摘要
跨国公司对外投资有两种方法可供选择,即跨国并购和新设投资,其中跨国并购已日益成为一种流行的对外投资方式而受到更多跨国公司的青睐。可以证明,当国内资产的战略性价值足够高时,跨国并购就一定会发生。由于各个跨国企业对国内资产的竞争性竞价,国内资产的价格往往会提升到高于或大大高于其内在价值的高价。同样可以证明,跨国并购会提高目标企业的股票价格,而对并购企业的股价影响是不确定的。
When MNCs make foreign investment,it usually has two choices,namely:crossborder merger and acquisition(M&A)and Greenfield investment.Crossborder M&A have become the preferred mode of overseas investment by more multinational companies.It can be proved that when the strategic value of domestic assets have reached a certain height,crossborder merger and acquisition is certain to happen.Because of the competitive bidding price for domestic assets made by MNCs,the price of domestic assets is usually raised to such an extent as higher or much higher than its interior value.It can also be proved that the crossborder merger and acquisition may raise the equity price of the target company and its effects on the equity price of the merged company are not certain.
出处
《财经研究》
CSSCI
北大核心
2003年第2期48-55,共8页
Journal of Finance and Economics
