摘要
经济一体化和广阔的市场促使外企大量进入中国市场。中国企业在与外企合作的过程中可以学到先进的技术与知识,但也有很多中国企业与外商合资后遭遇陷阱,被外方吞并。针对该现象,我们提出外方"合资—亏损—并购"中国企业的三阶段模型,解读外方阴谋动机、手段及后果;通过对控制组与处理组两组样本并购前后绩效变动对比分析,发现处理组绩效非正常变动存在阴谋;采用DID方法,探讨处理组样本绩效非正常变动究竟是由并购事件本身引起还是由其他因素引起;实证结果表明,绩效的非正常变动并非并购事件本身导致的,而是由于外方采用股权操作的手段引起的,此外,中方母公司第一大股东持股数量也对外方绩效非正常变动具有显著影响。
Economic integration and broad market prospect promoted a large number of foreign companies entering into theChinese market. Chinese enterprises could learn advanced technology and knowledge in the process of cooperation withforeign companies, but some of Chinese enterprises suffered a trap and were merged by foreign companies. Thus this paperput forward a three-stage model of the foreign company＂Joint Venture（JV）-LOSS-MA＂Chinese enterprise in order tointerpret the foreign conspiracy motivation, means and consequences. This paper found out that there was a conspiracy, bycomparing the changes of performances before and after MA with the control group and the treatment group. DID methodin this paper was used to investigate the abnormal changes of performance of the treatment group whether was caused byMA or not. The empirical results showed that the performance of the abnormal change was not caused by MA, but theforeign conspiracy of equity operations. In addition, the percentage of the first largest shareholder of the Chinese parentcompany also had significant effect on the abnormal change of performance.
出处
《区域经济评论》
2015年第1期91-102,共12页
Regional Economic Review
基金
国家自然科学基金项目"中国企业与外企联盟中的‘合资-亏损-并购’风险研究"(71303204)
教育部人文社会科学研究青年基金项目"中外合资企业的‘阴谋亏损’识别与‘恶意并购’风险防范"(12YJC790122)
湖南省哲学社会科学基金项目"我国企业与外资联盟中的‘合资-亏损-并购’风险研究"(11JD67)资助
