近年來對外併購已是中國企業快速成長的方法之一，尤其是新興產業不僅是中國為未來發展的重點對象，同時也是全球產業發展的重要項目。本研究以石化、製造、太陽能及生技之中國在美上市企業為例，將其區分為傳統及新興產業，並藉此研究併購活動是否對於不同產業類別造成不同影響。研究期間自2006至2015年，以資產報酬率(ROA)為企業經營表現的指標，股東權益報酬率(ROE)、每股盈餘(EPS)、毛利率(Gross profit)、廠商年齡、美國高等教育程度、中國對美綠地投資金額、中國在美併購數、美國工業生產指數及中國出口值為影響的外生變數。並使用BP-LM Test及Hausman Test篩選適合的實證模型。
實驗結果顯示如股東權益報酬率等財務指標對於企業經營都存在顯著正向關係。而美國高等教育程度及美國工業生產指數對於中國在美上市企業都有顯著的正面影響，這可能因為美國的高值人力與高度工業化生產體系可為併購美資企業後的中資企業帶來更強的生產及研發能力，間接強化中國企業的競爭力。但綠地投資的方式對於中國企業經營卻有顯著負面影響，而且對於新興產業的影響較傳統產業明顯，其原因可能因為傳統及新興產業的特質不同，新興產業背負更多風險進行研發，並面對不成功便成仁的處境，因此併購的投資方式較可以直接獲得關鍵技術，幫助企業成長，但綠地投資可能沒有立即的效益，容易造成企業的短期損失。

During the last few years, M&A activity became important for Chinese firms. Especially emerging industries is not only very important to China in the future, but also throughout the world. This study takes Chinese firms in the Petrochemical, High-Tech Manufacturing, Energy, Solar, and Bio-Tech industries as an example, and separates them into traditional and emerging industries in order to investigate whether there have been any different impacts on these two categories. The data cover the period from 2006 to 2015, and ROA is taken as the variable evaluating companies’ performance, with ROE, EPS, Gross profit, Firms age, the Tertiary education level of the U.S., China’s Greenfield investment in the U.S., the Number of Chinese company M&A activities in the U.S., the Industrial Production Index for the U.S., and the value of China’s exports as the independent variables.
The results show that all the financial factors like ROE exhibit a positive relationship with firms’ performance, while the Tertiary education level of the U.S. and Industrial investment in the U.S. are also seen to have a significant positive relationship with the Chinese IPOs firms in the U.S. It may because the high quality of employees and intensive industrialization can reinforce the productivity and R&D ability of Chinese firms, and make themselves more competitive. But Greenfield investment has a significant negative impact on Chinese firms. The impact on emerging industries is greater than on traditional industries. It may cause by the different characteristics of emerging industries and traditional industries. Emerging firms need to bear more risk than traditional industries when they are engaging in Greenfield investment, but M&A activities can help them more in the short term because they can get critical license or technology immediately to help Chinese firms growing.

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