跨国并购对东道国企业竞争力的影响研究——基于中国制造业企业数据的实证分析  

The Effects of Transnational Mergers and Acquisitions on the Competitiveness of Domestic Enterprises: an Empirical Analysis of the Chinese Manufacturing Sector

作　　者：叶生洪[1] 王开玉[2] 孙一平[3] 

机构地区：[1]暨南大学管理学院 [2]中南财经政法大学工商管理学院 [3]湖北经济学院工商管理学院

出　　处：《国际贸易问题》2016年第1期50-59,共10页Journal of International Trade

基　　金：广东省自然科学重点项目"广东服务业品牌国际化发展战略研究"(2014A030311022);暨南大学宁静致远领航项目"共创价值下的服务企业品牌化研究"(15Jnlh005)

摘　　要：本文首次将跨国并购视为单独变量,运用1999-2007年中国制造业企业数据,使用倍差法和分位数回归方法,实证检验了跨国并购对国内企业竞争力的直接和间接效应。研究结果表明:外资并购对企业竞争力的直接效应和短期间接效应并不显著,但存在正向且非常有限的长期间接效应;同时,外资并购对规模较小的企业的竞争力有显著的抑制效应,而对于规模较大的企业,外资并购会在短期内增强其竞争力,但同时存在长期的抑制效应。This paper considers transnational M＆As, for the first time among similar studies in the field, as a single variable. Using a longitudinal database on the Chinese manufacturing sector with data from 1999 to 2007, it presents evidence of the direct and indirect impact of transnational M＆As on the competitiveness of domestic companies via the difference-in-differences and quantile regression methods. The results show that transnational M＆As had little direct effect or short-term indirect effect on company competitiveness and a very limited long- term indirect effect. At the same time, transnational M＆As had a significant in- hibitory effect on the competitiveness nies, transnational M＆As made them less competitive in the long term.

关 键 词：跨国并购 企业竞争力 倍差法 分位数回归 

分 类 号：F270[经济管理—企业管理]