我国民营公司海外并购创造市场价值了吗?——来自短期市场价值效应的证据

doi:10.16382/j.cnki.1000-5579.2018.05.018

华东师范大学(哲学社会科学版) ›› 2018, Vol. 50 ›› Issue (5): 142-151.doi: 10.16382/j.cnki.1000-5579.2018.05.018

我国民营公司海外并购创造市场价值了吗?——来自短期市场价值效应的证据

李云鹤^1,2, 葛林楠¹, 唐梦涵¹

1. 华东师范大学经济与管理学部金融学系上海, 200241;
2. 上海并购金融研究院上海, 200062

出版日期:2018-09-15 发布日期:2018-09-19
作者简介:李云鹤,金融学博士,华东师范大学经济与管理学部金融学系副教授(上海,200241),上海并购金融研究院研究员(上海,200062);葛林楠、唐梦涵,华东师范大学经济与管理学部金融学系本科生(上海,200241)。
基金资助:
上海并购金融研究院决策咨询课题"中国上市公司跨国并购的效应研究"；上海市浦江人才计划（18PJC027）。

Do Overseas M&A of Chinese Listed Privately-owned Companies Create Market Value? Evidence from the Market Response to M&A Events

LI Yun-he^1,2, GE Lin-nan¹, TANG Meng-han¹

Online:2018-09-15 Published:2018-09-19

摘要/Abstract

摘要：

以中国民营上市公司海外并购活动为研究对象，考察民营公司海外并购的短期市场价值效应及其决定因素，结果发现：我国民营上市公司的海外并购总体上没有为股东创造显著的短期市场价值，且民营上市公司海外并购的短期市场价值显著低于国有公司海外并购的短期市场价值。进一步的研究结果表明，民营上市公司规模、自由现金流、同业并购以及对敏感行业标的公司的海外并购都将对短期市场价值产生显著的负面影响。这为明确我国民营上市公司海外并购是否创造短期市场价值提供了新的证据，同时也为政府强化对民营公司海外并购监管提供了依据，即政府部门可甄别、审查与监管民营公司的海外并购行为，鼓励其正常的海外并购活动，保护投资者利益与资金安全。

关键词: 民营公司, 海外并购, 事件研究法, 并购价值, 短期市场价值效应

Abstract:

This paper investigates how and what determinates privately-owned listed companies' response to their overseas M&A. We find that the overseas M&A of privately-owned companies haven't created short-term market value for shareholders in general,and their short-term market value is significantly lower than that of state-owned companies. Further,the examination for the determinants of short-term market value indicates that it is negatively related with the acquirer's size and free cash flow,and it is also negatively related with the variables of target in sensitivity industry and same industry. The results not only provide a new evidence for whether the overseas M&A of privately-owned enterprises create or destroy value,but also provide insights for government monitoring the overseas M&A of privately-owned companies in China,that is,Chinese government should be carefully identify,investigate and monitor the overseas M&A of China's privately-owned companies.

Key words: privately-owned companies, overseas M&A, event study, value of M&A, short-term market response to M&A

李云鹤, 葛林楠, 唐梦涵. 我国民营公司海外并购创造市场价值了吗?——来自短期市场价值效应的证据[J]. 华东师范大学(哲学社会科学版), 2018, 50(5): 142-151.

LI Yun-he, GE Lin-nan, TANG Meng-han. Do Overseas M&A of Chinese Listed Privately-owned Companies Create Market Value? Evidence from the Market Response to M&A Events[J]. Journal of East China Normal University (Philosoph, 2018, 50(5): 142-151.

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我国民营公司海外并购创造市场价值了吗?——来自短期市场价值效应的证据

Do Overseas M&A of Chinese Listed Privately-owned Companies Create Market Value? Evidence from the Market Response to M&A Events

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