Abstract:
Is it failed for cross-border M&A of Chinese firms? The paper substitutes effective of firms as productivity, R&D and new products. We investigate the relationship between cross-border M&A and development of effective using BVD database in 2003-2008. By data matching we use different-in-different and counterfactual to estimate above questions. So we find several results. Firstly, cross-border M&A contributes the productivity of firms. Secondly, cross-border M&A helps the firms R&D. Thirdly, cross-border M&A is helpful for the development of new products. Beside that we also find that cross-border M&A has long effect on the effective of the firms.
蒋冠宏. 我国企业跨国并购真的失败了吗?——基于企业效率的再讨论[J]. 金融研究, 2017, 442(4): 46-60.
JIANG, Guanhong. Cross-border Merger and Acquisitions of Chinese Firms is Failed or Not:Evidence from Effective of Industrial Firms. Journal of Financial Research, 2017, 442(4): 46-60.
Aybar, B. and Ficici, A, 2009,“Cross-border Acquisitions and Firm Value: An Analysis of Emerging-market Multinationals”, Journal of International Business studies, 40:1317~1338.
Aybar, B. and Ficici, A, 2009,“Cross-border Acquisitions and Firm Value: An Analysis of Emerging-market Multinationals”, Journal of International Business studies, 40:1317~1338.
[7]
Bertrand, O and P. Zuniga, 2006,“R&D and M&A: Are Cross-border M&A Difference? An Investigation on OECD Countries”, International Journal of Industrial Organization, 24:401~423.
Bertrand, O and P. Zuniga, 2006,“R&D and M&A: Are Cross-border M&A Difference? An Investigation on OECD Countries”, International Journal of Industrial Organization, 24:401~423.
[8]
Buckley, P.J., A.R. Cross., H. Tan., L. Xin.,and Hinrich. Voss, 2008, “Historic and Emergent Trends in Chinese Outward Direct Investment”, Management International Review, 48(6):715~748.
Buckley, P.J., A.R. Cross., H. Tan., L. Xin.,and Hinrich. Voss, 2008, “Historic and Emergent Trends in Chinese Outward Direct Investment”, Management International Review, 48(6):715~748.
[9]
Chari, A., W. Chen and K. Dominguez, 2009,“Foreign Ownership and Firm Performance: Emerging Market Acquisitions in the United States”, RSIE Working Paper, No.590.
Chari, A., W. Chen and K. Dominguez, 2009,“Foreign Ownership and Firm Performance: Emerging Market Acquisitions in the United States”, RSIE Working Paper, No.590.
[10]
Head, C., K, Ries, and C. John, 2002,“Offshore Production and Skill Upgrading by Japanese Firms”, Journal of International Economics, 58(1):81~105.
Head, C., K, Ries, and C. John, 2002,“Offshore Production and Skill Upgrading by Japanese Firms”, Journal of International Economics, 58(1):81~105.
[11]
Kleinwort, J and F. Toubal, 2007, “The Impact of Locating Production Abroad on Activities at home: Evidence from German Firm-Level Data”, University of Tubingen, Discussion Paper 314.
Kleinwort, J and F. Toubal, 2007, “The Impact of Locating Production Abroad on Activities at home: Evidence from German Firm-Level Data”, University of Tubingen, Discussion Paper 314.
[12]
Moeller, B. S. and P. E. Schlingemann, 2005,“Global Diversification and Bidder Gains: a Comparison between Cross-border and Domestic Acquisitions”, Journal of Banking and Finance, 29:533~564.
Moeller, B. S. and P. E. Schlingemann, 2005,“Global Diversification and Bidder Gains: a Comparison between Cross-border and Domestic Acquisitions”, Journal of Banking and Finance, 29:533~564.
[13]
Nocke, V. and S. Yeaple, 2007, “Cross-border Mergers and Acquisitions vs Greenfield Foreign Direct Investment: The Role of Firm Heterogeneity”, Journal of International Economics, 72:336~365.
Nocke, V. and S. Yeaple, 2007, “Cross-border Mergers and Acquisitions vs Greenfield Foreign Direct Investment: The Role of Firm Heterogeneity”, Journal of International Economics, 72:336~365.
[14]
Pradhan, J. P. and N. Singh, 2009, “Outward FDI and Knowledge Flows: A Study of the Indian Automotive Sector”, International Journal of Institutions and Economies, Faculty of Economics and Administration, University of Malaya, 1(1):156~187.
Pradhan, J. P. and N. Singh, 2009, “Outward FDI and Knowledge Flows: A Study of the Indian Automotive Sector”, International Journal of Institutions and Economies, Faculty of Economics and Administration, University of Malaya, 1(1):156~187.
[15]
Stiebale, J, 2013,“The Impact of Cross-border Mergers and Acquisitions on the Acquires R&D-Firm Level Evidence”, International Journal of Industrial Organization, 31:307~321.
Stiebale, J, 2013,“The Impact of Cross-border Mergers and Acquisitions on the Acquires R&D-Firm Level Evidence”, International Journal of Industrial Organization, 31:307~321.
[16]
Uddin, M. and A. Boateng, 2009,“An Analysis of Short-Run Performance of Cross-Border Mergers and Acquisitions: Evidence from the UK Acquiring Firms”, Review of Accounting and Finance, 8:431~453.
Uddin, M. and A. Boateng, 2009,“An Analysis of Short-Run Performance of Cross-Border Mergers and Acquisitions: Evidence from the UK Acquiring Firms”, Review of Accounting and Finance, 8:431~453.