摘要

海外并购是企业的一项重大发展战略，是一种跨国界的企业寻求资本扩张的行为，它不仅可以打破贸易壁垒、开拓国际市场、整合和利用全球资源，还可以获得贸易和金融机会，利用国际先进技术优化自身产业链结构。

尽管中国企业身边围绕绕着都是各种各样的投资银行家、律师、咨询顾问，但是还是不可否认，有很多中国企业海外并购经验比较少。由于每个人利益出发点都是不一样，咨询顾问希望这个交易能够成功，而有些收购者可能会觉得这个交易不合适。根据2008年博鳌论坛上麦肯锡调查数据，88%的企业高管认为缺乏人才是海外并购难以成功的主要原因。而已有研究表明，高管国际化背景对企业国际化战略至关重要。本文的研究动因正源于此，通过对高管国际化背景对中国企业海外并购绩效的实证研究，回答高管团队中国际化人才能否提高海外并购绩效？哪种国际化人才更能提高海外并购绩效？等关键问题，充实相关理论研究，为有意进行海外并购的企业及政府的政策制定提供建议意见。

本文在系统总结国内外研究成果，回顾并分析中国企业海外并购实际情况的基础上，采用累计超额回报率（CAR）衡量企业海外并购短期绩效，使用总资产收益率（ROA）的变化量（ΔROAt-1，t+1）度量企业海外并购长期绩效。获得以下结论：1、对于海外并购短期绩效，高管国际化背景及其中高管海外学习背景显著为正，这表示高管海外背景在并购事件市场反应中受到了投资者充分的关注并被明显地观测到。2、整体而言，海外并购后我国上市公司的长期绩效并未改善，而且拥有国际化背景的高管，尤其是跨国公司背景，不利于企业长期经营绩效。3、东道国与高管海外经历契合度高，对企业海外并购绩效的很强的正向影响。

本文力求在以下两方面有所贡献：1、研究丰富了现有关于高管特征的文献，首次将高管国际化背景与海外并购绩效联系起来。2、经过实证研究，在目前并购大环境下，拥有国际化背景高管不一定能企业海外并购后的经营绩效带来提高，但拥有东道国经历的高管能带来显著的促进作用，这也为企业海外并购提供了有益的实践启示。由于我国企业海外并购尚处于初级阶段，本文的实证研究对象定为中国上市公司，存在样本数量有限，研究时间窗口期跨度不够长等不足，希望在未来的研究中进一步加以改进。

关键词：上市公司，高管背景，海外并购，绩效

The Impact of Top Management Team’s Overseas Background on Firm’s Performance in Overseas M&A:

An Empirical Research on Chinese Listed Companies

Chenlu MA (Quantitative Finance)

Directed by Prof. Wei CEN

Abstract

Overseas M&A is a major development strategy of enterprises and behavior of companies’ seeking capital expansion across boundaries. It can not only break barriers, open up international markets, integrate and use global resources, but can also get the business and financial opportunities, utilizing international advanced technology to optimize its industrial structure chain.

Although Chinese companies are surrounded by a variety of investment bankers, lawyers and consultants, it is still undeniable that there are a lot of Chinese companies lacking overseas M&A experience. Since each person’s interest is not the same, those consultants hope the transactions are successful, and some acquires may feel that the deal is inappropriate. According to McKinsey’s survey on 2008 Boao Forum, 88 percent of executives believe that lack of talent is the main reason for the failure of overseas M&A. Many studies have shown that TMT’s international background is essential for enterprise internationalization strategy. This paper’s motivation also comes from it. Through the empirical study of TMT’s international background’s impact on Chinese enterprises overseas M&A performance, this paper attempt to answer: “whether TMT’s international background can improve the performance of overseas M&A?”, ”What kind of international background can enhance the performance of overseas M&A?” and other key issues. It will be beneficial for enriching the theory research and providing suggestions for companies intending to conduct overseas M&A and government formulating policies.

Based on the research results home and abroad and the analysis of the actual situation of Chinese enterprises overseas M&A, this paper uses Cumulative Abnormal Return (CAR) to measure the short-term performance of overseas M&A and the change of Total Return on Assets (ROA) (ΔROAt-1,t+1) to measure long-term performance. The conclusions are as follows: 1. for short-term performance, TMT possessing international background is significantly positive, which means that TMT’s international background gets full attention by investors in the market. 2. Overall, long-term performance of listed companies’ overseas M&A has not improved. TMT’s international background, especially multinational corporations background, goes against long-term performance. 3, when the TMT’s has the person who is from (or study, work in) the host country, the long-time performance of companies’ M&A is better.

This article seeks to contribute in the following two aspects: 1, enriching existing research literature on the characteristics of the TMT and it is the first time the link TMT’s international background and overseas M&A performance. 2, through empirical research, under the current Chinese M&A environment, having international background top manager may not improve the post-M&A operating performance, but having top manager who is familiar with the host country can significantly promote the performance. This provides useful inspiration for enterprises overseas M&A practice. Because the Chinese overseas M&A is still at primary stage and this paper’s research object is Chinese listed companies, there exist problems like limited number of samples, short span of time window and other issues, hoping to get further improvements in future studies.

KEY WORDS: Listed companies, TMT background, Overseas M&A, Performance

目录

1 序言

1.1 研究背景

1.2 研究意义

1.3 研究框架与内容

1.4 研究方法

1.5 研究贡献与创新点

2 文献回顾与评述

2.1高管团队概念

2.2 高管背景对企业绩效影响的研究

2.2.1 高管背景（除国际化）对企业绩效的影响

2.2.2 高管国际化背景对企业绩效的影响

2.3 高管国际化背景对海外并购影响的研究

2.3.1 海外并购绩效

2.3.2 高管国际化背景对企业海外并购绩效的影响

2.4 文献评述

3 研究假设

4 实证研究

4.1样本选择

4.2 变量描述

4.2.1 被解释变量：海外并购绩效

4.2.2 解释变量描述

4.2.3 控制变量描述

4.3 模型构建

4.4 高管国际化背景对海外并购短期绩效影响的实证研究

4.4.1 事件研究法介绍

4.4.2 短期绩效影响的实证研究

4.4.3 短期绩效实证结果分析

4.5 高管国际化背景对海外并购长期绩效影响的实证研究

4.5.1 财务指标研究法介绍

4.5.2 长期绩效影响的实证研究

4.5.3 长期绩效实证结果分析

5 研究结论与展望

5.1 主要研究结论

5.2 现实启示

5.3 研究局限与未来研究方向

参考文献