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題名 一帶一路政策與中國海外併購
The Belt and Road Policy and Cross Border M&A in China
作者 方翊展
Fang, Yi-Jan
貢獻者 陳嬿如
Chen, Yenn-Ru
方翊展
Fang, Yi-Jan
關鍵詞 一帶一路倡議
國家政策
海外併購
The Belt and Road Initiative
National Policy
Cross Border M&A
日期 2019
上傳時間 5-Sep-2019 15:42:45 (UTC+8)
摘要 本研究調查了一帶一路倡議對中國企業進行海外併購決策以及後續績效的影響。政策實施後，中國企業併購一帶一路沿線國家公司佔整體併購案比例沒有顯著上升；但一帶一路政策的確增加被併在一帶一路沿線國家的機率。併購沿線國家的交易金額也顯著的大幅提升，不管從企業意願以及投資金額都可看出政策成效。政策實施後市場對重點產業併購一帶一路沿線國家公司並不看好，然而檢驗長期績效，重點產業併購一帶一路沿線國家並沒有破壞公司價值，企業遵循政府政策進行併購長期有可能替公司創造價值。最後國有企業亦或是民營企業在各個面向差異都不大。
This study investigates the impact of The Belt and Road Initiative on Chinese companies` cross border M&A decisions and post-acquisition performance. We find that after the implementation of the policy, the proportion of cross border mergers and acquisitions by Chinese companies along the Belt and Road countries has increased, but it is not significant. However, The Belt and Road Initiative has increased the probability of target companies in the Belt and Road countries. And the transaction value also rose significantly, so policy implementation still achieved the government`s objectives. After the implementation of the policy, the market reaction to the companies in key industries merged or acquired targets in the Belt and Road countries are negative. But the long-term performance showed these kinds of deals have not destroyed the shareholders` value. Companies follow government policies may create value. Finally, state-owned enterprises or private enterprises have little difference in each aspect.
參考文獻 中文參考文獻
中國商務部 (2017)，一帶一路戰略下的投資促進研究，商務部投資促進事務局。
中國商務部 (2018)，2017中國對外投資合作發展報告，商務部。
中國商務部 (2019)，2018中國對外投資合作發展報告，商務部。

英文參考文獻
Ahern, K. R., Daminelli, D., & Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1), 165-189.
Aybar, B., & Ficici, A. (2009). Cross-border acquisitions and firm value: An analysis of emerging-market multinationals. Journal of International Business Studies, 40(8), 1317-1338.
Bénassy-Quéré, A., Coupet, M., & Mayer, T. (2007). Institutional determinants of foreign direct investment. The World Economy, 30(5), 764-782.
Bellak, C., Leibrecht, M., & Damijan, J. P. (2009). Infrastructure endowment and corporate income taxes as determinants of foreign direct investment in Central and Eastern European countries. The World Economy, 32(2), 267-290.
Blonigen, B. A. (2005). A review of the empirical literature on FDI determinants. Atlantic Economic Journal, 33(4), 383-403.
Chakrabarti, R., Gupta-Mukherjee, S., & Jayaraman, N. (2009). Mars–Venus marriages: Culture and cross-border M&A. Journal of International Business Studies, 40(2), 216-236.
Changqi, W., & Ningling, X. (2010). Determinants of cross-border merger & acquisition performance of Chinese enterprises. Procedia-Social and Behavioral Sciences, 2(5), 6896-6905.
Chari, A., Ouimet, P. P., & Tesar, L. L. (2010). The value of control in emerging markets. The Review of Financial Studies, 23(4), 1741-1770.
Chari, A., Ouimet, P. P., & Tesar, L. L. (2004). Cross border mergers and acquisitions in emerging markets: The stock market valuation of corporate control. In EFA 2004 Maastricht Meetings Paper (No. 3479).
Chen, R., El Ghoul, S., Guedhami, O., & Wang, H. (2014). Do state and foreign ownership affect investment efficiency? Evidence from privatizations. Journal of Corporate Finance, 42, 408-421.
Chen, S., Sun, Z., Tang, S., & Wu, D. (2011). Government intervention and investment efficiency: Evidence from China. Journal of Corporate Finance, 17(2), 259-271.
Chen, Y. Y., & Young, M. N. (2010). Cross-border mergers and acquisitions by Chinese listed companies: A principal–principal perspective. Asia Pacific Journal of Management, 27(3), 523-539.
Dailami, M., Kurlat, S., & Lim, J. (2012). Bilateral M&A activity from the Global South. The North American Journal of Economics and Finance, 23(3), 345-364.
De Beule, F., & Duanmu, J. L. (2012). Locational determinants of internationalization: A firm-level analysis of Chinese and Indian acquisitions. European Management Journal, 30(3), 264-277.
De Bondt, W. F., & Thaler, R. (1985). Does the stock market overreact?. The Journal of Finance, 40(3), 793-805.
Du, J., & Wang, Y. (2013). Reforming SOEs under China’s state capitalism. In Unfinished reforms in the Chinese economy (pp. 1-38).
Du, J., & Zhang, Y. (2018). Does One Belt One Road initiative promote Chinese overseas direct investment? China Economic Review, 47, 189-205.
Du, M., & Boateng, A. (2015). State ownership, institutional effects and value creation in cross-border mergers & acquisitions by Chinese firms. International Business Review, 24(3), 430-442.
Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross‐border mergers and acquisitions. The Journal of Finance, 67(3), 1045-1082.
Feito-Ruiz, I., & Menéndez-Requejo, S. (2011). Cross-border mergers and acquisitions in different legal environments. International Review of Law and Economics, 31(3), 169-187.
Francois, J., & Manchin, M. (2013). Institutions, infrastructure, and trade. World Development, 46(C), 165-175.
Globerman, S., & Shapiro, D. M. (1999). The impact of government policies on foreign direct investment: The Canadian experience. Journal of International Business Studies, 30(3), 513-532.
Goergen, M., & Renneboog, L. (2004). Shareholder wealth effects of European domestic and cross‐border takeover bids. European Financial Management, 10(1), 9-45.
Gu, L., & Reed, W. R. (2013). Chinese overseas M&A performance and the Go Global policy 1. Economics of Transition, 21(1), 157-192.
Gubbi, S. R., Aulakh, P. S., Ray, S., Sarkar, M. B., & Chittoor, R. (2010). Do international acquisitions by emerging-economy firms create shareholder value? The case of Indian firms. Journal of International Business Studies, 41(3), 397-418.
Harford, J. (1999). Corporate cash reserves and acquisitions. The Journal of Finance, 54(6), 1969-1997.
Harford, J., & Uysal, V. B. (2014). Bond market access and investment. Journal of Financial Economics, 112(2), 147-163.
Hayakawa, K., Lee, H.-H., & Park, D. (2014). Do export promotion agencies increase exports? The Developing Economies, 52(3), 241-261.
Huang, P., Officer, M. S., & Powell, R. (2016). Method of payment and risk mitigation in cross-border mergers and acquisitions. Journal of Corporate Finance, 40, 216-234.
Jegadeesh, N., & Titman, S. (1993). Returns to buying winners and selling losers: Implications for stock market efficiency. The Journal of Finance, 48(1), 65-91.
Kiymaz, H. (2009). The impact of country risk ratings on U.S. firms in large cross-border acquisitions. Global Finance Journal, 20(3), 235-247.
Kung, J. K. S., & Ma, C. (2018). Friends with benefits: How political connections help to sustain private enterprise growth in China. Economica, 85(337), 41-74.
Lall, S., & Mohammad, S. (1983). Multinationals in Indian big business: Industrial characteristic of foreign investment in a heavily regulated economy. Journal of Development Economics, 13(1-2), 143-157.
Li, J., Li, P., & Wang, B. (2016). Do cross-border acquisitions create value? Evidence from overseas acquisitions by Chinese firms. International Business Review, 25(2), 471-483.
Li, S., & Park, S. H. (2006). Determinants of locations of foreign direct investment in China. Management and Organization Review, 2(1), 95-119.
Loughran, T., & Vijh, A. M. (1997). Do long‐term shareholders benefit from corporate acquisitions? The Journal of Finance, 52(5), 1765-1790.
Lyon, J. D., Barber, B. M., & Tsai, C. L. (1999). Improved methods for tests of long‐run abnormal stock returns. The Journal of Finance, 54(1), 165-201.
Makaew, T. (2012). Waves of international mergers and acquisitions. In AFA 2012 Chicago meetings paper.
Malhotra, S., Sivakumar, K., & Zhu, P. (2011). A comparative analysis of the role of national culture on foreign market acquisitions by U.S. firms and firms from emerging countries. Journal of Business Research, 64(7), 714-722.
Moeller, S., Schlingemann, F., & Stulz, R (2002). Are cross-border acquisitions different from domestic acquisitions? Evidence on stock and operating performance for US acquirers. Journal of Banking and Finance.
Moeller, S., Schlingemann, F., & Stulz, R. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201-228.
Nain, A., & Yao, T. (2013). Mutual fund skill and the performance of corporate acquirers. Journal of Financial Economics, 110(2), 437-456.
Nguyen, N. H., & Phan, H. V. (2017). Policy uncertainty and mergers and acquisitions. Journal of Financial and Quantitative Analysis, 52(2), 613-644.
Nolan, P. (2014). Globalization and Industrial Policy: The Case of China. The World Economy, 37(6), 747-764.
Ping, D. (2009). Why do Chinese firms tend to acquire strategic assets in international expansion? Journal of World Business, 44(1), 74-84.
Quer, D., Claver, E., & Rienda, L. (2011). Political risk, cultural distance, and outward foreign direct investment: Empirical evidence from large Chinese firms. Asia Pacific Journal of Management, 29(4), 1089-1104.
Rao-Nicholson, R., Salaber, J., & Cao, T. H. (2016). Long-term performance of mergers and acquisitions in ASEAN countries. Research in International Business and Finance, 36, 373-387.
Rau, R., & Vermaelen, T. (1998). Glamour, value and the post-acquisition performance of acquiring firms. Journal of Financial Economics, 49(2), 223-253.
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Sun, S. L., Peng, M. W., Ren, B., & Yan, D. (2012). A comparative ownership advantage framework for cross-border M&As: The rise of Chinese and Indian MNEs. Journal of World Business, 47(1), 4-16.
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Tao, F., Liu, X., Gao, L., & Xia, E. (2017). Do cross-border mergers and acquisitions increase short-term market performance? The case of Chinese firms. International Business Review, 26(1), 189-202.
Titman, S., Almazan, A., De Motta, A., & Uysal, V. (2010). Financial structure, acquisition opportunities, and firm locations. The Journal of Finance, 65(2), 529-563.
Uddin, M., & Boateng, A. (2011). Explaining the trends in the UK cross-border mergers & acquisitions: An analysis of macro-economic factors. International Business Review, 20(5), 547-556.
Vermeulen, F., & Barkema, H. (2001). Learning through acquisitions. Academy of Management Journal, 44(3), 457-476.
Weitzel, U., & Berns, S. (2006). Cross-border takeovers, corruption, and related aspects of governance. Journal of International Business Studies, 37(6), 786-806.
Yang, J., Guariglia, A., & Guo, J. (2019). To what extent does corporate liquidity affect M&A decisions, method of payment and performance? Evidence from China. Journal of Corporate Finance, 54, 128-152.
Zhang, X., & Daly, K. (2011). The determinants of China`s outward foreign direct investment. Emerging Markets Review, 12(4), 389-398.
Zhou, B., Guo, J., Hua, J., & Doukas, A. J. (2015). Does State Ownership Drive M&A Performance? Evidence from China. European Financial Management,21(1), 79-105.
描述 碩士
國立政治大學
財務管理學系
106357001
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106357001
資料類型 thesis
dc.contributor.advisor 陳嬿如zh_TW
dc.contributor.advisor Chen, Yenn-Ruen_US
dc.contributor.author (Authors) 方翊展zh_TW
dc.contributor.author (Authors) Fang, Yi-Janen_US
dc.creator (作者) 方翊展zh_TW
dc.creator (作者) Fang, Yi-Janen_US
dc.date (日期) 2019en_US
dc.date.accessioned 5-Sep-2019 15:42:45 (UTC+8)-
dc.date.available 5-Sep-2019 15:42:45 (UTC+8)-
dc.date.issued (上傳時間) 5-Sep-2019 15:42:45 (UTC+8)-
dc.identifier (Other Identifiers) G0106357001en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/125520-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 106357001zh_TW
dc.description.abstract (摘要) 本研究調查了一帶一路倡議對中國企業進行海外併購決策以及後續績效的影響。政策實施後，中國企業併購一帶一路沿線國家公司佔整體併購案比例沒有顯著上升；但一帶一路政策的確增加被併在一帶一路沿線國家的機率。併購沿線國家的交易金額也顯著的大幅提升，不管從企業意願以及投資金額都可看出政策成效。政策實施後市場對重點產業併購一帶一路沿線國家公司並不看好，然而檢驗長期績效，重點產業併購一帶一路沿線國家並沒有破壞公司價值，企業遵循政府政策進行併購長期有可能替公司創造價值。最後國有企業亦或是民營企業在各個面向差異都不大。zh_TW
dc.description.abstract (摘要) This study investigates the impact of The Belt and Road Initiative on Chinese companies` cross border M&A decisions and post-acquisition performance. We find that after the implementation of the policy, the proportion of cross border mergers and acquisitions by Chinese companies along the Belt and Road countries has increased, but it is not significant. However, The Belt and Road Initiative has increased the probability of target companies in the Belt and Road countries. And the transaction value also rose significantly, so policy implementation still achieved the government`s objectives. After the implementation of the policy, the market reaction to the companies in key industries merged or acquired targets in the Belt and Road countries are negative. But the long-term performance showed these kinds of deals have not destroyed the shareholders` value. Companies follow government policies may create value. Finally, state-owned enterprises or private enterprises have little difference in each aspect.en_US
dc.description.tableofcontents 第一章 緒論 1
第二章 一帶一路政策、文獻回顧與假說 3
第一節 一帶一路政策發展 3
第二節 文獻回顧 6
一、併購決定因素 6
二、併購績效 8
三、國有企業 10
第三節 假說建立 11
第三章 研究方法 14
第一節 資料來源與研究樣本 14
第二節 實證模型 18
一、被併在帶路沿線國家機率 18
二、宣告效果影響因素 19
三、長期績效影響因素 21
第四章 研究分析結果 23
第一節 敘述統計和單變量分析 23
第二節 實證結果 24
一、被併在帶路沿線國家機率 24
二、宣告效果 24
三、長期績效-BHAR 26
四、長期績效-RNOA 27
第五章 結論 28
參考文獻 30		zh_TW
dc.format.extent 1439584 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106357001en_US
dc.subject (關鍵詞) 一帶一路倡議zh_TW
dc.subject (關鍵詞) 國家政策zh_TW
dc.subject (關鍵詞) 海外併購zh_TW
dc.subject (關鍵詞) The Belt and Road Initiativeen_US
dc.subject (關鍵詞) National Policyen_US
dc.subject (關鍵詞) Cross Border M&Aen_US
dc.title (題名) 一帶一路政策與中國海外併購zh_TW
dc.title (題名) The Belt and Road Policy and Cross Border M&A in Chinaen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文參考文獻
中國商務部 (2017)，一帶一路戰略下的投資促進研究，商務部投資促進事務局。
中國商務部 (2018)，2017中國對外投資合作發展報告，商務部。
中國商務部 (2019)，2018中國對外投資合作發展報告，商務部。

英文參考文獻
Ahern, K. R., Daminelli, D., & Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1), 165-189.
Aybar, B., & Ficici, A. (2009). Cross-border acquisitions and firm value: An analysis of emerging-market multinationals. Journal of International Business Studies, 40(8), 1317-1338.
Bénassy-Quéré, A., Coupet, M., & Mayer, T. (2007). Institutional determinants of foreign direct investment. The World Economy, 30(5), 764-782.
Bellak, C., Leibrecht, M., & Damijan, J. P. (2009). Infrastructure endowment and corporate income taxes as determinants of foreign direct investment in Central and Eastern European countries. The World Economy, 32(2), 267-290.
Blonigen, B. A. (2005). A review of the empirical literature on FDI determinants. Atlantic Economic Journal, 33(4), 383-403.
Chakrabarti, R., Gupta-Mukherjee, S., & Jayaraman, N. (2009). Mars–Venus marriages: Culture and cross-border M&A. Journal of International Business Studies, 40(2), 216-236.
Changqi, W., & Ningling, X. (2010). Determinants of cross-border merger & acquisition performance of Chinese enterprises. Procedia-Social and Behavioral Sciences, 2(5), 6896-6905.
Chari, A., Ouimet, P. P., & Tesar, L. L. (2010). The value of control in emerging markets. The Review of Financial Studies, 23(4), 1741-1770.
Chari, A., Ouimet, P. P., & Tesar, L. L. (2004). Cross border mergers and acquisitions in emerging markets: The stock market valuation of corporate control. In EFA 2004 Maastricht Meetings Paper (No. 3479).
Chen, R., El Ghoul, S., Guedhami, O., & Wang, H. (2014). Do state and foreign ownership affect investment efficiency? Evidence from privatizations. Journal of Corporate Finance, 42, 408-421.
Chen, S., Sun, Z., Tang, S., & Wu, D. (2011). Government intervention and investment efficiency: Evidence from China. Journal of Corporate Finance, 17(2), 259-271.
Chen, Y. Y., & Young, M. N. (2010). Cross-border mergers and acquisitions by Chinese listed companies: A principal–principal perspective. Asia Pacific Journal of Management, 27(3), 523-539.
Dailami, M., Kurlat, S., & Lim, J. (2012). Bilateral M&A activity from the Global South. The North American Journal of Economics and Finance, 23(3), 345-364.
De Beule, F., & Duanmu, J. L. (2012). Locational determinants of internationalization: A firm-level analysis of Chinese and Indian acquisitions. European Management Journal, 30(3), 264-277.
De Bondt, W. F., & Thaler, R. (1985). Does the stock market overreact?. The Journal of Finance, 40(3), 793-805.
Du, J., & Wang, Y. (2013). Reforming SOEs under China’s state capitalism. In Unfinished reforms in the Chinese economy (pp. 1-38).
Du, J., & Zhang, Y. (2018). Does One Belt One Road initiative promote Chinese overseas direct investment? China Economic Review, 47, 189-205.
Du, M., & Boateng, A. (2015). State ownership, institutional effects and value creation in cross-border mergers & acquisitions by Chinese firms. International Business Review, 24(3), 430-442.
Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross‐border mergers and acquisitions. The Journal of Finance, 67(3), 1045-1082.
Feito-Ruiz, I., & Menéndez-Requejo, S. (2011). Cross-border mergers and acquisitions in different legal environments. International Review of Law and Economics, 31(3), 169-187.
Francois, J., & Manchin, M. (2013). Institutions, infrastructure, and trade. World Development, 46(C), 165-175.
Globerman, S., & Shapiro, D. M. (1999). The impact of government policies on foreign direct investment: The Canadian experience. Journal of International Business Studies, 30(3), 513-532.
Goergen, M., & Renneboog, L. (2004). Shareholder wealth effects of European domestic and cross‐border takeover bids. European Financial Management, 10(1), 9-45.
Gu, L., & Reed, W. R. (2013). Chinese overseas M&A performance and the Go Global policy 1. Economics of Transition, 21(1), 157-192.
Gubbi, S. R., Aulakh, P. S., Ray, S., Sarkar, M. B., & Chittoor, R. (2010). Do international acquisitions by emerging-economy firms create shareholder value? The case of Indian firms. Journal of International Business Studies, 41(3), 397-418.
Harford, J. (1999). Corporate cash reserves and acquisitions. The Journal of Finance, 54(6), 1969-1997.
Harford, J., & Uysal, V. B. (2014). Bond market access and investment. Journal of Financial Economics, 112(2), 147-163.
Hayakawa, K., Lee, H.-H., & Park, D. (2014). Do export promotion agencies increase exports? The Developing Economies, 52(3), 241-261.
Huang, P., Officer, M. S., & Powell, R. (2016). Method of payment and risk mitigation in cross-border mergers and acquisitions. Journal of Corporate Finance, 40, 216-234.
Jegadeesh, N., & Titman, S. (1993). Returns to buying winners and selling losers: Implications for stock market efficiency. The Journal of Finance, 48(1), 65-91.
Kiymaz, H. (2009). The impact of country risk ratings on U.S. firms in large cross-border acquisitions. Global Finance Journal, 20(3), 235-247.
Kung, J. K. S., & Ma, C. (2018). Friends with benefits: How political connections help to sustain private enterprise growth in China. Economica, 85(337), 41-74.
Lall, S., & Mohammad, S. (1983). Multinationals in Indian big business: Industrial characteristic of foreign investment in a heavily regulated economy. Journal of Development Economics, 13(1-2), 143-157.
Li, J., Li, P., & Wang, B. (2016). Do cross-border acquisitions create value? Evidence from overseas acquisitions by Chinese firms. International Business Review, 25(2), 471-483.
Li, S., & Park, S. H. (2006). Determinants of locations of foreign direct investment in China. Management and Organization Review, 2(1), 95-119.
Loughran, T., & Vijh, A. M. (1997). Do long‐term shareholders benefit from corporate acquisitions? The Journal of Finance, 52(5), 1765-1790.
Lyon, J. D., Barber, B. M., & Tsai, C. L. (1999). Improved methods for tests of long‐run abnormal stock returns. The Journal of Finance, 54(1), 165-201.
Makaew, T. (2012). Waves of international mergers and acquisitions. In AFA 2012 Chicago meetings paper.
Malhotra, S., Sivakumar, K., & Zhu, P. (2011). A comparative analysis of the role of national culture on foreign market acquisitions by U.S. firms and firms from emerging countries. Journal of Business Research, 64(7), 714-722.
Moeller, S., Schlingemann, F., & Stulz, R (2002). Are cross-border acquisitions different from domestic acquisitions? Evidence on stock and operating performance for US acquirers. Journal of Banking and Finance.
Moeller, S., Schlingemann, F., & Stulz, R. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201-228.
Nain, A., & Yao, T. (2013). Mutual fund skill and the performance of corporate acquirers. Journal of Financial Economics, 110(2), 437-456.
Nguyen, N. H., & Phan, H. V. (2017). Policy uncertainty and mergers and acquisitions. Journal of Financial and Quantitative Analysis, 52(2), 613-644.
Nolan, P. (2014). Globalization and Industrial Policy: The Case of China. The World Economy, 37(6), 747-764.
Ping, D. (2009). Why do Chinese firms tend to acquire strategic assets in international expansion? Journal of World Business, 44(1), 74-84.
Quer, D., Claver, E., & Rienda, L. (2011). Political risk, cultural distance, and outward foreign direct investment: Empirical evidence from large Chinese firms. Asia Pacific Journal of Management, 29(4), 1089-1104.
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dc.identifier.doi (DOI) 10.6814/NCCU201901123en_US