新兴市场企业第一次跨境并购的速度及影响因素:跳板理论的视角

The Speed and Influencing Factors of the First Cr oss-border M&A of Emerging Market firms:The Perspective of Springboard Theory

跳板理论认为,新兴市场企业往往通过积极的跨境并购来获取战略性资产。本文从跳板理论的视角,基于中国企业在2003—2020年期间发生的416次第一次跨境并购(CBMA)和18184个观测值,运用Cox比例风险模型回归,考察了新兴市场企业第一次跨境并购的速度及其影响因素。研究发现,新兴市场的年轻企业执行第一次跨国并购的速度快于成熟企业;国际化程度较低和国内并购经验比较欠缺的年轻企业实施第一次跨境并购的速度快于其他企业。这表明新兴市场企业的国际化具有强烈的追赶动机和积极的风险承担倾向。本文的发现拓展了跳板理论的解释边界,深化了我们对于新兴市场企业跨境并购行为的理解。

Springboard Theory argues that emerging market firms tend to acquire strategic assets through aggressive crossborder mergers and acquisitions.From the Springboard Theory perspective,this paper examines the speed of first crossborder M&A by emerging market firms and its influencing factors based on 416 first cross-border mergers and acquisitions(CBMA)and 18,184 observations occurring during the period 2003-2020 by Chinese firms,using Cox proportional risk model regression.The study finds that young firms in emerging markets execute their first cross-border M&As faster than mature firms.Young firms with less internationalization and less experience in domestic M&A execute their first crossborder M&As faster than other firms.This suggests that emerging market firms internationalize with strong catch-up motives and radical risk-taking tendencies.The findings of this paper expand the explanatory boundaries of the Springboard Theory and deepen our understanding of the cross-border M&A behavior by emerging market firms.