中国企业海外并购的股权策略选择

Equity Strategy Choice of Chinese Firms in Overseas M&As

本文通过实证方法研究了中国企业海外并购的股权策略,对所选样本进行了单因素方差分析和回归分析,并检验了关于海外并购股权策略影响因素的若干假设。实证分析表明,东道国与我国文化距离越大、市场开放度越高,我国企业海外并购越倾向于选择高控制的股权策略;国有企业实施的海外并购、以发达国家企业为标的的并购更多地选择低控制的股权策略;此外,涉及自然资源与能源行业、东道国商业环境等因素对于海外并购的股权策略也具有显著影响,但影响方式不确定。

Overseas mergers and acquisitions of Chinese firms experienced rapid growth and attracted the attention of academic research. Existing studies mainly analyzed the motives, location choices, and efficiency of Chinese firms＇ M＆As. This paper selected a sample and empirically tested certain assumptions in the way of both One Way Analysis of Variance and Regression Analysis. Empirical study indicates that, if the host country boasts a much more open market than China, and the cultural differences between these two countries are large, Chinese enterprises are more likely to hold a controlling stake in overseas merger and acquisition. M^As performed by state-owned firms and M＆As which aims at firms of developed countries tend to choose lower-control strategy. The involvement of natural resources ＆ energy industry and business environment of the host country also have significant impact on the equity strategy of overseas M＆As, but the influence path is not clear.