东道国交通运输能力与中国企业跨国并购:基于生产率调节效应的视角  

Host Country Transport Capacity and Cross-border Mergers and Acquisitions of Chinese Enterprises : From the Perspective of Productivity Adjustment Effect

作　　者：杨波[1] 周丽萍 Yang Bo;Zhou Liping

机构地区：[1]中南财经政法大学经济学院

出　　处：《世界经济研究》2020年第1期96-106,M0004,共12页World Economy Studies

基　　金：国家社会科学基金重大项目“‘一带一路’区域价值链构建与中国产业转型升级研究”(项目编号:18ZDA038);湖北省技术创新专项软科学项目“湖北省对外直接投资促进科技创新的对策研究”(项目编号:2019ADC132)的资助

摘　　要：文章将东道国交通运输能力和生产率引入理论模型,并基于宏观和微观层面数据,研究东道国交通基础设施对中国企业跨国并购完成率的影响机制,实证结果表明:高交通运输能力国家的企业为中国企业并购所青睐,尤其是水路运输;劳动生产率较高的国家的企业对中国资本吸引力并不显著,但东道国交通运输能力与劳动生产率的双向互动却明显促进了中国企业跨国并购,而且不同行业劳动生产率的调节效应不尽相同,服务业劳动生产率引起的间接调节效应最大,其次是工业,最后是农业。这对于有效促进中国企业成功"出海"并实现全球资本区域结构优化具有现实价值。This paper introduces the transportation capacity and productivity of the host country into the theoretical model and studies the mechanism of the impact of the transportation infrastructure of the host country on the completion rate of cross-border M&A of Chinese companies based on macro and micro level data.Empirical results show that enterprises with high transport capacity are favored by Chinese enterprises,especially waterway transportation;Enterprises in countries with high labor productivity are not attractive to Chinese capital,but the two-way interaction between the transport capacity and labor productivity in the host country has obviously promoted cross-border mergers and acquisitions between Chinese and Chinese enterprises,and the adjustment effect of labor productivity in different industries is not the same.The indirect regulatory effects of labour productivity in the service sector are greatest,followed by industry and finally agriculture.This is of practical value to effectively promote the success of Chinese enterprises to"go to sea"and realize the optimization of the global capital region structure.

关 键 词：跨国并购 交通运输能力 生产率 面板负二项模型 

分 类 号：F279.2[经济管理—企业管理] F271[经济管理—国民经济] F511