financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2025-29-4-262-274finance-3855Research ArticleКОРПОРАТИВНЫЕ ФИНАНСЫCORPORATE FINANCEАнализ реакции рынка на информацию о слияниях и поглoщениях высокотехнологичных семейных компаний КитаяAnalysis of the Market Reaction to the Information on Mergers and Acquisitions of High-Tech Family-Owned Companies in Chinahttps://orcid.org/0000-0002-1161-7159РоговаЕ. М.RogovaE. M.

Елена Моисеевна Рогова —  доктор экономических наук, профессор Института «Высшая школа менеджмента»

Санкт-Петербург

Elena M. Rogova —  Dr. Sci. (Econ.), Prof., Graduate School of Management

Saint-Petersburg

e.rogova@gsom.spbu.ruСуходольскийК. А.SukhodolskiyK. A.

Кирилл Андреевич Суходольский —  студент магистратуры

Санкт-Петербург

Kirill A. Sukhodolskiy —  Master program student

Saint-Petersburg

kasukhodolsky@edu.hse.ruТрибушА. В.TribushA. V.

Александр Викторович Трибуш —  студент магистратуры

Санкт-Петербург

Aleksandr V. Tribush —  Master program student

Saint-Petersburg

avtribush@edu.hse.ruСанкт-Петербургский государственный университетРоссияSaint-Petersburg State UniversityRussian FederationНИУ ВШЭ — Санкт-ПетербургРоссияHSE University — Saint-PetersburgRussian Federation202531082025294262274Copyright © Рогова Е.М., Суходольский К.А., Трибуш А.В., 20252025Рогова Е.М., Суходольский К.А., Трибуш А.В.Rogova E.M., Sukhodolskiy K.A., Tribush A.V.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/3855

Слияния и поглощения (M&A) являются одной из наиболее распространенных стратегий развития бизнеса. Хотя в последние годы рынок слияний и поглощений характеризуется значительной турбулентностью, компании с семейной собственностью часто выступают как стратегические покупатели, особенно в высокотехнологичном секторе экономики. Это относится и к китайским семейным компаниям, которые характеризуются высокой активностью в сделках слияний и поглощений. Предметом исследования являются сделки слияний и поглощений в высокотехнологичном секторе, осуществленные китайскими семейными компаниями за период 2018–2022 гг. Цель исследования —  определить реакцию финансового рынка Китая на информацию о сделках слияний и поглощений, совершаемых публичными семейными компаниями в секторе высоких технологий. Исследование проведено методами событийного анализа и множественной регрессии на выборке из 259 китайских семейных компаний. Эмпирически установлено, что рынок положительно реагирует на информацию о сделках: 75% сделок в выборке генерируют положительную кумулятивную избыточную доходность, в целом на 1,7% превышающую нормальную доходность, рассчитываемую на основе рыночной модели. Ценность для акционеров возрастает с ростом доли семейной собственности в капитале приобретающей компании и снижается с уменьшением этой доли. Осуществление сделки, диверсифицирующей бизнес приобретающей компании, положительно связано с реакцией инвесторов. Управление же компанией генеральным директором, не являющимся членом семьи, воспринимается рынком отрицательно. На положительную реакцию рынка влияет независимость совета директоров компании, а большой размер совета директоров отрицательно связан с созданием ценности для акционеров. Также отрицательно связаны с реакцией рынка трансграничные сделки. Результаты исследования могут быть полезны менеджменту российских компаний и инвесторам в силу развивающихся экономических связей между российским и китайским бизнесом и возрастающим интересом российских инвесторов к китайскому рынку. Они представляют интерес и для исследователей слияний и поглощений на развивающихся рынках.

Mergers and acquisitions (M&A) are used by many companies as a strategy for business expansion. Despite the turbulence of this market in recent years, family-owned companies often act as strategic acquirers, especially in the high-tech sector of the economy. Chinese family-owned companies are active players in this market. The object of the study are mergers and acquisitions performed by Chinese family-owned companies in high-tech sector of the economy from 2018 to 2022. The purpose of the study is the reaction of the Chinese stock market to the announcements on mergers and acquisitions made by high-tech public family-owned companies. The study was conducted by event study and multiple regression analysis methods on a sample of 259 Chinese family companies that had announced mergers and acquisitions in the high-tech sector. It was revealed that the market reacts positively to information about such transactions: 75% of deals in the sample generate positive cumulative abnormal returns, 1.7% higher on average than the return calculated based on the market model. Shareholder value increases as the share of family ownership in the acquiring company increases and decreases as the share decreases. Market reaction is positive when a deal diversifies the core business portfolio. If a chief executive officer does not belong to the owner’s family, the deal is perceived negatively by the market. A positive market reaction is related to the independence of the acquirer’s board of directors, whereas the large size of the board of directors is negatively associated with cumulative abnormal returns. Cross-border deals are negatively related to the market reaction. The results of the study may be useful for the management of Russian companies considering internationalization and investors due to the growing economic ties between Russian and Chinese businesses. They are also of interest to researchers who study mergers and acquisitions in emerging markets.

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The authors declare that there are no conflicts of interest present.