全球产业重组与转移:基于跨国并购复杂网络的分析方法

Global Industrial Restructuring and Transfer:An Analysis Method Based on Complex Networks for Cross-border Mergers and Acquisitions

基于资本市场的跨国并购日益成为实现全球产业重组和转移的重要途径,以1997~2008年全球资本市场并购数据为基础,通过构建跨国并购关系复杂网络,分析了网络的拓扑结构属性及其经济学意义。研究结果表明：跨国并购关系网络呈现出小世界效应和无标度特征等复杂网络基本性质,跨国并购行为具有显著的＂中心-边缘＂并购方向性特点和典型的＂富者俱乐部＂现象,同时发现基于资本市场的跨国并购行为表现出明显的全球产业重组和转移规律。最后,指出实施开放经济和金融市场政策、制定跨国并购战略和操作策略对提升本国产业竞争力具有重要意义。

The cross-border mergers and acquisitions（CBMAs） based on capital markets is one of the important channels for global industry reengineering and transfer recently.By using the CBMAs data from 1997 to 2008,this research develops some CBMAs relationship complex network,analyses the topological structures properties and their economic implications.The result shows that CBMAs networks take on the typical characteristics of complex networks,such as small-world and free-scale.It also shows that CBMAs behaviors present a distinct direction of ＂centre-edger＂ and the typical phenomenon of ＂rich club＂.We also find the CBMAs based on capital markets take on some remarkable laws for the global industrial restructuring and transfer.Finally,this research points out that stimulating open polices for economy and capital markets,establishing competitive strategies and technical tactics for CBMAs are critical for one country to improve its industry competitive capability.