异质性因素与中国企业跨国并购行为——基于全球价值链布局的视角  

The Heterogeneity Factor and the Chinese Enterprise Transnational M&A Behavior——From the Perspective of Global Value Chain Layout

作　　者：刘亮[1] 沈桂龙[2] 李昊匡 LIU Liang;SHEN Guilong;LI Haokuang

机构地区：[1]上海社会科学院应用经济研究所 [2]上海社会科学院世界中国学研究所 [3]上海财经大学经济学院

出　　处：《国际贸易问题》2020年第10期144-159,共16页Journal of International Trade

基　　金：国家社会科学基金重大项目“推动‘一带一路’贸易和投资自由化便利化研究”(18VDL013);国家社会科学基金一般项目“工业化后期阶段产业结构变动趋势研究”(19BJY101)。

摘　　要：随着"走出去"步伐加快和对外直接投资快速增长,我国企业跨国并购行为发生了明显变化。本文从全球价值链布局的视角出发,将企业跨国并购标的划分为资源拓展、产品加工和技术服务三种不同类别,并且对其影响因素进行实证研究。结果表明:资源拓展类并购更加注重国内市场规模与居民有效支出;产品加工类并购则重视内部资金管理与外部资本运作协同;而技术服务类并购则强调融资的难易程度、投资者未来预期及企业未来成长的潜在价值。"一带一路"倡议的实施对企业跨国并购行为具有明显的调节效应,对三种不同类别的跨国并购行为有促进作用。基于上述研究结论,本文提出了支持企业通过跨国并购"走出去"和以跨国并购推动"一带一路"倡议的对策。From the perspective of global value chain layout,this paper divided the objects of transnational M&A into three categories:resource expanding,product processing and technology servicing,and made empirical studies on the influencing factors.The results show that transnational M&A in resource expanding pays more attention to the domestic market scale and the effective expenditure of residents;transnational M&A in product processing attaches importance to the coordination between internal capital management and external capital operation,while transnational M&A in technology servicing emphasizes the difficulties of financing,future expectations of investors,and potential value of enterprises growth.In addition,further research shows that the implementation of the Belt and Road Initiative has significant moderating effect on transnational M&A behaviors of Chinese enterprises,and promotes transnational M&A in three different types.Based on the above research conclusions,this paper puts forward policy recommendations in order to support enterprises to go global and drive the construction of BRI through transnational M&A.

关 键 词：跨国并购 价值链 影响因素 “一带一路” 

分 类 号：F272.3[经济管理—企业管理]