摘要
如何从产业层面解释中国企业大规模海外并购?是否因产业竞争力增强而推动了中国企业海外并购热潮?针对该问题,文章将2002~2012年BVD的中国企业海外并购数据与37个工业行业合并,实证检验了产业竞争力与海外并购的关系。通过检验主要有以下发现:第一,生产率越高的产业海外并购规模越大;第二,资本越密集和规模越大的产业海外并购规模越大;第三,产业出口竞争力和盈利能力越强,海外并购规模也越大;第四,国有股份越多的产业并不必然增加海外并购。文章还发现,产业竞争力增强有助于中国企业在高收入国家并购,但在发展中国家并购时,尤其在能源和矿产行业,可能是由产业竞争力以外的"非市场"因素推动。总之,文章从产业层面解释了中国企业海外并购的影响因素,加深了我们对该问题的认识。
How to explain the issues of cross-border M&A in Chinese industry? Is it the competence of Chinese industry? We connect the data of cross-border M&A with Chinese 37 industries,and then the paper intends to investigate the relationship between competence of Chinese industry and the cross-border M&A. After that we get several results. Firstly,the productivity of industry is positive with the cross-border M&A. Secondly,the capital density and industry scale are positive with the cross-border M&A.Third,export competence is positive with the cross-border M&A. Forth,ownership by state has not empirical influence on crossborder M&A. We also find that competence of industry is positive with the cross-border M&A in advanced countries but not evident in developing countries.
出处
《世界经济研究》
CSSCI
北大核心
2016年第4期31-41,134-135,共11页
World Economy Studies
基金
自然科学基金面上项目"中国企业海外并购与产业国际竞争力研究"(项目批准号:71273142)
自然科学基金青年项目"中国企业对外直接投资的贸易效应和就业效应"(项目批准号:71503221)的阶段性成果