摘要
企业的国际贸易有利于缓解其与目标国家和目标公司之间的信息不对称,提高公司的海外并购绩效。本文使用我国A股上市公司的海外并购事件为样本,对以上假说进行了实证检验。结果表明:国际贸易显著提高了公司的海外并购绩效,而且相较于进口贸易,出口贸易对于海外并购绩效的影响更为明显。同时,我们发现,在信息不对称程度更大、民营企业以及东道国为发展中国家时,国际贸易对于海外并购绩效的提高作用更强。拓展性检验结果表明,公司更倾向于选择存在密切贸易关系的国家进行海外并购,这一区位选择效应亦在信息不对称程度更大时更强。本研究在丰富了海外并购的影响因素以及国际贸易的经济后果等相关领域文献的同时,还具有较为重要的政策含义。
International trade could reduce information asymmetry between acquirers and targets,thus increasing the performance of overseas M&As.Using a sample of A-share listed firms in China,this paper examines this hypothesis.Our results suggest that firms who trade more goods with targets’home country experience significantly higher announcement returns,and this relationship is stronger in exporting firms rather than in importing firms.We further find that the positive effects of international trade on overseas M&A announcement returns are greater when firms face more severe information asymmetry,when firms are non-SOEs,and when the targets located in developing countries.Further analyses show that firms are more likely to conduct overseas M&As in countries where they trade more goods,this relationship is also stronger when firms face more severe information asymmetry.While enriching the literature on overseas M&As and the literature on economic consequences of international trade,this paper also has important policy implications.
出处
《会计研究》
CSSCI
北大核心
2022年第12期161-173,共13页
Accounting Research
基金
国家自然科学基金面上项目(72272144)
国家自然科学基金青年项目(72202018)
中国博士后科学基金项目(2022M720496)的资助
作者简介
通讯作者:申艳艳,shenyanyan@btbu.edu.cn。
