企业所有制能否影响中国企业海外并购的成败

Can Ownership of Enterprises Affect the Success Rate of Chinese Enterprises' CBM&A

基于1997-2014年2790起中国企业海外并购案例,本文运用Logit模型实证检验影响企业海外并购成败的因素,并重点探讨了企业所有制对并购成败的影响。研究结果表明:企业所有制与海外并购成功率具有显著的负相关关系,国有企业比非国有企业的海外并购成功率低;而并购控股比例、东道国产业保护水平、经济发展程度也会负面影响海外并购,企业并购经验则能显著提升并购成功率。关于与企业所有制相关的交互项检验表明,东道国产业保护水平、经济发展程度的负向调节效应会进一步增强企业所有制对海外并购成功率的负面影响;而企业并购经验、高控股比例的正向调节效应则会减弱企业所有制的负面影响。

Based on 2790 Chinese enterprises＇cross-border M＆A cases from 1997 to 2014, the Logit model is used to empirically study the factors that can affect the success of Chinese enterprises＇ CBM＆A, which focuses on the impact of acquirer ownership. The empirical results show that, compared with non-stateowned enterprises, state-owned enterprises significantly have lower success rate of cross-border M＆A. And the success rate of CBM＆A will be lower if the ratio of acquired share is greater, the host country is a developed country and the protection level of the industry is higher. Bu tthe acquirers experience in CBM＆A can significantly improve the success rate. The interaction test shows that acquirer ownership＇s negative effect on the success rate of CBM＆A is more obvious when the host country is a developed country or the protection level of the industry is higher, but acquirer ownership＇s negative effect will be reduced when the acquirer has more experience in CBM＆A or ratio of acquired share is greater.