1、浙江師范大學行知學院本科畢業論文外文翻譯譯文：中國企業跨國并購績效的決定因素摘要：采用了獨特的數據上設置的跨境合并和收購活動在中國的證券交易所上市的公眾公司，我們收購前的性能和國有股比例對收購公司的表現產生積極的影響。關鍵詞：跨國兼并和收購，中國企業，國際化1.介紹在過去的30年里，中國經歷了快速的經濟增長。在此期間，大量的中國企業已經成長起來和具備競爭力，有一些甚至已經涉足海外投資，以尋找新的增長來源。國際化擴張的方式之一就是收購現有企業，在國外，所謂的跨國兼并和收購（ma）。雖然這個數字是低，規模小的，但最近比過去的趨勢明顯加快。這種現象值得密切關注，以便更好地了解在這個問題上。跨國兼并和

2、收購是指一個企業購買在國外的另一家公司的股份或資產的行動。顯然，跨國兼并和收購是在兩個或兩個以上國家的公司的控制權之間的交易。雖然跨國并購的目標常常被說成是為股東創造價值的收購公司,結果相距較遠的規定的目標。系統研究表明，有相當數量的跨國兼并和收購以失敗而告終。除了在母國和東道國的市場環境之間的差異，收購公司的競爭力和比較優勢被認為是更重要的。這些優勢包括公司治理，高層管理人員的長期競爭力，學習能力，以及其他。因此，有必要看一看公司的特定因素影響的性能，跨境并購本研究的主要目的是確定的因素，影響結果的跨國兼并和收購中國公司，特別是在最近幾年收購公司的經濟表現。近年來，中國企業的跨國兼并和收購的

3、規模穩步上升。根據聯合國貿易與發展會議，中國企業的跨國兼并和收購總額為8.139億美元，這個時間是1988年至2003年，其中大部分是1997年后發生。雖然平均金額每年只有2.16億美元，1988年和2003年間，在2003年，就達到了1.647億美元的水平。有一些廣為人知的案例：上海電氣集團在2002年購買了日本印刷機制造商，tcl收購德國施耐德在2003年和2004年，聯想收購ibm pc業務的。所有這些情況表明，中國企業的跨國兼并和收購已經進入了一個時代。收購公司的經濟表現的不同結果這樣的公司的行動。一些差異可能涉及到的國際化擴張的動機。例如，有些公司這樣做，因為在國內市場的競爭壓力，而

4、尋求資源，如原材料和技術，大概有幾個甚至鼓勵政府的政策措施。盡管他們的動機的不同，許多公司因此增加了困難，在跨國并購的整合風險，并沒有一個明確的概念成功因素導致性能上的差別。因此，它必須有一個很好的理解中國和國際的關系，中國企業海外并購和決定因素之間的關系。雖然這個問題是很重要的，許多嚴肅的學術研究中是很難找到的。通過系統搜索的網站，其中列出了所有在中國的學術期刊上發表給我們接近千條跨國并購的中國國家知識基礎設施大多數僅僅是現有的理論，說明目前的情況下，或簡單的個案研究的評論。我們的研究試圖分析系統的經濟性能，近年來，中國企業的跨國并購世界兒童之友協會的決定因素。除了促進跨境并購的文獻，我們也

5、希望研究結果可以提供有益的指導對外直接投資的中國企業中所持的信念。跨國并購是不是新的。本文擬作出貢獻是解釋企業層面的海外并購，中國企業的因素和表現。由于跨國并購表現受多種因素影響，我們采用了多種理論觀點，特別是組織學習的觀點與代理理論。作為我們討論的早期，我們還發現一個發達的數據庫的跨境中號和一個，因此，我們開發我們自己的一個數據庫覆蓋165中號和一個情況下，通過搜索，通過各種數據源，包括公司網站，年度報告，報紙上，并在互聯網。本文的組織如下。在第2條中的跨境并購活動的中國企業的特點進行了討論。經過短暫的文獻回顧，一些假設的基礎上的理論觀點。第4節討論的方法和結果報告的結論性意見之前在第5。2

6、.跨境并購中國公司的特點 跨國并購的中國企業開始在20世紀80年代，位于美國，加拿大和香港的大部分目標公司。該公司涉及的基本上是大型國有企業，如中信，中化集團，首都鋼鐵，中國的資源。例如，北京首都鋼鐵集團購買的美國工程公司masta的70的股份，于1988年7月為us $340百萬。在20世紀90年代，越來越多的中國公司開始從事海外并購。除了國有企業，私營和集體企業還聯合游戲。進入21世紀后，中國企業在跨國兼并和收購，幾個大的情況下發生，如購買由上海汽車工業總公司和韓國雙龍汽車公司汽車公司收購ibm的pc業務變得更具侵略性聯想。傳聞觀測結果顯示幾個趨勢：1）量和交易金額的增加隨著時間的推移。圖

7、0.1顯示了中國企業的跨國兼并和收購所涉及的金額。多年來雖然涉及的金額有所不同，但趨勢是往上走。2）現金收購要約的采購方法擴展到各類款項，如杠桿收購和交換的股票的。例如，tcl法國的湯普森在其收購的資產注入股份交換的方法。3）雖然大跨境并購交易中占主導地位的國有企業，收集國有和民營企業也成為近年來活躍在。4）涉及的行業領域延伸至國內壟斷行業，如能源，化學制品制造業普遍。3.學術評論有大量文獻國內和跨國兼并和收購，主要是基于發達國家的經驗。有一些中國學者研究了在國內市場的兼并和收購的情況下。例如，馮武（2001），使用會計數據及因素分析，制定一個整體的企業績效評價函數。他們沒有找到的ma公司的業

8、績在今年顯著的變化，但在一年后性能提高，在第三年下降。朱和王（2002）的股本回報率（roe）和資產收益率（roa）為收購方和目標公司于1998年67兼并和收購的情況下，分析改進。張（2003年），采用事件研究法和會計分析方法，分析了中國上市公司的兼并，收購和重組。他發現，兼并，收購和重組，目標公司的價值，但對股東收購公司的收入及財務表現產生了負面的影響。佳（2003）報道，收購公司的表現，和他們以前的收購經驗之間存在著倒u形關系。我們沒有發現，中國企業的跨國兼并和收購的實證研究。在下面的章節中，我們將開發一些假設的基礎上的跨境并購案例表現的可能的影響因素，當時的理論。4.假設發展跨國并購的成

9、果至少2大因素。首先，它依賴于外部環境，如在本國的經濟增長和競爭程度，東道國的政治和文化環境的變化等。其次，取決于收購公司的資源和能力。這是，我們要著眼于后者。因此，幾個假設，以反映的跨國并購公司的特點和性能之間的關系4.1預收購公司的收購表現控制權的分配和可能的協同作用，經常被用來解釋收購前的性能和收購行為。它們也可以用來解釋收購與目標公司收購后的表現。韋斯頓等。（1990）提出，協同效應的主要來源，其中的收購增加值，這意味著經濟效率提高后，企業的兼并與不同的管理能力。一個比較有效的投標人購買效率較低的目標公司，并通過改善目標公司的效率，增加合并后的公司的價值。從目標公司的角度來看，市場對公

10、司控制權理論認為，它是一個公司的市場價值之間的差異，其實際價值，決定公司是否將被收購。此外，收購公司和目標公司的管理效率之間的差異，確定目標公司的收購后的表現。從收購公司的觀點，市場對公司控制權的理論預測，收購前表現的無罪堅定的正相關，其收購的性能。例如，郎咸平等。（1989）發現，在要約收購中，收購公司和股東的利益的托賓q值呈正相關。servaes（1991）發現，與托賓q值的收購方，收購方和被收購公司的股東收益是正相關。在這些研究中，托賓的q定義為公司的市場價值除以它的重置成本，作為一個公司的收購前業績和管理能力的一個指標。在此，我們制定以下假設：假設1：收購前的中國公司（收購方）和跨國并

11、購性能表現呈正相關。4.2自由現金流代理理論描述了股東與經理人之間的關系為委托代理關系。委托人和代理人的不同，經常發生沖突的利益。一位經理認為自己的利益為先，在做決策時，可能無法在股東的最佳利益。詹森和麥克林（1983）定義了一個公司作為一個承上啟下的合同，爭奪代理成本是不可避免的公眾公司。一類代理成本與自由現金流量是指后留在該公司的所有凈現值為正的投資項目，涵蓋了需要的現金數額的大小。大量的自由現金流，可能會導致更高的代理成本收購公司的企業管治是不完善的。當一家公司有一個大型的免費現金流，但沒有或只是一個小的債務，股東和管理人員可能會面臨著嚴重的利益沖突股息政策。為了使自己的利益最大化，管理

12、者不想分發的免費現金派息，并保留在公司內部的現金流。因此，他們可以用這些資金不僅為他們個人的私人利益或過度投資，同時也為在未來可能損失的補償（詹森，1986）。如果沒有良好的控制系統，以確保運營效率，自由的現金流可能導致代理成本高。在這情況下，收購不能是一個明智的決定。另一方面，自由的現金流是可再發行的金融資源，因此在收購公布，并把它變成更有效率的使用。詹森還預測自由現金流行業的集中度的特點，表現出的自由現金流可以是一個嚴重的問題，公司大量的自由現金流和低增長的前景，特別是必不可少的公司注定要縮小。這些企業面臨的最嚴重的情況，在不盈利的項目投資上的浪費現金。我們認為在中國的上市公司，自由的現金

13、流可能會導致相同的代理成本。派息降低了資源管理器的控制下，因此，經理人更愿意使用免費的現金流投資，而不是派發股息，即使這種投資可能不會產生積極的股東回報。因此，我們假設有足夠的現金流，收購公司在收購前收購后的表現不佳。假設2：收購前的現金流中國公司（收購方）和其收購的性能是負相關的。原文：determinants of cross-border merger & acquisition performance of chinese enterprisesabstract：using a unique data set on the cross-border merger and acquisi

14、tion activities of the public companies listed at chinas stock exchanges, we show that pre-acquisition performance and proportion of the state shares have a positive impact on performance of acquiring companieskeywords: cross-border mergers and acquisitions; chinese enterprises; international-alizat

15、ion1. introductionin the past thirty years china has experienced a rapid economic growth. in that period, a large number of chinese enterprises have grown up and gained compositeness, a few have even ventured abroad to search for new sources of growth. one way of international expansion is to acquir

16、e existing businesses abroad, so called cross-border mergers and acquisitions (m&a). although the number was low and the scales were small in the recent past, the trend is clearly picking up. it warrants a close look at this phenomenon to gain a better understanding on this matter. cross-border m&a

17、refers to a corporate action of purchasing the shares or assets of another company in a foreign country. obviously, cross border m&a is a transaction of control rights between companies in two or more countries. although the goals of cross-border m&a are often said to be creating value for the share

18、holders of acquiring companies, the results are far apart from the stated objective. systematic studies show a considerable number of cross-border mergers and acquisitions end up in failure. in addition to differences in market environments between home and host countries, the competitive and compar

19、ative advantages of the acquiring companies are considered more important. those advantages include corporate governance, top management term competence, learning ability, among others. therefore, it s necessary to take a look at the firm specific factors that influence the performance of cross-boar

20、der m&a. the main purpose of this study is to identify the factors that influence the outcomes of cross-border m&a made by chinese firms in recent years, particularly, economic performance of the acquiring firms. the scale of cross-border mergers and acquisitions by chinese firms has increased stead

21、ily in recent years. according to the united nation conference on trade and development, cross-border mergers and acquisitions by chinese firms totaled us$ 8.139 billion in the period of 1988 to 2003, most of which occurred after 1997. while the average amount each year was only $ 216 million betwee

22、n 1988 and 2003, it reached the level of $ 1.647 billion in2003. there are a few well publicized cases: shanghai electric group purchased a japanese printing machine manufacturer in 2002, tcl acquired schneider in germany in 2003 and lenovo purchased pc business of ibm in2004. all these cases show c

23、hinese enterprises have entered an era of cross-border mergers and acquisitions. the economic performance of acquiring firms differs as a result of such corporate action. some of the differences may relate to the motives of the international expansion. for example, some companies do it because of co

24、mpetitive pressure at home market, while others seek resources such as raw materials and technologies, and probably a few are even encouraged by government policy measures. despite the variety in their motives, many companies underestimate difficulties and integration risks in cross-border m&a and d

25、ont have a clear idea about success factors that contribute to the difference in performance. therefore it is imperative to have a good understanding of the relationship between performance of chinese overseas mergers and acquisitions and determinant factors. although the issue is clearly important,

26、 many serious academic studies are hard to find. a systematic search through the website of the china national knowledge infrastructure that lists all academic journals published in china give us nearly one thousand articles on cross-boarder m&a. most are merely reviews of existing theories, descrip

27、tions of current situations or simple case studies. our study attempts to analyze systematically economic performance and its determinants of cross border m&a made by chinese companies in recent years. in addition to contribute to cross-border m&a literature, we also hope that the findings can provi

28、de useful guidance to outward foreign direct investment by chinese enterprises in the future.cross-border m&a is not new. what this paper intends to contribute is to explain the firm level factors and performance of overseas m&a by chinese enterprises. because the m&a performance are influenced by m

29、ultiple factors, we adopt a multiple theoretical perspectives, specifically, organization learning perspective and agency theory.as we discussed early, we have not yet found a well developed database on the cross-border m&a, therefore we develop on our own a database covering 165 m&a cases by search

30、ing through various data sources including company websites, annual reports, newspapers, and the internet. the paper is organized as follows. the features of cross-border m&a activities of chinese firms are discussed inspection 2. after a short literature review, a number of hypotheses are developed

31、 based on a number of theoretical perspectives. section 4 discusses the methodology and results are reported in section 5 before the concluding remarks.2. features of cross-border m&a by chinese companiescross-border m&a by chinese companies began in the 1980s, with most of the target companies loca

32、ted in the us, canada and hong kong. the firms involved were basically large state-owned enterprises, such as citic, sinochem, capital steel and china resources. for example, beijing capital steel group purchased 70% shares of an american engineering company masta for us $3.4 millions in july 1988.

33、in the 1990s, more and more chinese companies start engaging acquisitions overseas. in addition to the state-owned enterprises, privately and collectively owned enterprises also joint the game. after entering into the 21 century, chinese firms become more aggressive in cross-border mergers and acqui

34、sitions, several large cases occurred, such as the purchase of korean company sang yong motor company by shanghai automotive industry corporation and the purchase of pc business of ibm by lenovo.anecdotal observations show a few tendencies: 1) volume and sum of transactions increase over time. figur

35、e.1shows amounts of money involved in that cross-border mergers and acquisitions of chinese enterprises. although the amounts of money involved vary over the years, but the trend is going up. 2) the purchasing method extended from cash offer into various kinds of payments, such as leveraged acquisit

36、ions and swap of equity shares. for example, tcl used the methods of asset injection and shares swap in its acquisition of thompson of france. 3) although the state-owned corporations dominate in big cross-border m&a deals, collectedly owned and private enterprises also become active in recent years

37、. 4) the industries covered extended from domestically monopolized industries such as energy, chemicals to manufacturing industry in general. 3. literature reviewthere is a vast literature on both domestic and cross-border mergers and acquisitions, mostly based on the experiences from developed coun

38、tries. there are a few chinese scholars have studied mergers and acquisitions casein domestic markets. for example, feng and wu (2001), using accounting data and factor analysis, formulate an overall evaluation function of corporate performance. they do not find significant change in firm performanc

39、e in the year of m&a, but the performance improves in the year after and falls back in the third year. zhu and wang (2002) analyze improvement of return on equity (roe) and returns on assets (roa) for both acquirer and target companies in 67 mergers and acquisitions cases in 1998. zhang (2003), usin

40、g event study method and accounting an alytical method, analyzes the mergers, acquisitions and reorganizations of chinese publicly listed companies. he found that mergers, acquisitions and reorganizations add value to the target company, but had a negative influence upon shareholders income and fina

41、ncial performance in the acquiring company. jia (2003) reports a reverse u shape relationship exists between performance of acquiring companies and their previous acquisition experience. we do not find empirical study on cross-border mergers and acquisitions of chinese companies. in the following se

42、ction,we are going to develop a few hypotheses based on the prevailing theories on possible factors that influence the performance of cross-border m&a cases. 4.hypotheses developmentthe outcomes of cross-border m&a depends at least on 2 broad factors. first of all, it depends on external environment

43、, such as economic growth and degree of competition at home country, changes of political and cultural environment of host country and so on. secondly, it depends on resources and capability of the acquiring company.it is the latter that we are going to focus on. a few hypotheses therefore are devel

44、oped to reflect the relations between acquiring firm characteristics and performance of cross-border m&a.4.1 pre-acquisitions performance of acquiring firmsallocation of control rights and possible synergy are often used to explain pre-acquisition performance and acquisition behavior. they are also

45、used to explain post-acquisition performance for both acquiring and target firms.weston et al. (1990) proposes that synergy effect is one of the main sources in which acquisition adds value, which means economic efficiency can improve after mergers of firms with different management capabilities. a

46、relatively efficient bidder purchases a less efficient target firm and increases the value of the merged firm through improving target firms effectiveness.from target firm perspective, market for corporate control theory argues that it is the difference between a companys market value and its actual

47、 value that determines whether a firm will be acquired. moreover, the difference of management efficiency between the acquiring firm and the target firm determines the target companys post-acquisition performance. from the acquiring firm s viewpoint, market for corporate control theory predicts that

48、 pre-acquisition performance of the acquitting firm is positively related to its acquisition performance.for example, lang et al. (1989) found that in tender offers, tobin q value of acquiring firms and shareholdersinterests are positively related. servaes (1991) found both acquirers and acquired co

49、mpanys shareholders gainsare positively associated with the tobin q value of the acquirer. in these studies, tobin s q, defined as the market value of a company divided by its replacement cost, is used as an indicator of a company s pre-acquisition performance and management capacity. hereby we deve

50、lop the following hypothesis:hypothesis 1: pre-acquisition performance of chinese company (the acquirer) and its cross-border acquisition performance are positively related.4.2 free cash flowagency theory describes that the relationship between shareholders and managers as a principal-agent relation

51、ship. the principal and agent have different and often conflict interests. a manager considers his own interest first when making decisions that may not at the best of interest of shareholders. jensen & meckling (1983)define a firm as a nexus of contracts, contending that agency cost is unavoidable

52、in public companies.one kind of agency costs is associated with the magnitude of free cash flow that refers to the amount of cash leftin the company after covering the need of all investment projects with positive net present value. large amounts of free cash flow can cause higher agency cost when c

53、orporate governance of acquiring company is imperfect. when a company has a large free cash flow but no or just a little debt, shareholders and managers may face a serious conflict in interests regarding dividend policy. in order to maximize their interests, managers prefer not distributing the free

54、 cash as dividend payout and to keep free cash flow within the company. therefore they can use that cash not only for their personal private benefits or over-investment, but also for compensation of possible losses in the future(jensen, 1986). if there is no good control system in place to ensure ef

55、ficiency in operations, free cash flow may lead to high agency cost. under that circumstance, acquisition cannot be a sound decision. on the other hand, free cash flow is redistributable financial resource thus released in acquisitions, and put it into more productive use.jensen also predicts the ch

56、aracteristics of the free cash flow concentrated industries, showing that the free cashflow can be a serious problem for companies with large amounts of free cash flow and low growth prospect, and especially essential for companies doomed to shrink. these companies face the most serious situation fo

57、r wasting cash on investments in non profitable projects.we argue free cash flow can cause the same agency cost in chinas publicly listed companies. dividend payout lowers the resources under managers control; therefore managers prefer using free cash flow to invest instead of dividend payment, even

58、 though such investment may not generate positive returns to shareholders. therefore, we hypothesize that acquiring company with sufficient cash flow before acquisition has poor post acquisition performance.hypothesis 2: pre-acquisition free cash flow chinese company (the acquirer) and its acquisiti

59、on performance are negatively related.references1 eisenhardt, k.m., 1989. agency theory: an assessment and review. the academy of management review, 14(1): 57-74.2 feng, genfu and linjiang wu, 2001. empirical study of performance of mergers and acquisitions of chinese public companies. economicresearch, 1, in