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近年来,我国电子及通讯产品制造业在国民经济中的地位进一步提升,其跨国并购活动能否为股东创造价值?其价值创造活动又会受到哪些因素的影响?针对以上问题的探讨,具有非常重要的现实意义。本文以中国大陆A股上市的电子及通讯产品制造企业在2008~2014年发起的跨国并购事件为样本,通过事件研究发现:这类企业的跨国并购总体上获得了显著为负的异常收益,在整个事件窗口期的累计异常收益率为-4.29%.通过进一步的截面回归证实:并购方企业的管理层能力、企业规模、企业的资产结构及以往的跨国并购经验对并购公告产生的消极反应具有一定的调节作用。
In recent years, China’s electronics and communications products manufacturing industry in the national economy to further enhance its position, its cross-border M & A activities to create value for shareholders and its value creation activities will be affected by what factors? For the above discussion, with extraordinary Important practical significance. Based on the cross-border mergers and acquisitions (M & A) initiated by A-share listed Chinese electronics and telecommunications products manufacturing enterprises in 2008-2014, this study finds that the cross-border mergers and acquisitions (MNEs) The cumulative abnormal return rate during the entire event window was -4.29% .Further cross-sectional regression confirmed that the negative response to mergers and acquisitions made by M & A side’s management ability, firm size, corporate asset structure and previous M & A experience A certain role in regulation.