Based on 94 cross_border M&As completed by Chinese listed enterprises during 2006-2012 ,this study investigates the impact of cross_border M&As on Chinese bidders ’ wealth effects with the method of Event Study. The results indicate that Chinese bidders achieve significant wealth gains during the period of merger announcements. The effects of host country macroeconomic variables on bidders’ wealth is also ex-amined in some detail and the findings show that GDP exerts a significant positive influence on bidders ’ wealth effects while CPI tends to have a significant negative impact. It is also found that the exchange rate doesn’t have significant correlation with the bidders’ wealth effects. The current research implies that in order to create more wealth for shareholders ,Chinese listed enterprises should choose countries where GDP is high and CPI is low in conducting cross_border M&As.%以2006－2012年94起中国上市公司跨国并购事件为样本，运用事件研究法对跨国并购中主并企业的股东财富效应进行的研究结果显示：跨国并购确实能为我国主并企业股东带来显著的正财富效应。而对东道国宏观经济因素对跨国并购财富效应的影响研究发现，GDP与股东财富效应显著正相关，CPI与股东财富效应显著负相关，而汇率与财富效应之间没有显著关系。因此，企业在跨国并购时，应考虑选择GDP高、CPI低的国家，以便于为股东创造财富。
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