产业政策与跨境并购:政策导向还是创新驱动?  

Industrial policy and cross-border M&As:Policy orientation or innovation driven?

作　　者：吴先明[1] 马子涵 WU Xian-ming;MA Zi-han(Economics and Management School of Wuhan University,Wuhan 430072,China)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《科学学研究》2024年第1期54-66,共13页Studies in Science of Science

基　　金：国家社会科学基金重点项目(12AZD034);国家社会科学基金重大项目(18VDL016)。

摘　　要：本文以2008-2018年进行国内并购和跨境并购的中国A股上市公司为研究对象,实证检验了产业政策对企业跨境并购倾向的影响。研究结果表明,产业政策对跨境并购倾向具有显著的正向影响。产业政策主要通过获得政府补助和提高商业信用进而影响企业跨境并购倾向。行业竞争环境、市场化程度、环境不确定性、企业创新能力和高管薪酬粘性会影响产业政策的实施效果。产业政策没有显著影响跨境并购的交易金额,但提高了跨境并购的股权水平和完成率;同时,战略资产寻求动因能够显著增强产业政策对跨境并购交易金额和股权水平的影响。揭示了产业政策对企业跨境并购倾向的独特作用,不仅丰富了产业政策对跨境并购影响机制的研究,同时也为如何更好地运用产业政策提升跨境并购的效果提供了政策参考。Academics have thoroughly researched the causes of cross-border M&A.Most of these studies show that markets,the search for resources,and the acquisition of technology impact enterprises'outbound investment activities.The range of factors influencing cross-border M&A has been studied more recently.Some researchers have discovered that national strategy is also a key factor and that government support for outward foreign direct investment has substantial explanatory power.The socialist path with Chinese characteristics establishes the government's crucial role in the growth of businesses.The industrial policy,notably the"five-year plan,"embodies the national strategic purpose,which is responsible for directing the flow and reallocating resources and factors as China is undergoing industrial transformation.There is minimal research contrasting domestic M&A and cross-border M&A together,even though researchers have focused on the industrial policy as a significant factor affecting cross-border M&A.Comparing domestic M&A and cross-border M&A offers a clearer picture of how industrial policy affects Chinese companies'propensity for cross-border M&A and makes it easier to comprehend the mechanisms involved.The study uses Chinese A-share listed companies from 2008 to 2018 as its research subjects and empirically investigates the influence of industrial policy on enterprises′inclination to engage in cross-border M&A.The study's findings revealed that industrial policy contributed to differences in the propensity of businesses to engage in cross-border mergers and acquisitions.Businesses supported by the industrial policy were more likely to choose cross-border M&A because these policies could assist businesses in obtaining more government subsidies and help them improve their commercial credit,increasing their propensity to do so.According to heterogeneity research,regions with more competitive industries and less market-oriented regions significantly impact the likelihood of enterprises engaging in cross-border M&A.Fur

关 键 词：产业政策 跨境并购 投资偏好 

分 类 号：F110[经济管理—国际贸易]