企业异质性与跨国并购——基于我国制造业微观数据的检验  

Firm Heterogeneity and Cross–border M&A: An Examination Based on Chinese Manufacturing Micro Data

作　　者：俞萍萍[1] 赵永亮[1] 

机构地区：[1]盐城工学院经济学院,江苏盐城224051

出　　处：《国际商务（对外经济贸易大学学报）》2015年第6期136-145,共10页INTERNATIONAL BUSINESS

基　　金：国家社会科学基金项目"中国分行业人民币汇率指数构建研究"(15BJY175)

摘　　要：本文基于汤姆森全球并购数据库、《境外投资企业(机构)名录》《中国工业企业数据库》构建全新的企业数据库,从微观层面考察了影响我国制造业企业海外并购的因素。研究发现:生产率与跨国并购显著负相关,且二者还具有非线性的正U型关系,国有、外商投资的所有权性质会提高企业跨国并购的倾向,规模越大、资本密度越高、负债率越低的企业进行海外并购的概率越高。在不同发展水平的东道国、不同要素密集度、不同研究期间的情形下,只有国有的所有权属性对跨国并购均有显著且为正的影响。Based on the new firm- level dataset constructed by combining the database of Thomson one, the directory of outward investment firms （institu- tions） and the industrial firms database of China, this paper investigates the fac- tors influencing the overseas M＆As of China＇ s manufacturing companies from the micro level. The study finds that productivity exerts negative effects on cross -border M＆A and there is a positive U- shaped relationship between them. The state- ownership and foreign- ownership will increase the preference of over- seas M＆A. Firms of larger size, higher capital density and lower leverage have larger possibilities to be involved in M＆A. Only under the ownership of state- owned, there are significant and positive influences in various situations, such as dif- ferent develooing levels, different factor intensities and different research periods.

关 键 词：跨国并购 制造业企业 异质性 

分 类 号：F425[经济管理—产业经济] F271