区域一体化与制度距离作用下的中国企业跨境并购  

Cross-border mergers and acqusitions of Chinese enterprises under the influence of regional integration and institutional distance

作　　者：贺灿飞[1,2] 李振发 陈航航[3] HE Canfei;LI Zhenfa;CHEN Hanghang(College of Urban and Environmental Sciences,Peking University,Beijing 100871,China;Peking University-Lincoln Institute Center for Urban Development and Land Policy,Beijing 100871,China;College of Urban Planning and Design,Peking University,Shenzhen 518055,Guangdong,China)

机构地区：[1]北京大学城市与环境学院,北京100871 [2]北京大学-林肯研究院城市发展与土地政策研究中心,北京100871 [3]北京大学城市规划与设计学院,广东深圳518055

出　　处：《地理科学进展》2019年第10期1501-1513,共13页Progress in Geography

基　　金：国家自然科学基金重点项目(41731278);国家自然科学基金杰出青年基金项目(41425001)~~

摘　　要：在区域一体化蓬勃发展的背景下,研究企业跨境并购有助于更好地理解资本在区域间的流动。论文基于BVD-Zephyr数据库统计的2003—2017年中国企业跨境并购数据,分析了交易双方是否签订区域一体化协定和彼此间的制度距离对跨境并购成功率和交易金额的影响。通过Heckman两阶段回归,研究发现:①区域一体化能够促进中国企业达成跨境并购交易,但不能提升交易金额;②中国企业与正式制度距离远,即法律、规制层面差异大的国家内企业完成跨境并购的可能性更高,但正式制度距离的存在不利于交易规模扩大;③非正式制度距离与交易完成呈负相关关系,即文化层面上的差异过大不利于中国企业完成跨境并购。然而交易一旦完成,非正式制度距离大的贸易双方交易金额更高。此外,论文还认为,随着区域一体化进程的深化,内部成员国之间正式制度距离会衰减,其对交易规模的阻碍作用也会被削弱。Under the background of booming regional integration,studying cross-border mergers and acquisitions(M&As)of enterprises can help understand capital flow in regions of different scales.This study used the BVDZephyr cross-border M&As data of Chinese enterprises from 2003 to 2017 to explore the accomplishment rate and transaction scale of cross-border M&As from the perspective of regional integration and institutional distance.Through Heckman's two-stage regression,this study found that:1)Regional integration can promote the closing of cross-border M&A deals,but does not contribute to an increase in the amount of M&A transactions.2)Rising formal institutional distance(significant differences of laws and regulations)helps close the deals,but it is not conducive to expand the scale of transaction.3)Decreasing informal institutional distance(disparities of culture and identity)is able to assist the completion of transactions,but as long as the deal is done,it has larger amount.Besides,with the deepening of regional integration,formal institutional distance between the members is believed to be attenuated,which leads to a decreasing difficulty of closing deals and the hindrance of institutional distance to the transaction scale will be weakened.

关 键 词：区域一体化 跨境并购 制度距离 中国企业 

分 类 号：F27[经济管理—企业管理]