中国制造业企业跨国并购能改善微观绩效吗——基于企业异质性和东道国特征的实证检验  

Can cross-border M&A improve micro performance? Empirical analysis based on firm heterogeneity and characteristics of host countries

作　　者：丁一兵[1] 刘紫薇 DING Yibing;LIU Ziwei(Center for China Public Sector Economy Research, Jilin University, Changchun 130012, China;School of Economics, Jilin University, Changchun 130012, China)

机构地区：[1]吉林大学中国国有经济研究中心,吉林长春130012 [2]吉林大学经济学院,吉林长春130012

出　　处：《产业经济研究》2019年第2期1-12,共12页Industrial Economics Research

基　　金：教育部重点研究基地重大项目(17JJD630001);国家社会科学基金专项重大项目(17VDL012);吉林大学重点研究基地重大项目(2014PT005T)

摘　　要：利用2009—2016年中国制造业企业微观层面数据,采用PSM-DID方法分析企业跨国并购行为对生产率和财务绩效的影响。结果发现,跨国并购对制造业企业生产率具有显著的促进作用,但对财务绩效有显著的抑制作用,这两种作用有逐年减弱的趋势。进一步地,从企业异质性和东道国特征两个方面细分考察异质性跨国并购微观绩效的差异,发现跨国并购显著促进了大中型制造业企业、非国有企业和国有制造业企业的生产率,但仅改善了国有企业的财务绩效;当东道国经济发展水平更高、对FDI态度更加友善、制度水平高于母国时,跨国并购对生产率的促进作用更大。最后特别关注了跨国并购的内生性问题,并使用动态系统GMM方法再次验证跨国并购对生产率的促进作用,为客观评价制造业企业跨国并购绩效提供了微观层面的经验研究。Using PSM-DID method and the micro data of the firm-level from 2009 to 2016,the paper examines the impact of cross-border M&A on productivity and financial performance in the firm. The results show that M&A improves the productivity but fails to improve the financial performance significantly and continuously. We also examine the differences in the impacts of M&A from two aspects of the firm heterogeneity and the characteristics of host country. It is found that M&A shows a significant promotion effect on the productivity of large and medium-sized firms,non-state-owned and state-owned firms and manufacturing firms,but it only improves the financial performance of state-owned enterprises. When the economic development level of the host country is higher,the attitude towards FDI is more friendly and the institution level is higher than the home country,the effect of M&A will be larger. Finally,we pay special attention to the endogenous problems of M&A by using dynamic system GMM method to verify the previous conclusions. This paper provides a micro level empirical test for evaluating the performance of cross-border M&A.

关 键 词：跨国并购 全要素生产率 财务绩效 企业异质性 东道国特征 PSM-DID 动态系统GMM 

分 类 号：F270.3[经济管理—企业管理] F272.5[经济管理—国民经济]