跨国并购的知识溢出效应分析

An Analysis of Knowledge Spillovers of Cross-Border M&A

本文通过对跨国并购等外商直接投资(FDI)对跨国知识溢出的正向及逆向效应的分析,研究发现外商直接投资正向溢出主要通过行业内的水平溢出(示范效应、竞争效应和劳动力市场)和行业间的垂直溢出(后向溢出和前向溢出)两种途径来实现,其中垂直溢出的效应较大。与绿地投资相比,跨国并购的知识溢出对于东道国本地的创新和增长效应更大一些、更快一些,而逆向知识溢出主要是通过母国对外直接投资(OFDI)逆向的知识溢出来实现。通过对15个国家的面板数据进行回归模型分析,本文验证了OFDI逆向知识溢出效应的存在,同时发现跨国并购的逆向溢出效应没有绿地投资的逆向溢出效应显著。

Based on the analysis of China＇ s TFP factors in 1987 - 2010, this study found the presence and increase of knowledge spillovers of CrossBorder M＆A. Second, this study analyzed the positive and converse effects of spillovers of FDI including Cross - Border M＆A. The research found that spillovers of FDI have two ways of spray： horizontal overflow within industry （model effects, competition effects, and labor market） and vertical overflow （backward and forward overflow）. Vertical spillovers are larger than horizontal spillovers. Compared with Greenfield investment, from the sources of knowledge spillovers of FDI, spillovers of crossborder M＆A have bigger and faster innovation and growth impact on host countries. Finally, this chapter analyzed the reverse knowledge spillovers, which are realized mainly by OFDI. Based on regression analysis of panel data of 15 countries, this chapter found the existence of reverse knowledge spiUovers but such spillovei,s is not as significant as those generated by Greenfield investment.