CAJ | 학술논문

本研究利用296个中国企业海外并购事件的相关数据，统计分析了17个因素对我国企业海外并购价值创造的决定作用。结果表明：并购企业所有权性质与价值创造显著负相关，即民营企业并购绩效显著优于国有企业；并购双方相对规模、文化距离以及治理因素中的并购目标对抗董事权力指数对海外并购价值创造具有显著正向预测作用；美元对人民币汇率并购交易值以及治理因素中的集中度、法律体系等对我国企业海外并购累计超常收益有显著负面影响。此研究结果对于引导我国企业有效进行海外并购，推动“走出去”战略有效实施具有重要价值。
본연구이용296개중국기업해외병구사건적상관수거，통계분석료17개인소대아국기업해외병구개치창조적결정작용。결과표명：병구기업소유권성질여개치창조현저부상관，즉민영기업병구적효현저우우국유기업；병구쌍방상대규모、문화거리이급치리인소중적병구목표대항동사권력지수대해외병구개치창조구유현저정향예측작용；미원대인민폐회솔병구교역치이급치리인소중적집중도、법률체계등대아국기업해외병구루계초상수익유현저부면영향。차연구결과대우인도아국기업유효진행해외병구，추동“주출거”전략유효실시구유중요개치。
This study used the relevant data of 296 cross-border M＆A events of Chinese enterprises, and analyzed the effects of 17 factors on their value creation. The results showed that： the ownership of M＆A enterprise is negatively correlated with acquirer return significantly, which is, the privately-owned firms experienced greater wealth effects than government-owned firms ; the relative size, cultural distance, and target anti-direct index have significantly positive impacts on acqnirer value creation; while there is a significant negative relationship between RMB exchange rate to us dollars and concentration, legal system and acquirer return. These results have the important value for leading Chinese enterprises to effectively implement cross-border M＆As, and promoting to realize our ＂Go Global＂ strategy successfully.