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Legal systems and gains from cross-border acquisitions

机译：法律制度和跨国收购的收益

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摘要

While cross-border-acquisitions (CBA) constitute a significant and expanding proportion of the total mergers and acquisitions transactions, their benefits and costs to the acquiring firm's shareholders are not fully understood. The documented evidence that a country's legal environment and level of investor protection affect firm's value suggests that these same factors should also impact on the profitability of CBA. The paper contributes to the literature by examining the implications of the legal tradition of the target's country of domicile on bidders' gains, using a sample of UK acquiring firms. The findings, which are controlled for several factors that are known to affect acquirers' gains, show that the difference in the legal tradition of the target's nation plays a significant role in influencing the gains from CBA of UK acquirers. They also show that during both the announcement period and in the long-run acquiring firms of targets based in civil-law countries outperform acquirers of targets based in common-law countries. In addition, acquiring a firm in markets tftat have higher restrictions on capital mobility, or stricter capital controls, can add more value to shareholders' wealth. Finally, the legal tradition of the target's nation interacts with several deal- and firm-specific factors in shaping the gains to acquiring firms.
机译：尽管跨境收购（CBA）在合并和收购交易总额中占很大的比例，并且在不断扩大，但对收购公司股东的利益和成本却没有完全了解。一个国家的法律环境和投资者保护水平会影响公司价值的书面证据表明，这些相同因素也应影响CBA的盈利能力。本文通过使用英国收购公司的样本来检验目标国的住所国法律传统对投标人收益的影响，为文献做出了贡献。调查结果受到已知影响收购方收益的几个因素的控制，表明该目标国的法律传统差异在影响英国收购方CBA收益方面起着重要作用。他们还表明，在公告期内和在大陆法系国家的目标的长期收购公司中，在业绩上都优于普通法国家的目标的收购方。此外，在市场上收购一家公司对资本流动性有更高的限制，或者更严格的资本控制，可以为股东的财富增加更多的价值。最后，目标国的法律传统与交易和公司特有的因素相互作用，共同塑造了收购公司的收益。

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