国有制身份对中国企业海外竞购交易成败的影响研究  

The Effect of State-ownership Identity on The Bidding Results of Chinese Firms' Cross-Border M&A Deals

作　　者：朱华[1] 

机构地区：[1]东北财经大学萨里国际学院

出　　处：《世界经济研究》2017年第3期42-55,共14页World Economy Studies

基　　金："辽宁省高等学校杰出青年学者成长计划":<中国企业"安全高效"对外直接投资的影响因素及实现路径>(项目编号:WJQ2014039);国家自然科学基金:<进入壁垒与投资风险的识别及对逆向投资的影响机理>(项目编号:71373037);教育部人文社会科学重点研究基地重大项目:<我国战略性新兴产业全球网络布局及其投资策略研究>(项目编号:13JJD790002)

摘　　要：文章旨在探索中国企业跨国竞购受挫的原因,特别是国有制身份是否起到阻碍作用及其在企业规模、投资国别和行业等因素的调节下对竞购结果的影响。通过对2005~2014年439例中国企业大额跨国并购案例的实证检验,文章发现虽然东道国的法律和经济制度、并购交易金额和时机等因素对竞购成功几率有显著影响,但总体而言,国有制性质因素的阻碍作用并不显著,且在企业规模足够大的情况下,更有利于并购交易的达成。在发达国家以及敏感行业等特定并购情境下,国有制身份的确是降低成功几率的劣势因素,但在发展中国家则会增加成功几率。研究所得启示在于,国有企业海外竞购失败不能完全归因于所有制性质带来的歧视因素,仅凭借资金优势进行海外扩张必定遭遇坎坷,国有企业在"走出去"实践中应注重软实力的构建,通过"同构"东道国制度环境以克服外来者劣势。The paper is designed to probe the reasons behind the failures of Chinese firms' cross-border M&A in pre-acquisition stage,especially whether state-ownership identity is one of the hindering factors,and the moderate effects of factors like firm size,host country and industry on the results of the M&A cases. The paper applies 439 cases of large-scale cross-border M&A of Chinese firms. The results reveal that although economic and legal institutions along with the scale and timing of the deal can significantly affect the odds of the bidding results,there is not enough evidence showing the adverse effects of state-ownership in general. Moreover,state-owned identity is truly a tab that will decrease the odds of success under specific situation in developed countries and sensitive industries like technology and natural resources,but increase the likelihood of success in developing countries. The implication of the paper is that it is unfair to attribute the prejudice aroused by state-ownership identity in times of failure. For stateowned firms that engage in ' going global',it is not wise to depend only on capital. The core is to build up the capability of learning how to adapt to the local environment via isomorphism for the purpose of overcoming the liability of foreignness.

关 键 词：海外并购 前并购阶段 国有制身份 外来者劣势 所有权优势 

分 类 号：F276.1[经济管理—企业管理] F271[经济管理—国民经济]