“外来的和尚好念经吗”--来自中国纯内资企业转变为外商企业的证据  

Do Foreign Acquisitions Improve the Performance of Acquired Companies:Basing on Quasi-nature Experiment of Acquisitions Events in China

作　　者：胡锋 Hu Feng

机构地区：[1]厦门国家会计学院教研中心

出　　处：《复印报刊资料（世界经济导刊）》2022年第12期59-75,共17页JOURNAL OF WORLD ECONOMICS

摘　　要：本文将倾向性得分匹配法和倍差法结合,基于外商来源地和行业相关性等特征差异,利用中国纯内资企业转变为外商企业的“拟自然实验”,研究了外商企业并购对研发与创新、企业生产率、出口和融资约束的影响。研究发现:第一,来自中国港澳台地区的外商并购阻碍了新产品创新能力培养,发达国家的并购降低了中国被并购企业的研发投入,但提升了新产品创新能力。第二,非相关行业的并购提高了企业的研发投入,但降低了新产品创新能力。第三,中国企业被主要发达国家和相关行业的并购都会促进企业生产率进步。第四,企业出口和融资约束都因为外商并购而改善。本文拓展了外商并购对企业的影响研究,为我国“引进”高质量外商投资提供了理论和经验依据。Based on the characteristics of foreign investors'origin and industry relevance,this paper investigated the impact of foreign acquisitions on R&D and innovation,productivity,export and financing constraints of Chinese acquired enterprises with the"Quasi-Natural experiment"of the transformation of Chinese pure domestic enterprises into foreign enterprises.Using the PSM with DID method,the paper found that:first,foreign acquisitions from Hong Kong,Macao and Taiwan had hindered the innovation ability of new products.The acquisitions from developed countries had weakened the R&D capacity of Chinese acquired enterprises,but increased the sales of new products.Second,acquisitions in non-related industries increased the R&D investment of enterprises,but decreased the innova-tion ability of new products.Third,the acquisitions of Chinese enterprises by developed countries improved the productivity,and acquisitions in the same industry improve productivity.Fourth,the export and financing constraints of enterprises had been improved.The paper expands the research on the impact of foreign acquisitions on enterprises,and provides a theoretical and empirical basis for China to"introduce"high-quality foreign investment.

关 键 词：外商投资 跨国并购 倾向性得分匹配 倍差法 

分 类 号：F279.2[经济管理—企业管理] F125[经济管理—国民经济] F271