国有企业的海外并购是否创造了价值:基于PSM和DID方法的实证检验
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摘要
国有企业海外并购是否创造了价值?现有文献对这一问题还缺乏明晰的答案。文章基于资源基础观与制度基础观整合的视角,利用Wind数据库2007～2015年国有企业财务数据与海外并购数据库Zephyr、SDC Platinum相匹配,借助倾向得分匹配(PSM)与双重差分(DID)方法实证检验了国有企业海外并购对企业价值(综合价值、融资能力、盈利能力和增长能力)的影响。研究发现,海外并购与国有企业价值之间存在关系,海外并购提升了企业综合价值,但存在至少5年的滞后期。在5年存续期中,海外并购对企业融资能力影响甚微;对企业盈利能力的影响呈现出显著的积极发展态势;对企业增长能力的影响则由显著的负向影响逐渐减弱为没有影响。
Do state-owned enterprises( SOEs) involved in overseas Mergers and Acquisitions( M&A) create value? This question has not been answered in the existing literatures. This paper is based on integrated perspective about the resource-based view and the institutional-based view. Then the financial data of SOEs in Wind database is used to match the overseas M&A database in Zephyr and SDC Platinum from 2007 to 2015. By means of propensity score matching( PSM) and difference-in-difference( DID),this paper tests the impact of overseas M&A of SOEs' value empirically( comprehensive value,financing ability,profitability and growth ability). It finds that there is a relationship between overseas M&A and SOEs' value. Overseas M&A increases the comprehensive value of enterprises,but there is at least a five-year lag in five years,the influence of overseas M&A on the enterprise financing ability scarcely has impact on enterprise profitability shows a positive development trend; the impact on enterprise growth ability is gradually weakened from negative to insignificant.
Do state-owned enterprises( SOEs) involved in overseas Mergers and Acquisitions( M&A) create value? This question has not been answered in the existing literatures. This paper is based on integrated perspective about the resource-based view and the institutional-based view. Then the financial data of SOEs in Wind database is used to match the overseas M&A database in Zephyr and SDC Platinum from 2007 to 2015. By means of propensity score matching( PSM) and difference-in-difference( DID),this paper tests the impact of overseas M&A of SOEs' value empirically( comprehensive value,financing ability,profitability and growth ability). It finds that there is a relationship between overseas M&A and SOEs' value. Overseas M&A increases the comprehensive value of enterprises,but there is at least a five-year lag in five years,the influence of overseas M&A on the enterprise financing ability scarcely has impact on enterprise profitability shows a positive development trend; the impact on enterprise growth ability is gradually weakened from negative to insignificant.
引文
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[18] Verbeke,A. J. Dunning,S. Lundan. Multinational Enterprises and the Global Economy. Journal of International Business Studies,1994,25(1):190-193.
[19] Wei,Z. F. Xie,S. Zhang. Ownership Structure and Firm Value in China's Privatized Firms:1991~2001. Journal of Financial&Quantitative Analysis,2005,40(1):87-108.
[20] Zhang,J. C. Zhou,H. Ebbers. Completion of Chinese overseas acquisitions:Institutional perspectives and evidence. International Business Review,2011,20(2):226-238.
[21]陈强.高级计量经济学及Stata应用(第二版).高等教育出版社,2014.
[22]戴翔.“走出去”促进我国本土企业生产率提升了吗.世界经济研究. 2016,(2):78-89.
[23]冯根福,吴林江.我国上市公司并购绩效的实证研究.经济研究,2001(01):54-61.
[24]樊秀峰,李稳.基于PSM方法的中国上市公司海外并购绩效评估与分析.国际经贸探索. 2014,(12):70-80.
[25]郭申阳.倾向值分析:统计方法与应用.重庆大学出版社,2012.
[26]蒋冠宏,蒋殿春,蒋昕桐.我国技术研发型外向FDI的“生产率效应”——来自工业企业的证据.管理世界. 2013,240(9):44-54.
[27]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.金融研究. 2017,(4):46-60.
[28]陆瑶,闫聪,朱玉杰.对外跨国并购能否为中国企业创造价值.清华大学学报:自然科学版. 2011,(8):1145-1154.
[29]苏莉,冼国明.中国企业跨国并购促进生产率进步了吗.中国经济问题. 2017,(1):11-23.
[30]薛安伟.跨国并购提高企业绩效了吗——基于中国上市公司的实证分析.经济学家. 2017,6(6):88-95.
[31]肖浩,孔爱国.融资融券对股价特质性波动的影响机理研究:基于双重差分模型的检验.管理世界. 2014,(8):30-43.
[32]杨德彬.跨国并购提高了中国企业生产率吗——基于工业企业数据的经验分析.国际贸易问题. 2016,(4):166-176.
[33]杨波,张佳琦,吴晨.企业所有制能否影响中国企业海外并购的成败.国际贸易问题. 2016,(7):97-108.
[34]周黎安,陈烨.中国农村税费改革的政策效果:基于双重差分模型的估计.经济研究. 2005,(8):44-53.
[2] Barney,J.. Firm Resources and Sustained Competitive Advantage. Journal of Management,1991,17(1):99-120.
[3] Cuervo-Cazurra,A.. Extending Theory by Analyzing Developing Country Multinational Companies:Solving the Goldilocks Debate. Global Strategy Journal,2012(2):153-167.
[4] Chen,Y. Y.,M. N. Young. Cross-border Mergers and Acquisitions by Chinese Listed Companies:A Principal-principal Perspective. Asia Pacific Journal of Management,2010,27(3):523-539.
[5] Du,M.,A. Boateng. State Ownership,Institutional Effects and Value Creation in Cross-border Mergers&Acquisitions by Chinese Firms.International Business Review,2015,24(3):430-442.
[6] Kaiser,H. F.. The Application of Electronic Computers to Factor Analysis. Educational&Psychological Measurement,1960,20(1):141-151.
[7] Li,J. P. Li.,B. Wang. Do Cross-border Acquisitions Create Value? Evidence From Overseas Acquisitions by Chinese Firms. International Business Review,2016,25(2):471-483.
[8] Lehmann,A. T. T.,F. Lehmann. Outward Direct Investment by Chinese State-Owned Enterprises:Can Host Country Policy act as a Country-Specific Advantage?. Competitiveness Review An International Business Journal Incorporating Journal of Global Competitiveness,2017,27(3):231-252.
[9] Neyman,J. S. Statistical problems in agricultural experiments. Journal of the Royal Statistical Society,1923,2(2):107-180.
[10] North. Institutions,Institutional Change,and Economic Performance. Cambridge University Press,1990.
[11] Peng,M. W.,D. Y. Wang,Y. Jiang. An Institution-Based View of International Business Strategy:A Focus on Emerging Economies. Journal of International Business Studies,2008,39(5):920-936.
[12] Ramasamy,B. M. Yeung,S. Laforet. China's Outward Foreign Direct Investment:Location Choice and Firm Ownership. Journal of World Business,2012,47(1):17-25.
[13] Reddy,KS.,E. Xie,Y. Huang. Cross-border Acquisitions by State-owned and Private Enterprises:A Perspective From Emerging Economies. Journal of Policy Modeling,2016,38(6):1147-1170.
[14] Rosenbaum,P. R.,Rubin,D. B.. Constructing a Control Group Using Multivariate Matched Sampling Methods That Incorporate the Propensity Score. The American Statistician,1985,39(1):33-38.
[15] Rubin,D. B.. Estimating causal effects of treatments in randomized and nonrandomized studies. Journal of Educational Psychology,1974,66(5):688-701.
[16] Scott,W. R.. Organizations and Institutions. Research in the Sociology of Organizations,1995,2(5):44-45.
[17] Sun,Q.,W. H. S. Tong,J. Tong. How Does Government Ownership Affect Firm Performance? Evidence from China’s Privatization Experience. Journal of Business Finance&Accounting,2010,29(1):1-27.
[18] Verbeke,A. J. Dunning,S. Lundan. Multinational Enterprises and the Global Economy. Journal of International Business Studies,1994,25(1):190-193.
[19] Wei,Z. F. Xie,S. Zhang. Ownership Structure and Firm Value in China's Privatized Firms:1991~2001. Journal of Financial&Quantitative Analysis,2005,40(1):87-108.
[20] Zhang,J. C. Zhou,H. Ebbers. Completion of Chinese overseas acquisitions:Institutional perspectives and evidence. International Business Review,2011,20(2):226-238.
[21]陈强.高级计量经济学及Stata应用(第二版).高等教育出版社,2014.
[22]戴翔.“走出去”促进我国本土企业生产率提升了吗.世界经济研究. 2016,(2):78-89.
[23]冯根福,吴林江.我国上市公司并购绩效的实证研究.经济研究,2001(01):54-61.
[24]樊秀峰,李稳.基于PSM方法的中国上市公司海外并购绩效评估与分析.国际经贸探索. 2014,(12):70-80.
[25]郭申阳.倾向值分析:统计方法与应用.重庆大学出版社,2012.
[26]蒋冠宏,蒋殿春,蒋昕桐.我国技术研发型外向FDI的“生产率效应”——来自工业企业的证据.管理世界. 2013,240(9):44-54.
[27]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.金融研究. 2017,(4):46-60.
[28]陆瑶,闫聪,朱玉杰.对外跨国并购能否为中国企业创造价值.清华大学学报:自然科学版. 2011,(8):1145-1154.
[29]苏莉,冼国明.中国企业跨国并购促进生产率进步了吗.中国经济问题. 2017,(1):11-23.
[30]薛安伟.跨国并购提高企业绩效了吗——基于中国上市公司的实证分析.经济学家. 2017,6(6):88-95.
[31]肖浩,孔爱国.融资融券对股价特质性波动的影响机理研究:基于双重差分模型的检验.管理世界. 2014,(8):30-43.
[32]杨德彬.跨国并购提高了中国企业生产率吗——基于工业企业数据的经验分析.国际贸易问题. 2016,(4):166-176.
[33]杨波,张佳琦,吴晨.企业所有制能否影响中国企业海外并购的成败.国际贸易问题. 2016,(7):97-108.
[34]周黎安,陈烨.中国农村税费改革的政策效果:基于双重差分模型的估计.经济研究. 2005,(8):44-53.