,2014(1).
[28] 程子健,张俊瑞.交叉上市、股权性质与企业现金股利政策——基于倾向得分匹配法(PSM)的分析[J].会计研究,2015(7).
[29] 李自杰,李毅,陈达.国际化经验与走向全球化——基于中国电子信息技术产业上市公司的实证研究[J].中国软科学,2010(8).
[2] ZAHEER S.Overcoming the liability of foreignness[J].Academy of Management Journal,1995,38(2).
[3] PENG M W,Wang D Y L,Jiang Y.An institution-based view of international business strategy: a focus on emerging economies[J].Journal of International Business Studies, 2008, 39(5).
[4] BELL R G,Filatotchev I,Aguilera R V.Corporate governance and investors’ perceptions of foreign IPO value: an institutional perspective[J].Academy of Management Journal, 2014, 57(1).
[5] CHAN C M,Makino S.Legitimacy and multi-level institutional environments: implications for foreign subsidiary ownership structure[J].Journal of International Business Studies, 2007, 38(4).
[6] 谢洪明,张倩倩,邵乐乐,吴华飞.跨国并购的效应:研究述评及展望[J].外国经济与管理,2016, 38(8).
[7] FRANCIS B B,Hasan I,Sun X,Waisman M.Can firms learn by observing? Evidence from cross-border M&As[J]. Journal of Corporate Finance, 2014, 25(25).
[8] BASUIL D A, Datta D K.Effects of industry- and region-specific acquisition experience on value creation in cross-border acquisitions: the moderating role of cultural similarity[J]. Journal of Management Studies, 2015, 52(6).
[9] BARBOPOULOS L,Marshall A,Macinnes C,Mccolgan, P. Foreign direct investment in emerging markets and acquirers’ value gains[J]. International Business Review, 2014, 23(3).
[10] AMMER J,Holland S B,Smith D C,Warnock F E.US international equity investment[J].Journal of Accounting Research, 2012, 50(5).
[11]KING M R, Segal D. International cross-listing and the bonding hypothesis[R]. Staff Working Papers, 2004.
[12] CAI H.Bonding, law enforcement and corporate governance in China[J].Stanford Journal of Law, Business and Finance,2007,13.
[13] KELOHARJU M, Knüpfer S, Linnainmaa J.Do investors buy what they know? Product market choices and investment decisions[J].Review of Financial Studies, 2012, 25(10).
[14] KING M R, Mittoo U R.What companies need to know about international cross-listing[J].Journal of Applied Corporate Finance, 2007, 19(4).
[15] RATHERT N.Strategies of legitimation: MNEs and the adoption of CSR in response to host-country institutions[J]. Journal of International Business Studies, 2016, 47(7).
[16] 杜晓君,齐朝顺,杨勃.政策风险与中国跨国企业海外市场进入模式选择[J].管理科学,2017, 30(4).
[17] SCOTT W R. Approaching adulthood: the maturing of institutional theory[J].Theory and Society, 2008, 37(5).
[18] GU Y,Filatotchev I,Bell R G,Rasheed A A.Liability of foreignness in capital markets:institutional distance and the cost of debt[J].Journal of Corporate Finance, 2017.
[19] 聂左玲,汪崇金,秦凤鸣.财经报道可以倚重吗?——来自AH交叉上市公司的现场实验证据[J].外国经济与管理,2017, 39(10).
[20] 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).
[21] UHLENBRUCK K.Developing acquired foreign subsidiaries:the experience of MNEs in transition economies[J].Journal of International Business Studies, 2004, 35(2).
[22] ANAND J, Delios A. Absolute and relative resources as determinants of international acquisitions[J].Strategic Management Journal, 2002, 23(2).
[23] LU J,Liu X,Wright M,Filatotchev I.International experience and FDI location choices of Chinese firms:the moderating effects of home country government support and host country institutions[J]. Journal of International Business Studies, 2014, 45(4).
[24] CHEN Y Y,Young M N.Cross-border mergers and acquisitions by Chinese listed companies[J].Asia Pacific Journal of Management, 2010, 27(3).
[25] 李培馨,李发昇,陈运森,王宝链.海外单独上市、信息成本和股票价格——理论和实证分析[J].管理科学学报, 2013, 16(12).
[26] 覃家琦,邵新建.交叉上市、政府干预与资本配置效率[J].经济研究, 2015(6).
[27] 马金城,焦冠男,马梦骁.中国企业海外并购行业分布的动态变化与驱动因素:2005-2012[J].宏观经济研究,2014(1).
[28] 程子健,张俊瑞.交叉上市、股权性质与企业现金股利政策——基于倾向得分匹配法(PSM)的分析[J].会计研究,2015(7).
[29] 李自杰,李毅,陈达.国际化经验与走向全球化——基于中国电子信息技术产业上市公司的实证研究[J].中国软科学,2010(8).