中国企业本土并购双方的地理格局及其空间关联研究  

The Geographical Distribution and Evolution Mechanism of Domestic Merger and Acquisition in China

作　　者：吴加伟[1,2] 陈雯[1,2,3] 袁丰 魏也华[4] 杨柳青[1,2] Wu Jiawei;ChenWen;Yuan Feng;Wei Yehua;Yang Liuqing(Nanjing Institute of Geography and Limnology,Chinese Academy of Sciences,Nanjing210008,Jiangsu,China;Key Laboratory of Watershed Geography,Chinese Academy of Sciences,Nanjing210008,Jiangsu,China;College of Resources and Environment,University of Chinese Academy of Sciences,Beijing100049,China;Department of Geography and Institute of Public and International Affairs,University of Utah,Salt Lake City,Utah84112-9155,USA)

机构地区：[1]中国科学院南京地理与湖泊研究所,江苏南京210008 [2]中国科学院流域地理学重点实验室,江苏南京210008 [3]中国科学院大学资源与环境学院,北京100049 [4]犹他大学地理系及公共与国际事务研究院,美国盐湖城84112-9115

出　　处：《地理科学》2019年第9期1434-1445,共12页Scientia Geographica Sinica

基　　金：国家自然科学基金项目(41671133,41130750)资助~~

摘　　要：借鉴已有理论与实证研究成果,综合运用GIS空间分析与计量模型等方法,重点分析省区空间尺度上中国本土并购双方企业的地理格局,从企业地域'根植性'视角探讨并购双方区位选择与空间关联的影响因素。研究结果表明:①买方和标的企业在空间上呈现共同集聚特征,总体形成了与中国沿江沿海'T'形区域发展格局、'核心-边缘'城镇等级体系相似的地理格局;②并购双方企业主要集聚于经济发达区域,虽然2010年代以来中西部省区企业参与并购投资事件有所增长,但省区间差异逐渐固化,北京、长三角、珠三角等大都市地区更多以买方角色主导企业跨区域并购,而中西部及资源型区域企业则多以并购标的角色为主;③企业并购投资行为根植于地方经济社会和制度环境,买方和标的企业的区位选择机制较为相似,并购双方更偏好集聚于证劵和金融市场繁荣、区域创新系统完善、经济和产业基础雄厚的区域。With the context of globalization and industrial upgrading,cross-border and domestic mergers and acquisitions(M&As)play an important role in facilitating the shifting of production elements and decision-making power among different sectors and places.Therefore,M&As are viewed as an determinant force to promote resource allocation,enterprise upgrading,industrial transformation and regional development,and M&A and related issues have attracted considerable attention form scholars in economic geography.More recently,under the profound impacts of financial crisis on global economy,cross-border and domestic M&As have undergone an rapid growth around the world.Especially,M&A initiated by Chinese multinational and listed corporations enjoyed fast growth with the development of China economy.And Chinese corporations and their investment have played an increasingly role in the global economic recovery and regional sustainable development.Based on the existed theoretical frameworks and empirical methodologies,this article applies spatial analysis and measurement model,and focuses on the geographical distribution of domestic M&A and involving firms in regional China.Particular attention will be given to the spatial correlations between acquirer and target firms.What’s more,highlighting the importance of regional characteristics and local embeddedness,we try to uncover the driving forces and dynamics of the changing distribution of domestic M&As in regional China.There are some illuminating findings in this article.First,the spatial pattern of acquirer and target firms shows a characteristic of co-agglomeration,and the geographical distribution of involving firms is similar to the T-shaped pattern of regional development and core-periphery urban hierarchy system in recent China.Second,domestic M&As and involving firms tend to concentrate in more developed provinces and metropolitan areas,such as Beijing,the Pearl River Delta and the Yellow River Delta.Although domestic M&As in the central and western China has undergone an

关 键 词：企业并购投资 区位选择 区域发展 地域根植性 公司地理 

分 类 号：F279.2[经济管理—企业管理] F271[经济管理—国民经济]