中国企业海外并购与产业竞争力——来自行业层面的证据

Cross-border M&A and Competitiveness of Industry: Evidence from Chinese Industry

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.