海外并购影响我国产业结构优化升级的机制研究

On the Mechanism That Overseas Merger and Acquisition Effects the Optimization and Upgrading of China's Industrial Structure

随着我国企业"走出去"步伐的加快,海外并购已成为我国参与国际分工与合作的重要方式,那么海外并购对国内产业结构优化升级产生了什么影响呢?本文利用2003-2015年的地级市面板数据,从产业结构合理化与高度化两个维度检验了海外并购对我国产业结构优化升级的影响。研究发现:总体上,海外并购显著地促进了产业结构的合理化与高度化;进一步的分区域样本检验表明,海外并购对产业结构优化升级的促进作用在中西部地区要大于东部地区;对不同等级城市而言,海外并购显著促进了一二线城市的产业结构高度化,对三线城市的产业结构合理化和高度化均只发挥了促进作用。因此,对于推动产业结构优化升级而言,在积极鼓励企业"走出去"的同时,应进一步优化海外并购的空间布局。这对迈入海外并购热潮阶段的中国而言具有重要政策意义。

With the acceleration of the"going out"of Chinese enterprises,overseas merger and acquisition has become an important way for China to participate in international division of labor and cooperation. So what is overseas M&A effect on the optimization and upgrading of domestic industrial structure? Using the panel data of prefecture-level city from 2003 to 2015,this paper examines the impact of overseas M&A on the optimization and upgrading of China's industrial structure from two dimensions of the rationalization and high degree of industrial structure. The study found that: first,overseas M&A have significantly promoted the rationalization and high degree of industrial structure; secondly,further sub-regional sample examination showed,the promotion of overseas M&A to the optimization and upgrading of industrial structure is greater in the central and western regions than in the eastern region. Thirdly,for different levels of cities,overseas M&A only promote the high degree of industrial structure in the first and second tier cities. It has played a role in promoting the rationalization and height of the industrial structure of the three-tier cities. Therefore,to promote the optimization and upgrading of the industrial structure,while actively encouraging enterprises to "go out",the space layout of overseas M&A should be further optimized. It is of great policy significance for China to enter the upsurge of overseas M&A.