中国上市公司跨国并购绩效及其影响因素研究

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1、万方数据1Introduction1．1BackgroundSinceAugust979，whentheChineseStateCouncilpromulgated5economicreformmeasuresamongwhichclearlyallowedfirmsrunenterprisesabroad，theoutwardforeigndirectinvestment(FDI)ofChineseenterprisesstartedtoexperiencearapidgrowth．Withcontinuouslypursuitofmarket—orie

2、ntedreformsinrecent30years，theChineseeconomicpoliciesvigorouslyencourageChineseenterprisestoengageinoutwardforeigninvestmentstoenhancingcompetitivenessworldwide．CurrentlytheinternationaIiza“OnOffirmsoriginatingfrOmmainlandChinaisnotanewphenomenon．AccordingtoUNCTAD’SWorldInvestment

3、Report201，in200outflowsfromChinaincreasedbymorethan$10billion，reachinghistoricalhighs$68billion，forthefirsttimeexceededJapan’SoutwardFDI．AsanimportantmodeofoutwardFDI，cross-bordermergerandacquisition(CBM&A)activitiesofChinesefirmshavealsobeenontheriseovertherecentyears．Notweakened

4、bytheglobalfinancialcrisis，Chinesecompaniescontinuedtheirbuyingspree，activelyacquiringoverseasassetsinawiderangeofindustriesandcountries．AsreportedbyUNCTAD，theCBM&AofAsiancompaniessurgedtonearly$94billionin2010，arecordlevel，withChinaaloneaccountingforover30percentofthetotal．1．2Res

5、earchquestionsInthestudy,Chineseacquirersaretheresearchobjectives．AsChineselistedfirmsarerepresentativefirmsintheCBM＆Aactivities。withpublicinformationavailable，herefurtherfocusonChineselistedacquirers．Inthispaper,thedealstakingplacebycompanieslistedontheShanghaiandShenzhenstockmar

6、ketsbetween2001and2011areexamined．DespiteCBM&AsbyChinesefirms’increasingregionalandglobalimportance，ourknowledgeoftheirvariouscharacteristicsandattributesislimited．Thepaperismainlydevelopedtoanswerfollowingquestions：WhatarethecurrentsituationsandcharacteristicsofCBM＆AsbyChineselis

7、tedfirms?WhataretheAcquirers’performancesoftheseCBM沁?Fromstrategicpointofview,whatarethefactorsinfluencingtheperformance?3万方数据1．3Scopeofthispaper1．3．1DefinitionofCBM&AAflrmcanundertakeFDIinahostcountryineitheroftwoways：Greenfieldinvestmentinanewfacility,oracquiringormergingwithane

8、xistinglocalfirm．Inthispaper，CBM&