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“引进外资”政策的提出,使得外资并购的价值效应受到普遍关注。文章实证检验了外资并购的短期和中长期绩效及其影响因素,结果显示:短期,外资并购有助于中国企业获得超额收益,反映了市场对“外资并购”的正面评价;但长期,外资并购会损害本国企业绩效。外资并购中,被收购的股权比例、目标企业的规模和Tobin’s Q值与目标企业获得的长期绩效呈正相关关系。此外,从长期绩效考虑,政府可以积极吸引香港地区企业进行外资并购,积极引导海外地区企业进行同行业并购。
“The introduction of foreign ” policy proposed, making the value of foreign mergers and acquisitions by the widespread concern. This paper empirically tests the short-term and long-term performance of foreign M & A and its influencing factors. The results show that short-term and foreign M & A can help Chinese enterprises to obtain excess returns, which reflects the positive evaluation of "foreign M & Foreign mergers and acquisitions can damage their own business performance. In foreign mergers and acquisitions, the proportion of equity interests acquired, the size of the target business and the Tobin’s Q value are positively related to the long-term performance obtained by the target business. In addition, from the perspective of long-term performance, the government can actively attract Hong Kong enterprises to conduct M & A of foreign capital and actively guide enterprises in overseas regions to conduct M & A in the same industry.