中国企业海外并购溢价的影响因素

Based on the samples of Chinese enterprises’ overseas M＆A transactions from 2001 to 2018, this paper studied the factors that could affect the premium of Chinese firms’ overseas M＆A based on acquirer ownership as a focal point from the corporate level, industry level and country level.  Our results show that state-owned firms pay higher premiums than that of private-owned firms.  When Chinese enterprises merge and acquire companies in sensitive industries, they also pay higher premiums.  The more cultural distances between Chinese companies and their target countries, the higher the premiums they pay.  And if target firms are from developed economies, they will pay more.  Meanwhile, the acquirer ownership has moderating effect on other influence factors.  We also find that the mentioned influences are more respected on the year of 2012 and post－2012, but “the Belt and Ｒoad” helps reduce Chinese enterprises’overseas M＆A premiums.