项目名称: 投资者保护、机构投资者与跨国并购绩效
项目编号: No.71302183
项目类型: 青年科学基金项目
立项/批准年度: 2014
项目学科: 管理科学
项目作者: 周静
作者单位: 西南财经大学
项目金额: 17万元
中文摘要: 本课题应用"法与金融"理论的基本思路和方法,从跨学科的研究视角展开对中国企业跨国并购的理论和实证研究。首先,通过构建理论模型,探寻法律投资者保护、机构投资者和跨国并购绩效之间的一般经济联系,并将推导出来的理论关系作为实证分析部分的关键研究假设;其次,从法律条款和法律执行效率两个方面构建全球主要国家投资者保护水平评价指数,并作为实证部分的关键研究变量;最后,以历年来中国企业跨国并购的实践数据为样本,运用系统GMM估计方法,在克服内生性的前提下,实证检验法律投资者保护水平、机构投资者对跨国并购成败、并购短期收益及长期整合收益的影响。 本课题通过系统总结中国企业跨国并购成败的关键因素,为后来者的跨国并购实践提供学习和借鉴思路;同时也为政策制定者改善相关政策法规、建立健全公司治理机制提供相应理论依据,有助于构建中国本土化的"法与金融"理论体系,并为世界"法与金融"研究提供有关中国本土化的经验支持。
中文关键词: 法与金融;投资者保护;机构投资者;跨国并购;中国
英文摘要: The research project conducts a comprehensive theoretical and empirical study of cross-border acquisitions by Chinese business firms from the presepective of Law of Finance. It first develops a mathematical model for examinging the relationship among investor protection, institutional shareholders, and performance of cross-border acquisitions. The propositions derived from the theoretical model are formulated as main hypotheses to be tested in empirical phase of this project. Following that, the project constructs an index measuring the level of investor protection in major countries with respect to law on-paper and law enforcement, which is a proxy for investor protection in empirical test. Lastly, by using a sample of cross-border acquisitons by Chinese firms, the project empirically investigates the impacts of investor protection and institutional shareholders on the success and performance of cross-border acquisitions, controlling for endogeniety by adopting system GMM model. The underlying project aims to provide valuable experience for other Chinese firms striving on the way of cross-border acquisitions. It is also benefical for the government to formulate and improve the relevant legal institutions pertaining to investor protection, thereby building up a theoretical system of Law and Finance in Chin
英文关键词: Law and Finance;investor protection;institutional shareholders;cross-border acquisitions;China