所有制形式对中国企业海外并购策略的影响研究

The Form of Ownership and Chinese Enterprises' Overseas Mergers and Aquisitions Strategy

通过对183例中国企业海外并购案例的分析,相对于基本面机制,政府干预机制更能解释国有企业海外并购成功率低的现象,控股层级较多的国有企业的海外并购成功率较高。提出国有企业减小失败概率的路径选择,为政府制定和完善国有企业改革政策提供了若干建议。

The paper is studying the real root of state-owned enterprises＇ overseas ma failure, and furtherly investing the route choice for state-owned enterprises to decrease the failure probability. Through a empirical analysis on 183 Chinese enterprises＇ overseas ma cases, we find that： relative to non-state-owned enterprises, the success rate of state-owned enterprises＇ overseas ma is low. Compared with fundamental mechanism, the government intervention mechanism can explain the phenomenon of low success rate of state-owned enterprises＇ overseas ma better. The state-owned enterprise with more holding levels has a higher success rate of overseas ma. Combined with the empirical conclusions, we provide several suggestions for the government to formulate and improve policies for opening up and state-owned enterprises＇ reform.