世界经济 ›› 2017, Vol. 0 ›› Issue (3): 99-121.

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中国企业并购敏感性海外资产的经验研究

李诗1, 黄世忠2, 吴超鹏1   

  1. 1. 厦门国家会计学院;
    2. 厦门大学管理学院 361005
  • 出版日期:2017-03-10 发布日期:2017-01-04
  • 通讯作者: 吴超鹏 E-mail:wuchaopeng@xmu.edu.cn
  • 作者简介:李诗:lishi@xnai.edu.cn;黄世忠:hsz@xnai.edu.cn
  • 基金资助:
    本文获得国家自然科学基金青年项目(71272082、71232005、71402156、71532012)、教育部哲学社会科学研究重大课题攻关项目(15JZD019)、福建省社科规划项目(2014C123)及福建省软科学项目(2013R0094)的资助,特此致谢。

A Study on Chinese Companies' Acquisitions of Sensitive Assets Abroad

Li Shi1, Huang Shizhong2, Wu Chaopeng1   

  • Online:2017-03-10 Published:2017-01-04
  • Contact: 2017-4-7 E-mail:wuchaopeng@xmu.edu.cn

摘要: 近年来中国企业海外并购的步伐不断加快,但不少并购却因无法通过他国的外资并购安全审查而遇阻。本文研究中国企业并购涉及国家安全的敏感性海外资产对并购成败及并购绩效的影响。结果表明,相比地方国企和民企,中央国企更可能到海外并购敏感性资产。相比其他并购,敏感性资产并购的成功概率较低,但市场反应较好,有利于提升股东价值。国企实施敏感性资产并购对股东价值的正面影响显著弱于民企。综上,作者认为企业在实施"走出去"战略时,应注意减少并购的政治风险,实现国家、市场和企业利益多赢的局面。

关键词: 海外并购, 敏感性资产, 并购绩效

Abstract: In recent years, the pace of Chinese companies' cross-border mergers and acquisitions has been accelerating, but many of them were obstructed by foreign countries' security censorship. Using a sample of 543 cross-border mergers and acquisitions made by China's listed companies between 2000 and 2014, this paper examines how the acquisition of foreign sensitive assets, which may threat foreign countries' national security, affects the likelihood of acquisition completion and performance. We find that central state-owned enterprises are more likely to acquire sensitive assets than private-owned and local state-owned enterprises. Meanwhile, the sensitive acquisitions are less likely to be completed than others. The market reaction of acquisition announcements is significantly greater for sensitive acquisitions than for other acquisitions, suggesting that sensitive acquisitions help increase shareholders' wealth. Last but not least, we show that the positive effect of sensitive acquisitions on shareholders' wealth is stronger for private-owned enterprises than for state-owned enterprises. Overall, our findings suggest that China's companies should reduce the political risks of cross-border acquisitions and try to achieve a win-win situation for the nation, the market and enterprises while implementing "go-out" strategy.

Key words: cross-border mergers and acquisitions, sensitive assets, acquisition performance

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