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工作论文
2011-04-21 第4卷 第1期

编: 清华大学经管学院金融学教授。

执行主编: 杨之曙清华大学经济管理学院金融学副教授。


本期目录

Government Ownership, Synchronicity and M&A Performance: Evidence from Chinese Market

Bilei Zhou Hunan UniversitySchool of Business Administration
Jie(Michael) Guo University of DurhamEconomics and Finance, Durham Business School
Jun Hua University of DurhamEconomics and Finance, Durham Business School
Angelos J Doukas University of DurhamEconomics and Finance, Durham Business School

Target Firm Risk - Return Changes due to Cross-border Mergers and Acquisitions in Emerging Markets

PengCheng Zhu University of the PacificEberhardt School of Business
Vijay Jog Carleton UniversitySprott School of Business

Wealth Effects and Financial Performance of Cross–Border Mergers and Acquisitions In Five East Asian Countries

Saw-Imm Song Universiti Teknologi MARAFaculty of Business Management
Kuek Chiok Choo Universiti Teknologi MARAFaculty of Business Management
Rashidah Abdul Rahman Universiti Teknologi MARAFaculty of Accountancy
Ei-Yet Chu Universiti Malaysia SarawakFaculty of Economics and Business

国有上市公司并购的产业路径及效应--兼对“国企进退”现象解读

王凤荣 山东大学经济研究院
耿仁波 山东大学经济研究院
王倩 山东大学经济研究院


论文摘要

Government Ownership, Synchronicity and M&A Performance: Evidence from Chinese Market

Bilei Zhou Hunan UniversitySchool of Business Administration
Jie(Michael) Guo University of DurhamEconomics and Finance, Durham Business School
Jun Hua University of DurhamEconomics and Finance, Durham Business School
Angelos J Doukas University of DurhamEconomics and Finance, Durham Business School

In this paper, we empirically examine the relationship between government ownership, synchronicity and M&A performance in Chinese market. We found strong evidence to support “Helping Hand Hypothesis” that bidders with high government ownership yield better performance in both the short run and the long run. We also document a negative relationship between synchronicity measure and M&A performance. Various explanations have been offered to explain this phenomenon. In addition, we find both political influence and stock market valuation play an important role to forecast M&A outcome in China market. Within hot political period, government-related bidders yield better performance in the short run, while in high valuation period, public bidders receive higher premium.

Target Firm Risk - Return Changes due to Cross-border Mergers and Acquisitions in Emerging Markets

PengCheng Zhu University of the PacificEberhardt School of Business
Vijay Jog Carleton UniversitySprott School of Business

We examine the impact of cross-border mergers and acquisitions on a target firm’s risk and return based on a sample of partially acquired target firms in 18 emerging countries between 1990 and 2007. We find that cross-border acquisitions significantly reduce both the total and downside risk of the target firms and that this reduction is more significant in acquisitions undertaken by bidders from countries that have better protection of investor rights. We also show that this risk reduction improves the risk adjusted performance of these firms. Thus, we conclude that cross-border partial acquisitions benefit an emerging market investors’ risk-return trade off by reducing investment risk and increasing investment returns; policy makers in emerging markets may be well advised to open their markets for partial cross-border acquisitions.

Wealth Effects and Financial Performance of Cross–Border Mergers and Acquisitions In Five East Asian Countries

Saw-Imm Song Universiti Teknologi MARAFaculty of Business Management
Kuek Chiok Choo Universiti Teknologi MARAFaculty of Business Management
Rashidah Abdul Rahman Universiti Teknologi MARAFaculty of Accountancy
Ei-Yet Chu Universiti Malaysia SarawakFaculty of Economics and Business

Various studies have been done on wealth effects and financial performance of firms in different countries but have yielded mixed results. Data on completed deals of Cross-border Mergers and Acquisitions (CBMAs) comprising public listed firms with more than ten percent of share acquisition in five East Asian countries were analysed using event study and key financial ratios. Although the results for average abnormal returns in Indonesia and Korea were inconclusive, the results for Malaysia, Thailand and the Philippines suggest that the market had reacted positively adding value to the target firms at merger announcements. There was a significant improvement in targets’ free cash flow after CBMAs when compared to both before CBMAs and also control firms after CBMAs. The results also reveal that that these five East Asian countries have moved towards more efficient markets.

国有上市公司并购的产业路径及效应--兼对“国企进退”现象解读

王凤荣 山东大学经济研究院
耿仁波 山东大学经济研究院
王倩山东大学经济研究院

本文结合国有企业改制与产业结构调整的转型期背景,对国有 上市公司并购的产业路径及绩效进行理论分析,并以我国沪深股市 2003年-2007年国有控股上市公司股权收购为样本进行了实证检验。 研究发现,在相关并购路径下,相比于劳动密集型和技术密集型行业, 发生在资本密集型行业的并购提高国有上市公司绩效的同时,也提升 了产业集中度;在非相关并购路径下,产业创新型并购比非产业创新 型并购具有更高的产业效应,并且并购绩效显著优于非产业创新型并 购。这些发现凸现了国企并购的市场结构效应与产业结构效应,也揭 示了国企进退的效率路径。其政策含义在于,国有企业应遵循经济结 构演进优化的产业路径有进有退,坚持市场化导向和产业创新导向。


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