跨境并购和经济发展 ——以新兴的亚洲国家为例外文翻译资料

 2023-01-06 11:37:19

跨境并购和经济发展

——以新兴的亚洲国家为例

摘要：本文探讨了跨国并购和亚洲新兴经济体金融发展之间的关系。采用数据与样本选择模型和面板数据模型分析九个亚洲新兴经济体2000年——2009年间的双变跨国并购数据。结果表明，虽然银行业在促进跨国并购中起到了至关重要的作用，但是股票市场的作用也逐渐增加，原因是除现金以外，普通股和股票交易已经变成并购中较流行的支付方式。由于市场相对薄弱，主要企业债券市场在支持跨国并购中的作用还是有限的，这与初级公共债券市场相反。然而，在二级市场上，公司债券市场较有效的促进跨国并购的进行。结果同样表明当目标公司所在地位于发展中国家时，股票和债券市场对于促进本国金融市场的繁荣起到了更加重要的作用。研究表明，除金融发展之外，投资于较廉价劳动力技术型及资源型产业对大多企业数跨国并购的吸引力较小。

This paper examines the relationship between cross-border mergers and acquisi-

tions (Mamp;A) and financial development in emerging Asian economies. Bilateral

cross-border Mamp;A data for nine emerging Asian economies covering 2000–2009

are analyzed with a sample selection model and a panel data model. The estimation

results show that although the banking sector still plays a crucial role in facilitating

cross-border Mamp;A, the role of equity markets has increased in importance because,

in addition to cash, the issuance of common stock and the exchange of stocks have

become popular forms of payment for Mamp;A deals. Because of the relatively thin

market, the primary corporate bond market plays a limited role in supporting

cross-border Mamp;A, which is in contrast to the primary public bond market.

However, for the secondary market, the corporate bond market is more effective in

facilitating cross-border Mamp;A. The results also show that financial development in

terms of stock and bond markets in their home countries tends to become more

important when the target firms reside in more developed countries. In addition to

financial development, the paper shows that most cross-border Mamp;A are invested

in technology-related and resource-based industries while cheap labor industries

are relatively less attractive.

This paper examines the relationship between cross-border mergers and acquisi-

tions (Mamp;A) and financial development in emerging Asian economies. Bilateral

cross-border Mamp;A data for nine emerging Asian economies covering 2000–2009

are analyzed with a sample selection model and a panel data model. The estimation

results show that although the banking sector still plays a crucial role in facilitating

cross-border Mamp;A, the role of equity markets has increased in importance because,

in addition to cash, the issuance of common stock and the exchange of stocks have

become popular forms of payment for Mamp;A deals. Because of the relatively thin

market, the primary corporate bond market plays a limited role in supporting

cross-border Mamp;A, which is in contrast to the primary public bond market.

However, for the secondary market, the corporate bond market is more effective in

facilitating cross-border Mamp;A. The results also show that financial development in

terms of stock and bond markets in their home countries tends to become more

important when the target firms reside in more developed countries. In addition to

financial development, the paper shows that most cross-border Mamp;A are invested

in technology-related and resource-based industries while cheap labor industries

are relatively less attractive.

This paper examines the relationship between cross-border mergers and acquisi-

tions (Mamp;A) and financial development in emerging Asian economies. Bilateral

cross-border Mamp;A data for nine emerging Asian economies covering 2000–2009

are analyzed with a sample selection model and a panel data model. The estimation

results show that although the banking sector still plays a crucial role in facilitating

cross-border Mamp;A, the role of equity markets has increased in importance because,

in addition to cash, the issuance of common stock and the exchange of stocks have

become popular forms of payment for Mamp;A deals. Because of the relatively thin

market, the primary corporate bond market plays a limited role in supporting

cross-border Mamp;A, which is in contrast to the primary public bond market.

However, for the secondary market, the corporate bond market is more effective in

facilitating cross-border Mamp;A. The results also show that financial development in

terms of stock and bond markets in their home countries tends to become more

important when the target firms reside in more developed countries. In addition to

financial development, the paper shows that most cross-border Mamp;A are invested

in technology-related and resource-based industries while cheap labor industries

are relatively less attractive.

This paper examines the relationship between cross-border mergers and acquisi-

tions (Mamp;A) and financial development in emerging Asian economies. Bilateral

cross-border Mamp;A data for nine emerging Asian economies covering 2000–2009

are analyzed with a sample selection model and a panel data model. The estimation

results show that although the banking sector still plays a crucial role in facilitating

cross-border Mamp;A, the role of equity markets has increased in importance because,

in addition to cash, the issuance of common stock and the exchange of stocks have

become popular forms of payment for Mamp;A deals. Because of the relatively thin

market, the primary corporate bond market plays a limited role in supporting

cross-border Mamp;A, which is in contrast to the primary public bond market.

However, for the secondary market, the corporate bond market is more effective in

facilitating cross-border Mamp;A. The results also show that financial development in

terms of stock and bond markets in their home countries tends to become more

important when the target firms reside in more developed countries. In addition to

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