CAJ | 학술논문

本文运用市场模型、FF3FM模型和事件研究的基本方法评估1994--2009年中国157个企业海外并购事件的短期和中长期绩效。结果显示，尽管外界对海外并购绩效看法各异，中国企业海外并购事件公告日的市场绩效明显为正，反映了市场对中国企业海外并购的正面评价。从中长期的角度上看，中国企业海外并购整体上取得了非负的超常回报率（Abnormalreturn），体现了政府“走出去”战略的胜利开局。考虑到行业绩效差异，本文运用Fix—to—fix控制组的方法对并购中长期绩效的决定性因素进行了多元回归分析，结果显示海外并购受益于人民币升值，国有企业的并购绩效明显差于民营企业，中国海外上市公司的绩效优于内地上市的公司。
본문운용시장모형、FF3FM모형화사건연구적기본방법평고1994--2009년중국157개기업해외병구사건적단기화중장기적효。결과현시，진관외계대해외병구적효간법각이，중국기업해외병구사건공고일적시장적효명현위정，반영료시장대중국기업해외병구적정면평개。종중장기적각도상간，중국기업해외병구정체상취득료비부적초상회보솔（Abnormalreturn），체현료정부“주출거”전략적성리개국。고필도행업적효차이，본문운용Fix—to—fix공제조적방법대병구중장기적효적결정성인소진행료다원회귀분석，결과현시해외병구수익우인민폐승치，국유기업적병구적효명현차우민영기업，중국해외상시공사적적효우우내지상시적공사。
Our paper provides a thorough analysis of Chinese outbound merger and acquisitions from 1994 through 2009. We find that on average, Chinese outbound merger and acquisitions produced positive abnormal returns as measured on the announcement date, and a non-negative abnormal return in 3-year long term performance, which indicates a successful ＂Go Global＂ strategy of Chinese Government. However, privately-owned firms experienced greater wealth effects than government-owned firms. Further, mainland-listings underperform HK and US listings, glamour firms outperform value firm significantly.