经济体间技术互补与资本国际流动——基于全球并购网络的视角  

Technology Complementarity between Economies and the International Flows of Capital—From the Perspective of Global M&A Network

作　　者：高小莉 杨波[2,3] Gao Xiaoli;Yang Bo(Economics and Management School,Wuhan University;School of Economics,Zhongnan University of Economics and Law;Institute of Multinational Corporations,Zhongnan University of Economics and Law)

机构地区：[1]武汉大学经济与管理学院 [2]中南财经政法大学经济学院 [3]中南财经政法大学跨国公司研究所

出　　处：《国际金融研究》2024年第10期38-49,共12页Studies of International Finance

基　　金：教育部人文社会科学规划基金项目“对外直接投资影响双重价值链协同发展:理论机制与效应评估”(23YJA790092);湖北省软科学研究重点项目“新发展格局下湖北省推动海外研发和国际技术转移工作的对策研究”(2023EDA044)资助。

摘　　要：本文基于全球并购网络视角,探究经济体间技术互补对全球并购网络结构变化和经济体所处网络位置的影响。研究表明,经济体间技术互补能够有效推动全球并购网络结构变化,有利于提升某一经济体在全球并购网络中的枢纽位置。经济体的金融开放水平提高能够增强技术互补对其所处全球并购网络位置的提升作用。异质性分析表明,当母国贸易自由度较高、东道国为发达经济体或双方签订投资协定时,技术互补对经济体所处全球并购网络位置的提升作用更明显。基于此本文提出,我国应深度参与全球产业分工,推动资源在关键技术领域集聚,提高与发达经济体的技术互补水平;推动更高水平对外开放,深化金融体制改革,促进企业跨国并购高质量发展,以提高对全球战略性资产的影响力。The characteristic of technological complementarity between economies,shaped by the global industrial divi⁃sion of labor,represents an important manifestation of an economy's differentiated technological advantages.A higher level of technological complementarity provides advantages and incentives for an economy to engage in outward foreign direct invest⁃ment(OFDI),and is becoming a key driver of promoting the international capital flows.This paper utilizes 94 economies global patent data and cross-border M&A data from 1997 to 2020 to calculate the tech⁃nological complementarity index between economies and construct a global M&A network.By employing a two-way fixed-effects model,the paper empirically examines the impact of technological complementarity on the structural changes in the global M&A network and the network status of economies.Additionally,this paper explores the functional mechanism of the level of financial openness,as well as the heterogeneous effects of the home country's trade freedom,the host country's eco⁃nomic development level,and bilateral investment agreements.The results indicate that technological complementarity can effectively promote the structural changes of the global M&A network,and enhances an economy's core hub position in the network.At the same time,a higher level of financial openness in an economy amplifies the positive impact of technological complementarity on improving the economy's network position.The heterogeneity analysis shows that technological complementarity plays a more significant role in enhancing the national network position when the home country has high freedom of trade,the host country is economically developed,or bilateral investment agreements are in place.For the improvement of China's position in the global M&A network,this paper gives the following suggestions:China should deeply participate in the global industrial division,promote the concentration of innovative resources in key technology fields,and improve the level of technological complemen

关 键 词：技术互补 跨国并购 资本国际流动 全球并购网络 

分 类 号：F124[经济管理—世界经济] F279