产业集聚与同源国集聚效应对跨国并购的影响——基于中国企业对欧盟地区企业的并购分析  

The Effect of the Industrial Agglomeration and Country-of-Origin Agglomeration on Cross-border Mergers and Acquisitions—Based on the Analysis of Chinese Companies Mergers and Acquisitions in the EU

作　　者：王疆[1] 方雨琦 WANG Jiang FANG Yu-qi(Business School,University of Shanghai for Science and Technology,Shanghai 200093,China)

机构地区：[1]上海理工大学管理学院,上海200093

出　　处：《华南理工大学学报（社会科学版）》2023年第3期61-76,共16页Journal of South China University of Technology(Social Science Edition)

基　　金：上海市哲学社会科学规划青年课题“中国企业走出去如何‘择邻而居’——多理论视角的研究”(2017EGL010)。

摘　　要：在影响跨国企业外国直接投资(FDI)区位选择的因素中,集聚效应占据重要地位。为了探究集聚效应对中国企业对欧盟地区企业跨国并购的影响,从理论上探讨了产业集聚和同源国集聚的影响机制及差异,采用条件logit模型实证分析了产业集聚和同源国集聚对企业跨国并购区位选择的影响。结果表明:中国企业对欧盟地区企业跨国并购的区位选择受到产业集聚和同源国集聚效应的正向影响,其中产业集聚的影响程度更大;企业异质性对集聚效应与区位选择之间的关系起到显著的调节作用,企业所有权性质、跨国并购经验和进入行业类型都会影响产业集聚和同源国集聚作用的发挥。Agglomeration effect plays an important role in the factors that affect the location choice of FDI of multinational enterprises.In order to explore the influence of agglomeration effect on Chinese enterprises cross-border M&A in the EU,this paper theoretically discusses the influencing mechanism and differences of industrial agglomeration and country-of-origin agglomeration,and empirically analyzes the influence of industrial agglomeration and country-of-origin agglomeration on the location choice of cross-border M&A enterprises by using conditional logit model.The results show that the location choice of Chinese enterprises cross-border M&A in the EU is positively affected by industrial agglomeration and country-of-origin agglomeration,and the industrial agglomeration has a greater impact.Firm heterogeneity has a significant moderating effect on the relationship between agglomeration effect and location choice.The property of firm ownership,experience of cross-border M&A and the type of industry will affect the influence of industrial agglomeration and country-of-origin agglomeration.

关 键 词：跨国并购 产业集聚效应 同源国集聚效应 区位选择 企业异质性 

分 类 号：F119[经济管理—国际贸易]