国际经贸探索
國際經貿探索
국제경무탐색
International Economics and Trade Research
2012年
7期
79~90
,共null页
外资并购 动因 财务协同效应 投资性 雪藏
外資併購 動因 財務協同效應 投資性 雪藏
외자병구 동인 재무협동효응 투자성 설장
foreign merger and acquisition; motive; financial synergy; investment; freeze
文章以1998～2007年外资并购上市公司的事件为研究样本，从目标企业的视角分析了外资并购的动因。研究发现：外资并购通过内部资本市场的构建形成了财务协同效应，所以财务协同效应应该是外资并购的主要动因之一；外资并购并非持投机性的动机，而应该是以投资性并购为主要动因；作为投资性的外资并购，外资在快速进入东道主国市场后，具有雪藏目标企业品牌、推广自有品牌的动机。
文章以1998～2007年外資併購上市公司的事件為研究樣本，從目標企業的視角分析瞭外資併購的動因。研究髮現：外資併購通過內部資本市場的構建形成瞭財務協同效應，所以財務協同效應應該是外資併購的主要動因之一；外資併購併非持投機性的動機，而應該是以投資性併購為主要動因；作為投資性的外資併購，外資在快速進入東道主國市場後，具有雪藏目標企業品牌、推廣自有品牌的動機。
문장이1998～2007년외자병구상시공사적사건위연구양본，종목표기업적시각분석료외자병구적동인。연구발현：외자병구통과내부자본시장적구건형성료재무협동효응，소이재무협동효응응해시외자병구적주요동인지일；외자병구병비지투궤성적동궤，이응해시이투자성병구위주요동인；작위투자성적외자병구，외자재쾌속진입동도주국시장후，구유설장목표기업품패、추엄자유품패적동궤。
The paper, using a sample of foreign companies＇ merger and acquisition of Chinese listed target firms from 1998 to 2007, studies the M＆A motive of foreign firms from the perspective of target firms. It finds that the foreign mergers and acquisitions have built financial synergies from the formation of internal capital markets, which are one of the main motives of foreign mergers and acquisitions; speculations are not the motive of mergers and acquisitions, but investments should be the main motive; as an investmentoriented foreign merger and acquisition, after it quickly enters the host country market, it has a motive of freezing the target brand and promoting its own brand.
