The Research on the Performance and Determinants of the Cross-border Merger and Acquisition of the Listed Companies in China

Abstract

迄今为止,中国企业共有两次跨国并购的浪潮。1999年中国政府实施“走出去”战略,中国企业掀起跨国并购的第一次浪潮;2008年全球金融危机爆发,国外资产大幅度缩水,中国企业逢低吸纳,掀起跨国并购的第二次浪潮。中国企业第二次跨国并购浪潮呈现了显著的特点:民营企业跨国并购频率越来越快;交易金额越来越大;区位选择越来越集中;并购方式越来越多元化;并购目的越来越复杂。 本文对中国企业跨国并购绩效的研究主要从两方面展开。首先,分别采用短期事件研究法、综合财务指标法和数据包络分析法,获得了中国企业跨国并购的短期绩效、长期绩效和并购效率。其次,建立多元线性回归模型,分析了影响中国企业跨国并购长期绩效的关键因...Chinese enterprises have a total of two wave of cross-border mergers and acquisitions. In the year of 1999, the Chinese government implemented the "going out" strategy, Chinese enterprises set off the first wave of cross-border mergers and acquisitions; In the year of 2008, foreign assets have shrunk dramatically because of the global financial crisis, Chinese companies set off the second wave of ...学位:经济学硕士院系专业:经济学院_世界经济学号:1572014115192

    Similar works