摘要
随着中国参与国际竞争程度的不断深化,在大力吸引外商直接投资的同时,中国对外投资数量也呈现了快速增长的态势,在全球一枝独秀。但中国海外并购也面临着国内法律保障机制不健全、国外政治法律不确定性、安全审查日益严苛以及文化差异等突出问题。从盈利水平、偿债水平、运营水平以及发展潜力四个维度构建一个企业海外并购绩效评价体系,并基于A股15家上市公司海外并购案例进行实证分析。结果发现,在海外并购行为发生的短期内,企业的盈利水平和运营能力有所下降,债务风险有所提升,但反映企业长期发展能力的发展潜力指标表现良好;同样,本国并购企业对被并购企业的控股水平越高,则并购企业的长期发展能力也就越突出,但从被并购企业所属地来看,北美地区企业表现要高于欧洲地区和澳洲地区。最后,研究针对性地提出了中国企业海外并购可能面临的风险及应对策略。
With the continuous deepening of China’s participation in international competition,while vigorously attracting foreign direct investment,China’s foreign investment has also shown a rapid growth.However,China’s overseas M&A still faces challenges such as incomplete domestic legal protection,the uncertainty of foreign policies,increasingly strict security review,and cultural differences.This research focuses on building an performance evaluation system of overseas M&A,based on four different dimensions:profit level,debt service level,operational level,and development potential,analyzes practically with M&A cases from 27 listed overseas companies’of A-share stock.It was found that in the short-term that overseas M&A took place,the company’s profitability and operating capacity had declined,and debt risk had increased,but the development potential indicators reflecting the company’s long-term development capability performed well.Similarly,the higher the level of domestic M&A companies’holding of the acquired companies,the more outstanding the long-term development capabilities of the M&A companies will be.However,from the perspective of the location of the merged company,the performance of North American companies is higher than that of Europe and Australia.Finally,the study pointed out the risks and countermeasures that Chinese companies may face in overseas M&A.
作者
关慧明
刘力钢
Guan Huiming;Liu Ligang
出处
《河南社会科学》
CSSCI
北大核心
2020年第7期44-52,共9页
Henan Social Sciences
关键词
海外并购
绩效评价
风险应对
策略
Overseas M&A
Evaluation of Performance
Risk Response
Strategies
