企业国际并购能力来源:中国企业海外并购经验的视角  

Sources of International M&A Capability:Perspective from Cross-Border M&A Experience of Chinese Multinationals

作　　者：徐沛原 王永中[2] 姜玉妍 Peiyuan Xu;Yongzhong Wang;Yuyan Jiang(Institute for International and Area Studies,Tsinghua University;Institute of World Economics and Politics,Chinese Academy of Social Science;Center for Latin American Studies,Faculty of History,Nankai University)

机构地区：[1]清华大学国际与地区研究院 [2]中国社会科学院世界经济与政治研究所 [3]南开大学历史学院拉丁美洲研究中心

出　　处：《经济学报》2024年第4期60-85,共26页China Journal of Economics

摘　　要：中国企业在全球积累了大量的国际并购经验,这些并购经验是否带来了学习效应以及学习效应背后的机制是什么?本文基于BVD Zephyr国际并购数据使用匹配法和工具变量法发现,企业个体的并购经验带来学习效应,具有国别层面成功并购经验的企业比不具有相应经验企业的并购成功率高3.2%,但失败境外并购经验对于后续并购成功率无显著影响。经验之所以能提升后续并购成功率,主要是因为企业掌握了克服特定制度困境的能力,若下次并购目标的所在国也存在类似制度特征,其有更大概率找到破局之道。在经验带来的多种克服制度障碍的能力中,中国企业又以克服政局稳定和监管质量风险的能力最为明显。尽管地缘相近国家大概率共享历史渊源,文化语言也相近,源于同区域国家的并购经验往往直觉上被认为能够提高后续并购成功率,但实证结果对此并不支持。因此,企业需审慎、辩证地对待既往并购经验。Chinese multinationals have accumulated a lot of international M&A experience around the world.Does the M&A experience bring a learning effect and what is the mechanism behind the learning effect?Based on Bvd Zephyr global M&A dataset,by using the propensity score matching method and instrumental variable method,this paper confirms that the M&A experience accumulated by enterprises brings a learning effect,and the M&A success rate of enterprises with international M&A experience is 33% higher than that of enterprises without experience.The experience of international M&A attempts but unsuccessful in equity delivery(i.e.failed M&A experience)has little impact on subsequent M&A success rate.The reason why experience can improve the success rate of subsequent M&A is mainly due to the fact that through completing a transaction,an enterprise has mastered the ability to overcome a specific institutional obstacle(e.g.government low efficiency,political instability,etc.).When the target enterprise of the subsequent merger and acquisition is located in a country with similar institutional difficulties,this enterprise has a greater probability of successfully solving the problem or solving the problem faster.Although geographically close countries usually have similar historical origins,cultures,and similar languages,M&A experience from countries in the same region is often intuitively believed to improve the success rate of subsequent M&A.Still,empirical results do not support this argument.The policy suggestion that can be derived is that enterprises should treat their past M&A experience prudently and dialectically.On the one hand,in due diligence,it is necessary to clarify the types and levels of the main institutional risks of the country where the target is located and decide whether to draw on the existing experience based on whether the two are similar.On the other hand,it should be noted that although some countries share geographical borders,historical origins,and even the same language,years of independent devel

关 键 词：经验积累 学习效应 并购投资 制度风险 

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