Performance of Cross-Border Mergers and Acquisitions by Chinese Enterprises: A Perspective of M&A Integration
- 2013年 
【中文摘要】近年来，中国企业跨国并购发展迅速，引起了国际社会的广泛关注。并购后的整合是影响中国企业海外并购绩效的重要因素。通过选取2001—2011年中国A股上市公司的110个海外并购事件作为研究样本，采用连续持有超常收益(BHAR)法对中国企业海外并购绩效进行研究和评价。研究表明：(1)长期内中国并购企业股东整体上从海外并购中造成了显著的财富损失； (2)中国企业海外并购中不存在管理者“自大”所造成的负面影响；(3)长期内国有企业的海外并购绩效并不明显髙于民营企业；(4)中国企业在能源与资源行业的战略性资源类海外并购绩效整体上要明显高于在其他行业的海外并购绩效;(5)文化差异的存在长期内有助于中国企业海外并购绩效的提升。 【Abstract】In recent years, cross-border mergers and acquisitions (M&As) by Chinese enterprises have developed rapidly ,causing widespread concern in the international community. Post-merger integration is an important factor affecting the performance of overseas M&As of Chinese enterprises. By selecting 110 overseas M&As by China A-share listed companies from 2001 to 2011 as the research sample and using Buy-and-Hold Abnormal Return(BHAR) method, this paper examines and evaluates the performance of M&As of Chinese enterprises. Our studies show that: (1) shareholders of Chinese M&As enterprises suffered a significant loss of wealth as a whole in the long term; (2) there is no such thing as negative impact caused by “ arrogant” overseas Chinese M&As managers; (3) the performance of overseas M&As of state-owned enterprises is not significantly better than that of private enterprises in the long term; (4) the performance of overseas M&As of Chinese enterprises in the sector of energy is significantly better than in other sectors; (5) cultural differences help to enhance the performance of overseas M&As of Chinese enterprises in the long term.