跨国并购作用经济增长的相关因素分析——基于1990～2006年多国面板数据的实证分析

Correlative Factor Analysis of the Effect of Transnational M&A on Economic Growth Based on the Panel Data 1990-2006

运用基于面板数据的固定效应分析方法,利用36个国家1990～2006年的面板数据,考察了跨国并购与经济增长之间的相关关系。结果表明,尽管从区域层面来说跨国并购对经济增长的作用有差异但在全球范围它对经济增长仍具有显著的推动作用;跨国并购能够通过技术外溢效应促进经济增长,但它与国内投资的联系效应对经济增长的促进作用则不明显;同时东道国自身经济技术等各方面的状况,对于跨国并购与经济增长的关系也有着深刻的影响。

Using the panel data of 36 countries in the period of 1990-2006, this paper estimates the effect of transna tional M＆A on economic growth. It shows that M＆A has a significant impact on economic growth in the world alth ough the impact is different in different areas; it has an obvious spillover effect on economic growth, but its connection effect with domestic investment on economic growth is not so obvious. The different economic and technological condi tions of host countries also have a significant impact on the relationship of transnational M＆A and economic growth.