中国企业跨国并购的动因——基于制度分析的视角  

Determinants of Cross-border M&As by Chinese Firms——Based on the Institutional Perspective

作　　者：董莉军[1] 

机构地区：[1]华中师范大学经济与工商管理学院,湖北武汉430079

出　　处：《技术经济与管理研究》2015年第4期68-72,共5页Journal of Technical Economics & Management

基　　金：湖北省科技支撑计划软科学项目(2014BDF104);2014年华中师范大学中央高校基本科研业务费专项资金资助项目

摘　　要：过去几十年来,国际生产的增长主要是通过跨国并购的模式实现。不过以前的研究主要集中在运用行业和企业层面的因素来探讨FDI的进入模式。邓宁(2009)强调宏观经济变量可以解释FDI,并呼吁进行更多的研究,以提高我们对宏观经济变量影响重要性的认识。在前期研究的基础上,文章采用2006-2012年6534起中国企业并购交易作为样本,分析中国企业跨国并购交易的决定因素。借鉴诺思的制度理论框架,探讨中国和东道国的正式制度与非正式制度对中国企业发起跨国并购可能性的影响。文章研究的重点在于国家宏观经济和投资者保护状况对中国企业进行跨国并购交易的可能性的影响。通过单因素分析和logistic回归分析发现,中国宏观经济的发展和目标企业所处的商业环境越好,越会促进中国企业跨国并购的可能性。实证结果还显示中国对投资者保护强度越大,中国企业进行跨国并购的可能性更小。Most of the growth in international production over the past decades has been realized through cross-border mergers and acquisitions（CBMAs）. Yet prior studies examining the trajectory of cross-border MA activities as an entry mode of FDI have focused on industry and firm level factors. Dunning（2009） emphasized the importance of macroeconomic variables which may explain foreign direct investment and called for more research to improve our understanding on the effects of macroeconomic variables. Building on prior studies,this article analyzes the determinants of cross-border MAs by Chinese firms using a sample of 6534 Mergers and Acquisitions（MA）events during 2006-2012. This paper introduces a theoretical framework that draws on the work of Douglass North, and examines the effect of formal rules and informal constraints in the likelihood of going cross-border of Chinese firms. The study focuses on the effect of macroeconomic and investor protection conditions on the likelihood of the companies participating in a cross-border MA transaction. The results of univariate analysis and logistic regressions strongly support the idea that better macroeconomic in China and business friendly conditions in the countries where the target operates increase the likelihood of cross-border merger by Chinese firms. Results also show that higher levels of investor protection in China negatively affect the likelihood of a cross-border deal.

关 键 词：国内并购 跨国并购 资本流动 投资者保护 

分 类 号：F279.21[经济管理—企业管理]