文档介绍：人民币汇率波动与外资并购上市公司的价值效应
曾亚敏廖理
(清华大学经济管理学院,北京100084)
摘要:本文以85起外资并购中国上市公司事件为样本,考察了收购方货币兑换人民币汇率对外资并购目标方股东收益的影响。实证结果表明:外资并购目标方收益与收购方货币相对人民币强弱成正比。本文结论支持了Froot和Stein(1991)[5]的理论预期:收购方货币相对于东道国货币越强劲,收购方支付溢价的能力越高,跨境并购目标方收益就越高。本文研究意义在于从微观层次分析了汇率与跨境并购之间的关系,验证了资本市场不完备假说对跨境并购动因的解释,并有利于解释现有研究发现的跨境并购财富效应的国别差异现象。并对我国上市企业选择并购时机提供了借鉴。
关键词:外资并购;汇率波动;财富效应
作者简介:曾亚敏,博士,清华大学经济管理学院博士后研究员,研究方向:外资并购、公司控制权市场。廖理,博士,清华大学经济管理学院教授,研究方向:公司财务。
中图分类号::A
Abstract: We investigate the influence of exchange rate between bidder’s and target’s currency on the targets’ return in cross-border acquisitions. The empirical results reveal that the abnormal return of targets is positively (negatively) related with the relative strength of the bidders’(targets’) currency after controlling other variables. The results are consistent with the theoretic expectation of the model of Froot and Stein (1991). The relative strength of the bidder’s currency enhances bidder’s wealth position and ability to pay premium for the target. The contribution of this paper is to explore the relationship between exchange rate and cross-border acquisitions from few-used micro perspective, test the explanation of theory of imperfect capital market for the motivations of cross-border acquisitions, and help to explain the country effect of cross-border acquisitions found in recent empirical research.
Keywords: Cross-border acquisit