产业特征对产业国际化进程的影响--以跨国并购为例

The Impact of Industrial Characteristics on Industrial Internationalization Process——Case of Cross-border Merger and Acquisition

产业国际化对中国三十多年的经济增长和结构变迁产生了举足轻重的作用。由于不同产业的国际化进程存在着很大的差别,这种差别一定程度上导致了产业发展的差异性和产业结构的变化。因此,要深入探讨我国的产业发展和结构的变迁就有必要研究产业特征对产业国际化进程的影响。随着中国国际化进程的不断深入,产业国际化的方式逐渐从单一的出口转向出口与对外直接投资并进。在这一过程中,海外并购逐渐成为对外直接投资的一个重要渠道。通过海外并购,企业可以迅速有效地获得并购目标的品牌、管理技能、研究能力、资源和销售渠道等战略资产,有利于产业竞争力的提升。本文运用2003—2009年中国企业海外并购的数据对36个产业的国际化与其产业特征的关系进行分析。结果表明,产业海外并购的动机和能力与产业收益、产业的技术密集度、产业出口强度和产业规模成显著的正相关关系,而与产业的劳动密集度成显著的负相关关系;同时,出口强度对要素密集度与海外并购的关系有显著的调节作用,而且对两种要素(技术和劳动)的调节作用方向相反。这一结果帮助我们认识中国企业海外并购的产业条件,为产业政策的制定提供参考。

Over last 30 years, industrial internationalization plays an imporLant role in China＇s economic growth and structural changes. Process of internationalization is different in different industry, which leads different develop paces and structural changes. Therefore, in order to understand the industrial development and structure changes, we need to analyze the impact of industrial characteristics on industrial internationalization process. In the process of internationalization, China has risen as an importanl exporter, and recently it has become as an investor as well. Cross-border merger and acquisition is gaining popularity among Chinese firms. They are proven to be efficient ways to obtain brands, managerial skills, research capability, resources and distribute channels from target companies, enhancing an industry＇s competitiveness. This study analyze,; the impact of industrial characteristics on industrial internationalization processes by using the cross- border acquisition data of 36 Chinese industries during 2003--2009.The result shows that the attempt and complete transactions of cross-border acquisitions are influenced by such industrial characteristics as industrial profitability, intensities of production factors, export intensity, and economies of scale. In addition, the export intensity has a significantly posi- tive and negative moderating effect on technology intensity and labor intensity, respectively. These findings help understand the industrial condition of cross-border mergers and acquisitions.