基于单边引力模型的中资金融机构跨境并购研究

Research on the Cross-border M&A of Chinese Financial Institutions Based on Unilateral Gravity Model

华人移民与心理距离是影响中资金融机构跨境并购的重要因素,但一直没有得到足够的重视。利用单边引力模型,以2000-2016年间中资金融机构跨境并购案例为样本,将并购目标国与我国匹配后进行的实证检验结果证实,目标国华人移民规模的确是影响中资金融机构跨境并购的重要因素,不过心理距离的影响并不显著。此外,结果还表明目标国经济与预期值差距越大、金融监管体制差距越小越有可能成为中资金融机构的并购目标国。

Chinese immigrants and psychological distance are important affecting factors in cross-border mergers and acquisitions of Chinese financial institutions,but they have not been given enough attention.Using unilateral gravity model,based on the sample of the cross-border M&A cases of Chinese financial institutions from 2000 to 2016,the empirical tests matching the target countries with China confirm that the size of Chinese immigrants in the target countries has become an important factor affecting cross-border mergers and acquisitions of Chinese financial institutions,but the impact of psychological distance is not significant.In addition,we find that a country with the greater gap between real and expected economy and with the narrower gap between target country and China in government supervision more likely becomes a target country of M&A for Chinese financial institutions.