制度风险与跨国并购成败:大国外交和经济“软实力”的调节作用  

Institutional Risks and Success of Chinese Cross-border Acquisitions: Moderating Role of Diplomatic relations and Economic "Soft Power"

作　　者：陈岩[1] 郭文博[1] 

机构地区：[1]北京邮电大学经济管理学院

出　　处：《世界经济研究》2018年第5期51-64,共14页World Economy Studies

基　　金：国家自然科学基金项目"企业异质性;企业生存与风险调节:基于中国海外企业的研究"(项目编号:71573023);国家自然科学基金项目"时间挤压不经济效应视角下的企业国际化与绩效关系:理论构建与实证研究"(项目编号:71273035);北京市社会科学基金青年项目"北京企业双向投资;创新能力积累与生存时间研究"(项目编号:16YJC055);北京邮电大学青年科研创新计划专项"中国企业对外直接投资的就业极化效应研究"(项目编号:2017RC46)

摘　　要：文章基于421起中国企业跨国并购,运用Logit模型实证分析了东道国制度风险对跨国并购成败的影响,重点研究了中国外交和经济"软实力"对制度风险与并购交易成败关系的作用机制,并讨论了对不同所有制性质企业的影响差异。结果发现,东道国制度风险与跨国并购交易的成功率具有显著的负相关关系,而良好的双边外交关系可显著弱化制度风险的消极影响,国有企业和非国有企业均可受益于母国的政治影响力,但国有企业受益更多;虽然国有企业能够在政治稳定性较差的国家,凭借母国对东道国的经济威慑提高交易成功率,然而对其他制度风险因素并没有形成有效规制,母国的经济"软实力"未能成为提高跨国并购成功率的有效手段。Based on a sample of 421 Chinese cross-border mergers and acquisitions,we use logit model to analyze the influence of institutional risks on the success of Chinese Cross-border Acquisitions.we focused on the diplomatic relations and economic"soft power"mediation role,and analyzed the difference in the influence degree on different enterprises.Our empirical results show that there is a significant negative correlation between the institutional risks of host country and the success of cross-border M&A,and better diplomatic relations can significantly weaken the negative impact of institutional risks.Both state-owned enterprises and non-state owned enterprises can benefit from the political influence of home country,but the state-owned enterprises benefit more.Although in the poor and politically stable countries,state-owned enterprises can depend on the host country's economic deterrence to improve the success rate,but can not form an effective regulation to other institutional risks.The home country's economic"soft power"can not be an effective means to improve the success rate of cross-border mergers and acquisitions.

关 键 词：制度风险 跨国并购 外交关系 经济威慑 企业所有制 

分 类 号：F125[经济管理—世界经济] F271F279.2