跨国并购的效应：研究述评及展望

摘要

In recent years,cross-border M&As,especially the cross-border M&As quantity and amount of Chinese firms,are growing rapidly,but the academia still has a vague impression of the outcomes of cross-border M&As,and even has not reached a consensus on how to definitely understand the concept of the outcomes of cross-border M&As. So the academia and practice circle eager to sort out systematically the studies on cross-border M&As about how to understand the outcomes of cross-border M&As,as well as whether and how cross-border M&As affect corporate value. Based on literature metrology analysis,this paper systematically reviews the theoretical and empirical research of cross-border M&As,sorts out the content,classification and measurement of the outcomes of cross-border M&As,and elaborates the influencing factors and function mechanisms of the outcomes of cross-border M&As in detail. Then it provides a systematic theoretical framework of the outcomes of cross-border M&As and influencing factors.%近年来企业跨国并购、特别是中国企业的跨国并购数量和金额都在快速增长，然而学术界对于跨国并购效应的认识仍然很模糊，甚至对“跨国并购效应”概念应该如何确切理解也存在争议。因此，学术界和实践界迫切需要系统地梳理关于如何理解跨国并购的效应，以及跨国并购是否以及如何影响企业的价值的相关研究。本文在文献计量学分析的基础上，系统性地回顾了跨国并购的理论和实证研究，梳理了跨国并购效应的含义、分类以及测量方法，详细阐述了跨国并购效应的影响因素和作用机制，进而提供了一个系统的跨国并购效应及其影响因素的理论框架。