资源还是负担?国有资本参股对跨境并购的影响分析

Resource or Burden? The Impact of State Shareholders on the Cross-border Acquisition Completion by Chinese Non-state-controlled Firms

跨境并购是中国企业获取海外市场与战略性资产的重要方式,已有研究表明国有资本直接参与跨境并购过程中遭遇了不少阻碍,但少有学者关注国有资本发挥的资源作用。文章则探讨了非国有制企业引入国有股东在跨境并购中获得的资源优势。以2009-2018年中国非国有上市公司跨境并购交易作为样本,研究发现:非国有制企业中国有资本持股的比例更高会带来更多的资源,有助于跨境并购的完成。而当被并购目标是上市企业、属于高科技行业以及位于制度完善度较好的东道国时,东道国合法性门槛提高,导致国有资本参股的非国有制企业仍然会遭遇到来自东道国的歧视与制度压力,削弱国有资本的资源优势。在进一步分析中验证了主效应的机制,发现国有资本能够帮助解决非国有制企业的融资困难问题,进而促进跨境并购的完成。除此之外,文章也利用工具变量法解决了潜在的内生性问题。

Cross-border Acquisition(CBA)has become an important way of exploring overseas market and strategic assets for Chinese firms.Current research suggested that state entities faced obstacles and difficulties when participating in CBAs.While few studies have focused on the advantages of state entities in CBA.Our study explores the influence of state shareholders in cross border acquisition by non-state-controlled firms.Using CBA deals announced by China’s non-state-controlled listed firms from 2009 to 2018 as our sample,we found that more state ownership in non-state-controlled firms could facilitate CBA completion.We also found that more state ownership can also exposes non-state-controlled firms to legitimacy pressure after legitimacy threshold in host countries raised.Such circumstances happen when target firm is listed,target firm is in high-technology industry or target firm is located in host country with higher institutional quality.In additional analysis,we verified the mechanism of our main hypothesis,which is the resource advantage brought by state shareholders in CBA.Instrumental variables were used to mitigate the potential problem of endogeneity.