日本企业跨国并购的生产率效应

The Productivity Effect of Japanese Enterprises'Cross-Border M&A

利用2009—2016年间日本微观数据,采用PSM-DID方法,系统评估日本企业跨国并购生产率效应的研究结果表明,跨国并购有利于促进日本企业生产率进步,这种促进作用呈现逐年减弱的趋势。进一步地,从企业异质性和东道国特征两个方面细分考察异质性跨国并购生产率效应的差异后可以发现,日本制造业企业和服务业跨国并购能推动并购企业生产率增长;并购东道国为发达国家时,跨国并购抑制企业生产率提升,东道国为发展中国家时,跨国并购促进生产率进步。

To examine the effect of cross-border M&As on the productivity of Japanese enterprises,the paper uses PSM-DID method to analyze Japanese cross-border M&A activities from 2009 to 2016.It found that cross-border M&As significantly increased the productivity of enterprises,but the effect became weaker and weaker with the passage of time.Enterprise heterogeneity and characteristics of the host country have a great influence on the effects.Cross-border M&As improve the productivity of manufacturing and service enterprises.Enterprises that engaged in cross-border M&As in developing countries acquired more productivity gains than those in developed countries.