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本文利用2001~2014年间高端装备企业海外并购的数据,通过事件研究方法研究海外并购的长短期财富效应,并用会计研究方法进行了稳健性分析。结果发现公告宣布前后的1个月间,虽然获得了平均为正的超额收益,但是并不显著;而公告日后的2年间,并购对股东权益和财务绩效产生了一定的负面影响。同时,对影响因素的实证分析发现,并购类型的作用最强;文化距离、制度距离、企业规模短期平均效应均为负,长期平均效应均为正;所有制水平和股权集中度的作用较小,但长短期效果也略有不同。
Based on the data of overseas M & A of high-end equipment enterprises from 2001 to 2014, this paper studies the long-term and short-term wealth effects of overseas M & A by means of event research and conducts a robust analysis by using accounting research methods. The results showed that within one month before and after the announcement, though the average positive excess return was obtained, it was not significant. In the two years after the announcement, M & A had a negative impact on shareholders’ equity and financial performance. At the same time, we find that the M & A type has the strongest effect; the short-term average effect of cultural distance, institutional distance and firm size is negative, and the long-term average effect is positive; the ownership level and ownership concentration are small, However, the short-term effect is also slightly different.