知识产权保护强度、知识距离与跨国并购股权选择  

Intellectual property protection intensity, knowledge distance and cross-border M&A equity selection

作　　者：刘煜 王疆[1] Liu Yu;WangJiang

机构地区：[1]上海理工大学管理学院

出　　处：《投资研究》2019年第2期4-13,共10页Review of Investment Studies

摘　　要：本文基于2007-2017年间中国企业进行跨国并购的微观层面数据,运用Tobit模型分别考察了知识产权保护强度和知识距离对中国企业跨国并购股权选择的影响。实证结果表明,东道国的知识产权保护强度越强,企业跨国并购的股权比例越大;东道国与中国的知识距离越大,企业股权选择比例可能越大;知识产权保护强度对于知识距离与股权并购比例起到负向调节作用。Based on the micro-level data of Chinese enterprises' cross-border M&A in 2007-2017, this paper uses the Tobit mod el to examine the impact of intellectual property protection intensity and knowledge distance on equity selection in cross-border M&A. The empirical results show that the stronger the intellectual property protection of the host country, the greater the proportion of equity in cross-border mergers and acquisitions. Moreover, the greater the knowledge distance between the host country and China, the greater the proportion of corporate equity selection. In addition, the intensity of intellectual property pro tection has a negative moderating effect on the relationship between the knowledge distance and the proportion of equity selection.

关 键 词：知识产权保护强度 知识距离 股权选择 跨国并购 

分 类 号：F21[经济管理—国民经济] F23