外资并购会提高生产率吗?——基于中国制造业微观数据的检验

Does Foreign M&As Boost Productivity?: A Test based on China's Manufacturing Micro Data

本文利用2005～2007年我国制造业企业数据实证检验了外资并购的生产率效应。我们采用数据匹配的方法研究发现外资并购的生产率效应整体上为正但不显著。对不同R＆D密集度、不同区域、不同并购资本来源地的企业进行分组检验表明，外资并购仅对R＆D密集型以及中西部企业的生产率具有正效应，并购资本来源地对生产率的影响整体上不显著。

This paper examines the productivity effect of foreign M&As on the acquired enterprises using China' s manufacturing firms data during 2005 ~ 2007. It employes matching method,and the research finds that foreign M&As wholly improves the productivity of the acquired enterprises but the effect is not significant. Then,it examines the productivity effects by groups of different R&D intensities,different areas and different acquiring capital origins. The results show that foreign M&As just displays significant positive productivity effect on R&D-intensive enterprises and enterprises in central and western areas,and the origin of acquiring capital shows no significant productivity effect as a whole.