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首页> 外文期刊>Journal of Economics and Finance >Macroeconomic factors and firm's cross-border merger and acquisitions
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Macroeconomic factors and firm's cross-border merger and acquisitions

机译：宏观经济因素与企业的跨国并购

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摘要

This study investigates the impact of macroeconomic variables on the wealth effects of cross-border acquisitions by Malaysian multinational companies. The sample consists of 159 cross-border acquisitions by Malaysian MNCs bidding in 22 countries around the world from 2000 to 2007. The macroeconomic variables examined in this study are foreign economic condition, GNP correlation between countries, and level of economic development of target country. The findings indicate that, foreign economic condition affects the wealth effect negatively, while the level of economic development of target country affects the wealth effect positively. Aside from the macroeconomic variables, we also find that English or non-English language, government's rules index and the telecommunication infrastructure all play certain roles in the Malaysian cross-border acquisitions. Implied from this study is that, value creation of the Malaysian cross-border acquisitions is a function of the foreign economic condition and the level of economic development of the target foreign country.
机译：这项研究调查了宏观经济变量对马来西亚跨国公司跨国收购的财富影响的影响。该样本包括2000年至2007年马来西亚跨国公司在全球22个国家中进行的159笔跨国收购。本研究考察的宏观经济变量是外国经济状况，国家之间的国民生产总值相关性以及目标国家的经济发展水平。研究结果表明，外国经济状况对财富效应产生负面影响，而目标国家的经济发展水平对财富效应产生正面影响。除了宏观经济变量之外，我们还发现英语或非英语语言，政府法规指数和电信基础设施在马来西亚跨国收购中均发挥了某些作用。该研究表明，马来西亚跨国并购的价值创造是外国经济状况和目标外国经济发展水平的函数。

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