跨境并购、出口产品质量与企业转型升级  

Cross Border M&As,Export Product Quality and Upgrading of Firms

作　　者：万淑贞 葛顺奇[2] 罗伟 Wan Shuzhen;Ge Shunqi;Luo Wei

机构地区：[1]南开大学经济学院 [2]南开大学跨国公司研究中心 [3]南开大学APEC研究中心

出　　处：《世界经济研究》2021年第6期18-31,61,M0002,共16页World Economy Studies

基　　金：国家社会科学基金重点项目“健全促进对外直接投资政策和服务体系研究”(项目编号:20AZD049);2019年度天津市研究生科研创新项目“中国企业对外直接投资与自主创新”(项目编号:2019YJSB062)。

摘　　要：文章采用2008~2015年中国制造业企业的进出口、经营和并购数据,以出口产品质量为切入点,在改进出口产品质量测算方法的基础上,深入考察了跨境并购对企业出口产品质量的微观影响和作用机制。研究发现,跨境并购显著降低了企业的出口产品质量,并且该负效应具有一定的持续性。目标企业的知识资产和并购方自身的出口与生产调整是跨境并购影响企业出口产品质量的重要渠道。前者影响并购方的研发,后者则直接促使并购方向目标企业所在地转移生产以替代原有的出口。结合倾向得分匹配和倍差法的分析,以及基于行业、产品和企业的子样本分析,均表明文章结论的稳健性。By using data on trade,operations,and mergers and acquisitions( M&As) of Chinese manufacturing firms from 2008 to2015,based on the perspective of firm’s product quality,also by improving product quality measurement methods,this paper investigates the impacts and mechanisms of cross-border M&As on firm’s export product quality. The results indicate that cross-border M&As have significantly reduced firm’s export product quality,and this negative effect has a certain degree of sustainability.Intellectual assets of the target firm and the export and production adjustments of the acquirer itself are important channels for cross-border M&As to affect export product quality. The former plays a role by influencing the acquirer’s R&D,while the latter encourages the acquirer to shift production to the location of the target firm. Combining propensity score matching and differencein-differences method,as well as the analysis of sub-samples based on industries,products and firms,all show that the results are robust. This study provides insights for improving the competitiveness of firms during the critical period of economic transformation and the period of opportunity for the decomposition and reconstruction of global value chains.

关 键 词：跨境并购 对外直接投资 出口产品质量 

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