金砖国家国际并购的决定因素及实证分析

Empirical Analysis of the Determinants of BRICS' International M&A

近年来国际间并购行为越来越多,影响其成败的因素值得探究。金砖国家作为新兴经济体的代表,在国际并购中表现突出。因此,本文利用Bv D Zephyr全球并购交易数据库,探究金砖国家企业在2003~2017年间国际并购的影响因素。结果表明:东道国制度质量和制度距离与金砖国家企业国际并购成功率呈正相关;东道国的财政风险对金砖国家资源类并购和国有企业并购具有显著的促进作用;母国与东道国之间的贸易摩擦频度对金砖国家企业国际并购总体具有阻碍作用;国际经验与金砖国家企业的国际并购成功率呈"U"型关系;国有企业国际并购的成功率显著低于其他所有制企业。

International mergers and acquisitions （M＆A） are on the increase in recent years. The factors influencing their success are worth exploring. As the representatives of the emerging economies, BRICS stand out in the international M＆A. On the basis of BvD Zephyr global M＆A database, this paper probes into the factors affecting the international M＆A of BRICS enterprises during 2003- 2017. The results reveal that the institutional quality and institutional distance of the host country have positive impact on the success rate of the international M＆A of BRICS enterprises. Fiscal risk of the host country exerts a positive effect on the international M＆A in the resource industry of BRICS as well as in the state-owned enterprises. Trade frictions between the home and host countries have an overall impediment effect on the international M＆A of BRICS enterprises. International experience displays a ＂U＂ shape relationship with the success rate of the international M＆A of BRICS enterprises. The state-owned enterprises＇ success rate of the international M＆A of is lower than that of other kinds of enterprises.