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本文以2006-2015年期间中国上市民营企业跨国并购数据为样本,运用事件研究法对其跨国并购短期绩效进行研究,结果发现民营企业跨国并购使得其短期绩效得到显著改善,且显著优于国有企业跨国并购绩效。此外,对于不同并购类型并购绩效的研究表明,横向并购对于并购绩效改进作用更为明显。在对并购绩效的影响决定因素的Probit模型回归分析发现,并购相对规模大小、持股比例、与东道国是否签订双边投资保护协定、东道国法律体系类型都对跨国并购绩效产生了显著影响。
Based on the cross-border mergers and acquisitions data of Chinese listed private enterprises during 2006-2015, this article studies the short-term performance of cross-border M & A by means of event research. The results show that the short-term performance of non-state owned enterprises is significantly improved compared with that of state-owned enterprises Cross-border M & A Performance. In addition, the research on M & A performance of different M & A types shows that horizontal M & A plays a more significant role in M & A performance improvement. Probit model regression analysis of determinants of M & A’s performance found that the types of legal system of host country had a significant impact on the performance of M & A because of the relative size of M & A, the proportion of shareholding, and whether the host country signed a bilateral investment protection agreement.