一帶一路政策與中國海外併購

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。

關鍵字

一帶一路倡議；國家政策；海外併購

並列摘要

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.