中国企业在海外并购的收获

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1、摘要迄今为止，中国已经完成了大量海外投资和收购。伴随着经济的高速发展，很多国内企业都抓紧机遇发展海外业务。然而，跨国收购还是最近几年的新兴事物，因此相关研究并不多。本文将主要研究公司海外投资的动机和收益，并且计算并购交易期间公司股票的累积超额收益率。此外，本文还将对比公司并购前后的财务数据，包括现金流，生产力和运营。海外业务可能会给国内公司带来无形资产，因此公司治理也有望提高。本文还将通过董事会席位及组成的变更来研究公司董事会是否在并购交易后更加透明和独立。我们假设投资者普遍认为跨国收购交易利于公司发展，能够改善公司运营管理，

2、并增加公司现金流。通过研究，我们发现投资者看好并购交易，这反映在公司股票累积超额收益率的大幅增长。然而，公司运营在交易完成后的几年内并无明显改善。此外，董事会的独立性会有大幅提升。关键词：跨境投资，合并后公司效益，兼并和收购中国对，中国对国外投资ii万方数据StrategicBenefitsandPerformanceofOutwardBoundAcquisitionsbyChineseCompanies1.IntroductionInthepastfewyears,theworldhasbeenundergoingamajo

3、rtransformation.TheEuropeaneconomyisintheprocessofdeleveragingtheirsovereigndebtlevelsandtheideaofasingularEuropeanUnionhasbeenquestioned.Furthermore,theUShasbeenslowlyrecoveringfromthefinancialcrisesandthereisagradualglobalparadigmshifttowardsAsia.Thenumberofcrossb

4、orderacquisitionsdonebyChinesecompanieshasbeenonanuptrend,andChineseinvestmentabroadhasthreached$68billionin2011(MOFCOM,2010).ThroughsupportfromBeijing’s125yearplan,itisprojectedtherewillbe$800billioninnewinvestmentsby2016(ACapital,2012).Figure1:GraphofChina’sOutwar

5、dFDIFlowandStockChinaiscurrentlythemostactiveinternationalizingeconomyamongthedevelopingcountries.Itsoutwardeconomicexpansionoccursthroughdifferentengagements.Onemethodisthroughexportsandthisdoesnotinvolvedirectinvestmentoractivepresenceabroad.Anothertypetakesthefor

6、moforiginalequipmentmanufacturing(OEM)orsubcontractingproductionforforeigncompanies,inadditiontopartnerships.ThethirdtypeisfundedbyoutwardFDIandinvolvesthephysicalandorganizationalexpansionintooverseaslocations.ThroughanFDI,thecompanycaninvestthrough1)MergerandAcqui

7、sitions,whichcansecurerawmaterialsandsupplies,newtechnologyandskills,andacquireinternationalbrands2)GreenfieldInvestment,whichisaninternationalexpansionroutetomaintainmanagerialcontrolandglobalintegration(Child&Rodrigues,2005).Sincetherearemanydifferentchannelsofexp

8、ansionfortheprocessofinternationalization,Chinese1万方数据StrategicBenefitsandPerformanceofOutwardBoundAcquisitionsbyChineseCompaniescompanies