隨著全球化進程的演進，跨國合併與收購（“並購）活動日益頻繁。該經濟現象引發了學術界和業界的普遍關注。然而，關於跨國並購活動的動機及其所面臨的挑戰方面的研究尚十分有限。 / 本論文包含了兩篇關於跨國並購的實證研究。第一部份分析了不同國家在會計體系上的差異對跨國並購的影響。第二部份則研究不同國家國民之間的信任程度，對跨國並購的影響。 / 在第一部份，本人對一九九零至二零零九年間來自三十七個國家的公司之間的跨國並購進行了實證分析。本人重點考察了不同國家在會計體系上差異的兩個方面。第一種差異是各個國家總體的會計信息質量的差異。另一種則是各國使用的本國會計準則的差異。分析表明，當收購方所在國的會計信息質量，較被收購方所在國的會計信息質量高的時候（即較大的會計信息質量差異），發生在兩國之間的跨國並購數目較小。類似的，跨國並購數目與兩國的會計準則差異程度也呈負相關關係。利用二零零五年眾多國家強制採用統一的國際財務報告準則這一事件，本人發現跨國並購在採用國際財務報告準側的國家之間的分佈，與會計差異的關聯程度下降。進一步分析表明，上述觀察到的關係無法被其他可能的因素解釋。 / 對個別並購業務層面的分析表明，當跨國並購發生在兩個會計信息質量差異較大的國家之間時，收購方在並購公告日的股票超额收益率較低。此外，本人還發現國家間較大的會計質量差異與較小的並購協調效應相關。總而言之，上述證據為以下假說提供了支持，即較大的國家間會計質量差異增加了信息成本，降低了跨國並購活動的效益。分析結果也提供了一定的證據，表明國家間會計準則的差異性降低了跨國兼併與收購的效益。 / 在第二部份，本人利用跨國並購這個環境，考察了不同國家國民之間的互相信任程度對其跨國經濟活動的影響。本人採用了對十九個發達國家之間互相信任程度的度量。研究發現，跨國兼併與收購的數量與收購方國家對被收購方國家的信任程度呈正相關關係。當被收購方國家的法律制度較差或信息環境較不透明的時候，此種效應更加顯著。本人還發現收購方對於來自高信任度國家的收購目標，會支付較高的收購溢價。這些證據表明，信任程度在跨國並購活動中扮演著重要的角色。 / Cross-border mergers and acquisitions (M&A) are becoming more and more popular with the progress of globalization. This economic phenomenon triggers interest both in academia and industry. However, research on the motivations and challenges faced by cross-border M&A is still limited. / This thesis contains two empirical studies on cross-border M&As. Part I analyzes the influence of differences in accounting regimes across countries on cross-border M&A activity. Part II investigates the role of bilateral trust between countries on cross-border M&A activity. / Specifically, in the first part, I perform analyses using a comprehensive sample of cross-border M&As among companies from 37 countries in 1990-2009. I focus on two key differences in accounting regimes across countries. One is the difference in overall accounting information quality. The other is the difference in local accounting standards. I find that the volume of cross-border M&A transactions is smaller when the acquirer country has higher accounting quality than the target country (i.e., large accounting quality difference). Similarly, I also find that the volume of cross-border M&A transactions is negatively associated with difference in accounting standards. Using the event of mandatory adoption of International Financial Reporting Standards (IFRS) in 2005, I find that the distribution of cross-border M&A volume across IFRS-adoption countries becomes less sensitive to accounting difference. Further analyses suggest that the observed relation is robust to model specifications incorporating other alternative explanations. / Deal level analysis further suggests that cross-border M&As between countries with larger accounting quality differences have lower acquirer announcement returns. Also, I find some evidence that large accounting quality distance is related to smaller synergy of cross-border M&As. Taken together, the evidence provides strong support to the hypothesis that large accounting quality difference incurs large information costs and thus harms the profitability of cross-border M&As. The results also provide some support for the negative effect of discrepancy in local accounting standards on the profitability of cross-border M&As. / In the second part, I examine the role of bilateral trust in economic activities utilizing the setting of cross-border M&As. Employing a novel measure of bilateral trust between 19 developed countries, I find that the volume of cross-border mergers and acquisitions are positively associated with the level of trust from the acquirer country to the target country. This effect is more pronounced when the target country has a poorer legal institution or a less transparent information environment. I also find that the acquirers pay higher premiums when they acquire firms from highly-trusted countries. The evidence suggests that the level of trust plays an important role in cross-border mergers. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Zou, Huan. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2012. / Includes bibliographical references (leaves 107-109). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese. / Chapter PART I. --- The Role of Accounting Difference in Cross-Border Mergers and Acquisitions / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- Literature and Hypothesis --- p.9 / Chapter 2.1 --- Literature on cross-border M&As --- p.9 / Chapter 2.2 --- Literature on the role of accounting information in investments --- p.11 / Chapter 2.3 --- Hypothesis development --- p.13 / Chapter Chapter 3 --- Data and Sample --- p.19 / Chapter 3.1 --- Sample construction --- p.19 / Chapter 3.2 --- Measuring accounting difference --- p.20 / Chapter Chapter 4 --- Accounting Difference and Cross-border Merger Volume --- p.23 / Chapter 4.1 --- Model specification --- p.23 / Chapter 4.2 --- Empirical results --- p.26 / Chapter 4.3 --- Additional analyses --- p.30 / Chapter Chapter 5 --- Accounting Difference and Merger Gains --- p.41 / Chapter 5.1 --- Accounting difference and acquirer announcement returns --- p.41 / Chapter 5.2 --- Accounting difference and synergy gains of cross-border mergers --- p.45 / Chapter Chapter 6 --- Conclusion --- p.47 / References --- p.49 / Chapter Appendix I: --- Variable Definitions --- p.54 / Chapter PART II. --- Does Trust Matter in Economic Exchanges? Evidence from Cross-border Mergers / Chapter Chapter 7 --- Introduction --- p.79 / Chapter Chapter 8 --- Literature and Hypothesis --- p.83 / Chapter 8.1 --- Literature review --- p.83 / Chapter 8.2 --- Hypothesis development --- p.85 / Chapter Chapter 9 --- Data and Sample --- p.87 / Chapter 9.1 --- Sample construction --- p.87 / Chapter 9.2 --- Measuring bilateral trust --- p.87 / Chapter 9.3 --- Other factors in the market of cross-border M&As --- p.89 / Chapter 9.4 --- Sample description --- p.90 / Chapter Chapter 10 --- Bilateral Trust and Cross-border M&A Flows --- p.92 / Chapter 10.1 --- Empirical model --- p.92 / Chapter 10.2 --- Empirical results --- p.93 / Chapter 10.3 --- Additional analyses: controlling for the effect of culture distance --- p.95 / Chapter 10.4 --- Robustness checks --- p.96 / Chapter 10.5 --- The role of trust in different legal environments --- p.98 / Chapter 10.6 --- The role of trust in different information environments --- p.99 / Chapter Chapter 11 --- Bilateral Trust and Cross-border M&A Premium --- p.102 / Chapter Chapter 12 --- Conclusion --- p.104 / References --- p.106 / Chapter Appendix II-A: --- Bilateral trust --- p.109 / Chapter Appendix II-B: --- Variable Definitions --- p.110
| Identifer | oai:union.ndltd.org:cuhk.edu.hk/oai:cuhk-dr:cuhk_328049 |
| Date | January 2012 |
| Contributors | Zou, Huan, Chinese University of Hong Kong Graduate School. Division of Business Administration. |
| Source Sets | The Chinese University of Hong Kong |
| Language | English, Chinese |
| Detected Language | English |
| Type | Text, bibliography |
| Format | electronic resource, electronic resource, remote, 1 online resource (vi, 131 leaves) |
| Rights | Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/) |
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