企业特定优势、国际化动因与海外并购的股权选择——国有股权的调节作用  

Firm-specific Advantages,Internationalization Motivations,and Equity Choices in Overseas Acquisitions:Moderating Effects of State-owned Equity

作　　者：吴先明[1] 

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《经济管理》2017年第12期41-57,共17页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金重点项目"创造性资产寻求型跨国并购的主要影响因素和运作推进机制研究"(12AZD034);中央高校科研业务费专项基金武汉大学自主科研项目(人文社会科学)"跨国企业研究中心建设"(413000081);教育部哲学社会科学研究重大课题攻关项目"战略性新兴产业国际化发展战略研究"(14JZD017)

摘　　要：中国企业的海外并购如何进行股权决策?现有的文献对这一重要问题还缺乏足够的研究。本文从探索/利用的视角,从企业特定优势和国际化动因两个方面探索中国企业海外并购的股权决策机制,同时考察了国有股权的调节效应。本文选取2002—2013年中国上市公司的165个海外并购事件进行实证检验,结果发现,以利用企业既有优势为特征的海外并购倾向于持有更高的股权比例,而以获取目标企业互补性资产来弥补自身劣势为特征的海外并购倾向于采取分享股权的方式。国有股权对企业上述的股权偏好表现出方向一致的调节作用,但涉及到获取东道国的重要自然资源和创新资源时,其调节效应并不明显。What equity choices should be made by Chinese firms in overseas acquisitions？ Existing literature does not offer enough research on this question. From the perspective of exploration-exploitation, this study has ex- plored the internal mechanism of equity choices in overseas acquisitions by Chinese firms, from the angles of firm- specific advantages and internationalization motivations, and investigated the moderating effects of state-owned equi- ty. We selected 165 overseas acquisitions by publicly listed Chinese companies from 2002 to 2013, and discovered that acquisitions focusing on exploiting the acquirers＇ existing competitive advantages tend to involve higher equity ratio by the acquirers, and acquisitions tend to result in shared equities, when their purpose is to obtain the target firms＇ assets that supplement the acquirers＇ competitive disadvantages. State-owned equities display moderating effects in the same direction for the aforementioned equity preferences. However, these effects are insignificant in ac- quisitions involving important natural resources and innovative resources from the host countries. The findings in this paper have implications for theory. The paper takes the overseas M＆A by rising Chinese firms as its subject,and explores the equity tendencies in overseas M＆A made by aequirers who only possess local competitive advantages. This is a significant expansion on present research, which is generally focused on overseas acquisitions by firms from developed countries, where the central principle in equity choices is to protect the acquirer＇s exclusive technologies and brands from the harm of opportunistic behaviors by its partner. This logic is not very suitable for explaining the acquisitions made by Chinese firms, who in addition to exploiting their local competi- tive advantages, must also obtain complementary assets from the acquired firm and the host country in order to strengthen their competitive edge. We have discovered that when their overseas acquisitions are char

关 键 词：海外并购 股权选择 企业特定优势 国际化动因 国有股权 

分 类 号：F425[经济管理—产业经济]