摘要
以2009年发生海外并购的44个中国上市公司为样本,运用倾向评分配比法和财务指标的综合得分法构建二阶差分模型,评估上市公司海外并购的财务绩效影响,并试图从企业生命周期、所有制性质、行业类别和企业规模四个层面比较分析海外并购绩效。结果表明:海外并购在整体上并未改善上市公司财务绩效,成长期的企业绩效优于成熟期和衰退期的企业,国企的整体绩效变化优于民企,服务业和初级部门的并购绩效优于制造业,规模因素对企业绩效影响不显著。
Taking 44 Chinese listed companies launching overseas M＆A in 2009 as samples, we use propensity score matching and composite score of financial indicators to construct second-order differential model, and analyze overseas M＆A behavior＇s influence on the financial performance changes of listed companies. Then performance differences are analyzed from four aspects of enterprise life cycle, ownership nature, industry and firm size. Finally, the results show that： overseas M＆A in the overall does not improve the financial performance of listed corporations; enterprise performance in growing stage is superior to that in maturity and declining stage; the performance change of state-owned enterprises is better than that of private enterprises; the M＆A performance in services and primary sector is better than that in manufacturing industry; the scale factor of enterprise performance is not significant.
出处
《国际经贸探索》
CSSCI
北大核心
2014年第12期70-80,共11页
International Economics and Trade Research
关键词
海外并购
倾向评分配比法
绩效评估
原因分析
overseas M＆A
propensity score matching
performance evaluation
cause analysis
