“一带一路”国家跨国并购网络关系发展及影响因素研究

Research on Evolution and Influencing Factors of Cross-border M&A Network in the Belt and Road Countries

本文针对与中国签订"一带一路"合作协议的67个国家,从Zephyr全球并购数据库提取2002-2016年间完成的跨国并购交易记录,运用社会网络分析方法,对国家间跨境并购网络进行统计分析,并运用静态面板模型的估计方法探析影响并购成功的主要因素。研究发现,资源、技术、基础设施建设水平和实际有效汇率对于提升一个国家在"一带一路"并购网络中与其它国家联系紧密的程度,具有积极的贡献。

This article addresses 67 countries that have signed the Belt and Road Initiatives cooperation agreement with China and discuss Cross-border mergers and acquisitions networks among countries using social network analysis method and extracting the transaction records of cross-border M＆A completed between 2002 and 2016 from the Zephyr global M＆A database. The research uses static panel model estimation methods to discover the main factors affecting the success of cross -national takeovers. This study found that the level of resources, technology, infrastructure construction, and effective exchange rates have positively contributed to the promotion of a country＇ s closeness centrality in the Belt and Road Initiatives M＆A network and Road Initiatives M＆A network.