企業(yè)跨國并購論文中英文資料外文翻譯文獻(xiàn)

1、 譯文：中國企業(yè)跨國并購績效的決定因素摘要：采用了獨(dú)特的數(shù)據(jù)上設(shè)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(xiàn)產(chǎn)生積極的影響。關(guān)鍵詞：跨國兼并和收購，中國企業(yè)，國際化1.介紹在過去的 30 年里，中國經(jīng)歷了快速的經(jīng)濟(jì)增長。在此期間，大量的中國企業(yè)已經(jīng)成長起來和具備競爭力，有一些甚至已經(jīng)涉足海外投資，以尋找新的增長來源。國際化擴(kuò)張的方式之一就是收購現(xiàn)有企業(yè)，在國外，所謂的跨國兼并和收購（MA）。雖然這個數(shù)字是低，規(guī)模小的，但最近比過去的趨勢明顯加快。這種現(xiàn)象值得密切關(guān)注，以便更好地了解在這個問題上?？鐕娌⒑褪召徥侵敢粋€企業(yè)購買在國外的另一家

2、公司的股份或資產(chǎn)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(quán)之間的交易。雖然跨國并購的目標(biāo)常常被說成是為股東創(chuàng)造價值的收購公司 ,結(jié)果相距較遠(yuǎn)的規(guī)定的目標(biāo)。系統(tǒng)研究表明，有相當(dāng)數(shù)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(huán)境之間的差異，收購公司的競爭力和比較優(yōu)勢被認(rèn)為是更重要的。這些優(yōu)勢包括公司治理，高層管理人員的長期競爭力，學(xué)習(xí)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(jié)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(jīng)濟(jì)表現(xiàn)。近年來，中國企業(yè)的跨國兼并和收購的規(guī)模穩(wěn)步上升。根據(jù)聯(lián)合國貿(mào)易與發(fā)

3、展會議，中國企業(yè)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(fā)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(dá)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(tuán)在 2002 年購買了日本印刷機(jī)制造商，TCL 收購德國施耐德在2003 年和 2004 年，聯(lián)想收購 IBM PC 業(yè)務(wù)的。所有這些情況表明，中國企業(yè)的跨國兼并和收購已經(jīng)進(jìn)入了一個時代。收購公司的經(jīng)濟(jì)表現(xiàn)的不同結(jié)果這樣的公司的行動。一些差異可能涉及到的國際化擴(kuò)張的動機(jī)。例如，有些公司這樣做，因?yàn)樵趪鴥?nèi)市場

4、的競爭壓力，而尋求資源，如原材料和技術(shù)，大概有幾個甚至鼓勵政府的政策措施。盡管他們的動機(jī)的不同，許多公司因此增加了困難，在跨國并購的整合風(fēng)險，并沒有一個明確1 的概念成功因素導(dǎo)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(guān)系，中國企業(yè)海外并購和決定因素之間的關(guān)系。雖然這個問題是很重要的，許多嚴(yán)肅的學(xué)術(shù)研究中是很難找到的。通過系統(tǒng)搜索的網(wǎng)站，其中列出了所有在中國的學(xué)術(shù)期刊上發(fā)表給我們接近千條跨國并購的中國國家知識基礎(chǔ)設(shè)施大多數(shù)僅僅是現(xiàn)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(tǒng)的經(jīng)濟(jì)性能，近年來，中國企業(yè)的跨國并購世界兒童之友協(xié)會的決定因素。除了促進(jìn)跨境

5、并購的文獻(xiàn)，我們也希望研究結(jié)果可以提供有益的指導(dǎo)對外直接投資的中國企業(yè)中所持的信念?？鐕①徥遣皇切碌摹１疚臄M作出貢獻(xiàn)是解釋企業(yè)層面的海外并購，中國企業(yè)的因素和表現(xiàn)。由于跨國并購表現(xiàn)受多種因素影響，我們采用了多種理論觀點(diǎn)，特別是組織學(xué)習(xí)的觀點(diǎn)與代理理論。作為我們討論的早期，我們還發(fā)現(xiàn)一個發(fā)達(dá)的數(shù)據(jù)庫的跨境中號和一個，因此，我們開發(fā)我們自己的一個數(shù)據(jù)庫覆蓋 165 中號和一個情況下，通過搜索，通過各種數(shù)據(jù)源，包括公司網(wǎng)站，年度報告，報紙上，并在互聯(lián)網(wǎng)。本文的組織如下。在第 2 條中的跨境并購活動的中國企業(yè)的特點(diǎn)進(jìn)行了討論。經(jīng)過短暫的文獻(xiàn)回顧，一些假設(shè)的基礎(chǔ)上的理論觀點(diǎn)。第 4 節(jié)討論的方法和結(jié)果

6、報告的結(jié)論性意見之前在第 5。2.跨境并購中國公司的特點(diǎn)跨國并購的中國企業(yè)開始在 20 世紀(jì) 80 年代，位于美國，加拿大和香港的大部分目標(biāo)公司。該公司涉及的基本上是大型國有企業(yè)，如中信，中化集團(tuán)，首都鋼鐵，中國的資源。例如，北京首都鋼鐵集團(tuán)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(jì) 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(yè)，私營和集體企業(yè)還聯(lián)合游戲。進(jìn)入 21 世紀(jì)后，中國企業(yè)在跨國兼并和收購，幾個大的情況下發(fā)生，如購買由上海汽車工業(yè)總公司和韓國雙龍汽車公司汽車公司收購 IBM 的 PC 業(yè)務(wù)變得更具侵

7、略性聯(lián)想。傳聞觀測結(jié)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 0.1顯示了中國企業(yè)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(xiàn)金收購要約的采購方法擴(kuò)展到各類款項(xiàng)，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(chǎn)注入股份交換的方法。3）雖然大跨境并購交易中占主導(dǎo)地位的國有企業(yè)，收集國有和民營企業(yè)也成為近年來活躍在。4）涉及的行業(yè)領(lǐng)域延伸至國內(nèi)壟斷行業(yè)，如能源，化學(xué)制品制造業(yè)普遍。2 國學(xué)者研究了在國內(nèi)市場的兼并和收購的情況下。例如，馮武（2001），使用會計數(shù)據(jù)及因素分析，制定一個整體的企業(yè)績效評價函數(shù)。他們沒有找到的 MA

8、 公司的業(yè)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(chǎn)收益率（ROA）為收購方和目標(biāo)公司于 1998 年 67 兼并和收購的情況下，分析改進(jìn)。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(fā)現(xiàn)，兼并，收購和重組，目標(biāo)公司的價值，但對股東收購公司的收入及財務(wù)表現(xiàn)產(chǎn)生了負(fù)面的影響。佳（ 2003）報道，收購公司的表現(xiàn)，和他們以前的收購經(jīng)驗(yàn)之間存在著倒 U 形關(guān)系。我們沒有發(fā)現(xiàn)，中國企業(yè)的跨國兼并和收購的實(shí)證研究。在下面的章節(jié)中，我們將開發(fā)一些假設(shè)的基礎(chǔ)上的跨境并購案例表現(xiàn)的可能的影響因素，當(dāng)時的理論

9、。4.1 預(yù)收購公司的收購表現(xiàn)3 控制權(quán)的分配和可能的協(xié)同作用，經(jīng)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(biāo)公司收購后的表現(xiàn)。韋斯頓等。（1990）提出，協(xié)同效應(yīng)的主要來源，其中的收購增加值，這意味著經(jīng)濟(jì)效率提高后，企業(yè)的兼并與不同的管理能力。一個比較有效的投標(biāo)人購買效率較低的目標(biāo)公司，并通過改善目標(biāo)公司的效率，增加合并后的公司的價值。從目標(biāo)公司的角度來看，市場對公司控制權(quán)理論認(rèn)為，它是一個公司的市場價值之間的差異，其實(shí)際價值，決定公司是否將被收購。此外，收購公司和目標(biāo)公司的管理效率之間的差異，確定目標(biāo)公司的收購后的表現(xiàn)。從收購公司的觀點(diǎn)，市場對公司控制權(quán)的理論預(yù)測，收購

10、前表現(xiàn)的無罪堅定的正相關(guān)，其收購的性能。例如，郎咸平等。（1989）發(fā)現(xiàn)，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(guān)。Servaes（1991）發(fā)現(xiàn)，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(guān)。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(yè)績和管理能力的一個指標(biāo)。在此，我們制定以下假設(shè)：假設(shè) 1：收購前的中國公司（收購方）和跨國并購性能表現(xiàn)呈正相關(guān)。4.2 自由現(xiàn)金流代理理論描述了股東與經(jīng)理人之間的關(guān)系為委托代理關(guān)系。委托人和代理人的不同，經(jīng)常發(fā)生沖突的利益。一位經(jīng)理認(rèn)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。

11、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(xiàn)金流量是指后留在該公司的所有凈現(xiàn)值為正的投資項(xiàng)目，涵蓋了需要的現(xiàn)金數(shù)額的大小。大量的自由現(xiàn)金流，可能會導(dǎo)致更高的代理成本收購公司的企業(yè)管治是不完善的。當(dāng)一家公司有一個大型的免費(fèi)現(xiàn)金流，但沒有或只是一個小的債務(wù)，股東和管理人員可能會面臨著嚴(yán)重的利益沖突股息政策。為了使自己的利益最大化，管理者不想分發(fā)的免費(fèi)現(xiàn)金派息，并保留在公司內(nèi)部的現(xiàn)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(bǔ)償（詹森，1986）。如果沒有良好的控制系統(tǒng)，以確保運(yùn)營

12、效率，自由的現(xiàn)金流可能導(dǎo)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(xiàn)金流是可再發(fā)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(yù)測自由現(xiàn)金流行業(yè)的集中度的特點(diǎn)，表現(xiàn)出的自由現(xiàn)金流可以是一個嚴(yán)重的問題，公司大量的自由現(xiàn)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(yè)面臨的最嚴(yán)重的情況，在不盈利的項(xiàng)目投資上的浪費(fèi)現(xiàn)金。我們認(rèn)為在中國的上市公司，自由的現(xiàn)金流可能會導(dǎo)致相同的代理成本。派4 息降低了資源管理器的控制下，因此，經(jīng)理人更愿意使用免費(fèi)的現(xiàn)金流投資，而不是派發(fā)股息，即使這種投資可能不會產(chǎn)生積極的股東回報。因此，我們假設(shè)有足夠的現(xiàn)金流，收購公

13、司在收購前收購后的表現(xiàn)不佳。假設(shè) 2：收購前的現(xiàn)金流中國公司（收購方）和其收購的性能是負(fù)相關(guān)的。5 原文：Determinants of Cross-Border Merger & AcquisitionPerformance of Chinese EnterprisesAbstract：Using a unique data set on the cross-border merger and acquisition activities of the publiccompanies listed at Chinas stock exchanges, we show that pre-acq

14、uisition performance and proportion ofthe state shares have a positive impact on performance of acquiring companiesKeywords: Cross-border mergers and acquisitions; Chinese enterprises; International-alization1. IntroductionIn the past thirty years China has experienced a rapid economic growth. In th

15、at period, a largenumber of Chinese enterprises have grown up and gained compositeness, a few have even venturedabroad to search for new sources of growth. One way of international expansion is to acquire existingbusinesses abroad, so called cross-border mergers and acquisitions (M&A). Although the

16、number was lowand the scales were small in the recent past, the trend is clearly picking up. It warrants a close look at thisphenomenon to gain a better understanding on this matter.Cross-border M&A refers to a corporate action of purchasing the shares or assets of anothercompany in a foreign countr

17、y. Obviously, cross border M&A is a transaction of control rights betweencompanies in two or more countries. Although the goals of cross-border M&A are often said to becreating value for the shareholders of acquiring companies, the results are far apart from the statedobjective. Systematic studies s

18、how a considerable number of cross-border mergers and acquisitions endup in failure. In addition to differences in market environments between home and host countries, thecompetitive and comparative advantages of the acquiring companies are considered more important.Those advantages include corporat

19、e governance, top management term competence, learning ability,among others. Therefore, it s necessary to take a look at the firm specific factors that influence theperformance of cross-boarder M&A. The main purpose of this study is to identify the factors thatinfluence the outcomes of cross-border

20、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 steadily in recentyears. According to the United Nation Conference on Trade and Development, cross-border mergers anda

21、cquisitions by Chinese firms totaled US$ 8.139 billion in the period of 1988 to 2003, most of whichoccurred after 1997. While the average amount each year was only $ 216 million between 1988 and 2003,it reached the level of $ 1.647 billion in2003. There are a few well publicized cases: Shanghai Elec

22、tricGroup purchased a Japanese printing machine manufacturer in 2002, TCL acquired Schneider inGermany in 2003 and Lenovo purchased PC business of IBM in2004. All these cases show Chineseenterprises have entered an era of cross-border mergers and acquisitions.The economic performance of acquiring fi

23、rms differs as a result of such corporate action. Some ofthe differences may relate to the motives of the international expansion. For example, some companies doit because of competitive pressure at home market, while others seek resources such as raw materials andtechnologies, and probably a few ar

24、e even encouraged by government policy measures. Despite the6 variety in their motives, many companies underestimate difficulties and integration risks in cross-borderM&A and dont have a clear idea about success factors that contribute to the difference in performanceTherefore it is imperative to ha

25、ve a good understanding of the relationship between performance ofChinese overseas mergers and acquisitions and determinant factors.Although the issue is clearly important, many serious academic studies are hard to find. A systematicsearch through the website of the China National Knowledge Infrastr

26、ucture that lists all academic journalspublished in China give us nearly one thousand articles on cross-boarder M&A. Most are merely reviewsof existing theories, descriptions of current situations or simple case studies.Our study attempts to analyze systematically economic performance and its determ

27、inants of crossborder M&A made by Chinese companies in recent years. In addition to contribute to cross-border M&Aliterature, we also hope that the findings can provide useful guidance to outward foreign direct investmentby Chinese enterprises in the future.Cross-border M&A is not new. What this pap

28、er intends to contribute is to explain the firm levelfactors and performance of overseas M&A by Chinese enterprises. Because the M&A performance areinfluenced by multiple factors, we adopt a multiple theoretical perspectives, specifically, organizationlearning perspective and agency theory.As we dis

29、cussed 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 searching through various datasources including company websites, annual reports, newspapers, and the internet.The paper is organized as follows.

30、 The features of cross-border M&A activities of Chinese firmsare discussed inspection 2. After a short literature review, a number of hypotheses are developed based ona number of theoretical perspectives. Section 4 discusses the methodology and results are reported insection 5 before the concluding

31、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 companieslocated in the US, Canada and Hong Kong. The firms involved were basically large state-ownedenterprises, such as CITIC, SINOCHEM, Capital Steel and C

32、hina Resources. For example, BeijingCapital Steel Group purchased 70% shares of an American engineering company MASTA for US $3.4millions in July 1988. In the 1990s, more and more Chinese companies start engaging acquisitionsoverseas. In addition to the state-owned enterprises, privately and collect

33、ively owned enterprises alsojoint the game. After entering into the 21 century, Chinese firms become more aggressive in cross-bordermergers and acquisitions, several large cases occurred, such as the purchase of Korean company SangYong Motor Company by Shanghai Automotive Industry Corporation and th

34、e purchase of PC business ofIBM by Lenovo.Anecdotal observations show a few tendencies: 1) volume and sum of transactions increase overtime. Figure.1shows amounts of money involved in that cross-border mergers and acquisitions of Chineseenterprises. Although the amounts of money involved vary over t

35、he years, but the trend is going up. 2)The purchasing method extended from cash offer into various kinds of payments, such as leveragedacquisitions and swap of equity shares. For example, TCL used the methods of asset injection and sharesswap in its acquisition of Thompson of France. 3) Although the

36、 state-owned corporations dominate in bigcross-border M&A deals, collectedly owned and private enterprises also become active in recent years. 4)The industries covered extended from domestically monopolized industries such as energy, chemicals tomanufacturing industry in general.7 3. Literature Revi

37、ewacquisitions and reorganizations add value to the target company, but had a negative influence uponshareholders income and financial performance in the acquiring company. Jia (2003) reports a reverseshape relationship exists between performance of acquiring companies and their previous acquisition

38、experience. We do not find empirical study on cross-border mergers and acquisitions of Chinesecompanies. In the following section,we are going to develop a few hypotheses based on the prevailingtheories on possible factors that influence the performance of cross-border M&A cases.4.Hypotheses Develop

39、ment4.1 Pre-Acquisitions Performance of Acquiring Firms8 Allocation of control rights and possible synergy are often used to explain pre-acquisitionperformance and acquisition behavior. They are also used to explain post-acquisition performance forboth acquiring and target firms.Weston et al. (1990)

40、 proposes that synergy effect is one of the mainsources in which acquisition adds value, which means economic efficiency can improve after mergers offirms with different management capabilities. A relatively efficient bidder purchases a less efficient targetfirm and increases the value of the merged

41、 firm through improving target firms effectiveness.From target firm perspective, market for corporate control theory argues that it is the differencebetween a companys market value and its actual value that determines whether a firm will be acquired.Moreover, the difference of management efficiency

42、between the acquiring firm and the target firmdetermines the target companys post-acquisition performance. From the acquiring firm s viewpoint,market for corporate control theory predicts that pre-acquisition performance of the acquitting firm ispositively related to its acquisition performance.For

43、example, Lang et al. (1989) found that in tenderoffers, Tobin Q value of acquiring firms and shareholdersinterests are positively related. Servaes (1991)found both acquirers and acquired companys shareholders gainsare positively associated with the TobinQ value of the acquirer. In these studies, Tob

44、in s Q, defined as the market value of a company divided byits replacement cost, is used as an indicator of a company s pre-acquisition performance and managementcapacity. Hereby we develop the following hypothesis:Hypothesis 1: Pre-acquisition performance of Chinese company (the acquirer) and its c

45、ross-borderacquisition performance are positively related.4.2 Free Cash FlowAgency theory describes that the relationship between shareholders and managers as aprincipal-agent relationship. The principal and agent have different and often conflict interests. A managerconsiders his own interest first

46、 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 isunavoidable in public companies.One kind of agency costs is associated with the magnitude of free cash flow that refers to the amou

47、ntof cash leftin the company after covering the need of all investment projects with positive net presentvalue. Large amounts of free cash flow can cause higher agency cost when corporate governance ofacquiring company is imperfect. When a company has a large free cash flow but no or just a little d

48、ebt,shareholders and managers may face a serious conflict in interests regarding dividend policy. In order tomaximize their interests, managers prefer not distributing the free cash as dividend payout and to keepfree cash flow within the company. Therefore they can use that cash not only for their p

49、ersonal privatebenefits or over-investment, but also for compensation of possible losses in the future(Jensen, 1986). Ifthere is no good control system in place to ensure efficiency in operations,free cash flow may lead tohigh agency cost. Under that circumstance, acquisition cannot be a sound decis

50、ion. On the other hand,free cash flow is redistributable financial resource thus released in acquisitions, and put it into moreproductive use.Jensen also predicts the characteristics of the free cash flow concentrated industries, showing that thefree cashflow can be a serious problem for companies w

51、ith large amounts of free cash flow and lowgrowth prospect, and especially essential for companies doomed to shrink. These companies face themost serious situation for 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; t