摘要
内容提要本文以2011—2012年发生跨国并购的中国上市公司为研究样本，以经济相对发达的北美国家的选择为研究问题，检验了控股股东性质、资产性质和企业规模对北美地区选择偏好的影响。结果表明，国有控股企业更加愿意选择北美地区作为跨国并购的目标国；而随着无形资产比例以及企业规模的提升，企业选择北美地区的可能性显著下降。最后，分别从“能力”与“动力”两个维度分析了企业选择进入经济相对发达国家的原因，并构建了“逆势”跨国并购模式的驱动模型。
On the sample analysis of Chinese listed selections of North America as a representative of more companies merging in 2011 -2012 ,this paper studies the country developed countries, examines several effect on the preference of the country selection of North America, such as the ultimate controlling shareholder, asset character and asset size. The con- clusion indicates that state-controlled enterprises are more inclined to choose the target company in North America;and that the intangible ratio and asset size affects the possibility of choosing the target company in North America negatively. At the end ,from＂ capability＂ and＂ driving force＂ perspective, this paper explains the reason that some companies choose to entry more developed countries through merging,and finally builds the driving model for＂ contrarian＂ pattern in cross-border mergers
出处
《经济与管理研究》
CSSCI
北大核心
2013年第9期55-60,共6页
Research on Economics and Management
基金
国家自然科学基金重点项目“我国集团企业跨国治理与评价研究”(71132001)子课题“跨国并购与治理研究”
教育部人文社会科学重点研究基地重大项目“企业战略转型中的公司治理问题研究”(11JJD630002)
中央高校基本科研业务费专项资金资助项目“会展企业战略转型研究”(NKZXB1163)
关键词
跨国并购
目标国别选择
“逆势”模式
Cross-border Mergers and Acquisitions
Country Selection of Target Company
＇ Contrarian＇ Pattern
