“一带一路”背景下企业所有制身份对海外并购的影响  

作　　者：李亚波 

机构地区：[1]云南财经大学经济学院

出　　处：《企业经济》2018年第11期13-22,共10页Enterprise Economy

基　　金：教育部人文社会科学研究项目“‘一带一路’背景下中国国有企业海外并购安全与效益研究”(项目编号:18YJC790091);中国博士后基金面上项目“美国逆全球化视域下全球生产网络重构与中国对策研究”(项目编号:2017M621326)。

摘　　要："一带一路"背景下,中国企业海外并购的结构、规模及分布发生了一系列重大变化。本文利用2001-2017年中国企业海外并购数据构建Logit模型,研究了"一带一路"背景下企业所有制身份对海外并购成功率的影响。结果显示:受到东道国严格的安全审查及对国有资本的歧视,中国国有企业海外并购成功率显著低于私营企业。然而,随着"一带一路"倡议的全面推进,东道国对国有企业海外并购的"歧视效应"有所缓解,所有制优势、投资转移以及国有企业改革是促成这一转变的主要因素。文章建议:国有企业应该在"一带一路"建设过程中发挥"先锋"作用,进一步深化混合所有制改革,尝试多元化的走出去形式。此外,安全保障体系和创新型跨境融资方式,将为中国企业海外并购保驾护航。Under the background of the Belt and Road initiative,a series of important changes have taken place in scale,distribution and structure of Chinese enterprises’overseas M&A.Based on the data of China's overseas M&A from 2001 to 2017,we construct Logit model to study the influence of enterprise ownership on the success rate of overseas M&A under the background of the Belt and Road initiative.The results show that:due to strict safety review and discrimination against state-owned capital in the host country,the success rate of Chinese state-owned enterprises’overseas M&A is significantly lower than that of private enterprises.However,with the overall advancement of the Belt and Road initiative,the host country’s discriminative effect on overseas M&A of state-owned enterprises has been eased.Ownership advantages,investment transfer and reform of state-owned enterprises are the main factors contributing to this shift.We suggest that state-owned enterprises should play a"pioneer"role in the"Belt and Road"construction process by deepening the reform of mixed ownership and diversified forms of going global.In addition,the security system and innovative cross-border financing methods will escort Chinese companies'overseas M&A.

关 键 词：企业所有制 海外并购成败 “一带一路”倡议 国有企业 

分 类 号：F742[经济管理—国际贸易]