我国上市公司跨区域并购复杂网络研究  

Study on Complex Network of Cross- region Mergers and Acquisitions among Chinese Listed Companies

作　　者：黄玮强[1] 高振明[1] 庄新田[1] 

机构地区：[1]东北大学,沈阳110169

出　　处：《工业技术经济》2015年第6期128-136,共9页Journal of Industrial Technological Economics

基　　金：国家自然科学基金资助项目(项目编号:71371044)

摘　　要：跨区域并购活动在一定程度上反映了产业的重组及转移规律。以1999～2014年我国上市公司跨区域并购事件为样本，通过建立跨区域并购复杂网络，实证分析网络的拓扑结构特征，挖掘网络背后所蕴含的区域资源转移及产业重组规律。研究发现：并购网络具有小世界性；网络节点的度数及点强度分布具有显著的幂律分布特征；并购关系呈现出明显的经济水平等级特征；经济发展水平较高的省市具有较大的中间中心度和接近中心度，它们在网络的资源转移及产业重组中，承担较重要的中介作用但其独立性较弱；各省市在网络中呈现明显的“中心——边缘”结构。最后从跨区域并购、相关产业政策及法律法规的制定方面，提出了相关的政策建议。The cross - region mergers and acquisitions （CRMA）, in a manner, reflect the rules of industrial restructuring and transferring. Sampled by cross- regional mergers and acquisitions of Chinese listed companies from 1999 to 2014, this paper constructs the complex network of CRMA and analyzes network topology structures, which aims to investigate the inclusive rules of regional resources transferring and industrial restructuring and transferring. The empirical results demonstrate that the CRMA network is small world. The node degree and node strength degree distributions obey significant power- law rules. The CRMA relationships have characteristics of econ- omy hierarchy. The provinces of higher economy level have larger betweenness centrality and closeness centrality. These provinces play important intennediation roles in the network resource transferring and industrial recoustructing, but there independenees are relatively weak. The provinces demonstrate significant ＂core- fringe＂ structure in the network. At last, some policy suggestions are proposed.

关 键 词：跨区域并购 复杂网络 拓扑结构 产业重组与转移 

分 类 号：F062.9[经济管理—政治经济学]