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针对中国企业对外跨国并购是否提升了企业生产率问题,我们利用数据匹配法为2009-2013年149家对外跨国并购的上市公司找到可供比较的对照组,运用倍差法检验了企业对外跨国并购对生产率的影响。通过检验我们发现:对外跨国并购总体上并没有显著地提升企业生产率,促进作用相当微弱;分行业检验发现,商业行业的跨国并购显著促进了生产率提升,其他行业没有显著表现;掌握控股权的并购企业能显著提升企业生产率,少数控股的并购企业促进作用不明显;并购经验的多寡对企业生产率提升不显著;对发达国家的海外并购有助于企业生产率的显著提升,而对发展中国家并购投资的生产率效应不显著。
In response to the question whether Chinese companies’ overseas cross-border mergers and acquisitions have increased the productivity of enterprises, we have used the data matching method to find comparable control groups for 149 listed companies with foreign cross-border mergers and acquisitions from 2009 to 2013, and tested the cross-border mergers and acquisitions of foreign companies using the double-difference method. Productivity impact. Through inspections, we found that cross-border mergers and acquisitions on the outside have not significantly increased business productivity, and the promotion effect has been rather weak. According to the inspection of the industry, cross-border mergers and acquisitions in the commercial industry have significantly boosted productivity, while other industries have not shown significant performance; Enterprises can significantly increase the productivity of enterprises, and the promotion effect of minority-controlled M&A enterprises is not obvious; the number of M&A experiences does not significantly increase the productivity of enterprises; overseas mergers and acquisitions in developed countries can contribute to a significant increase in enterprise productivity, while M&A investment in developing countries The productivity effect is not significant.