跨国并购提高了中国企业的竞争优势吗?——基于区域性与非区域性企业特定优势的检验

Do Cross-border M&As Increase Chinese Enterprises' Competitive Advantages? A Test Based on the Specific Advantages of Regional and Non-regional Enterprises

本文测度区域性企业特定优势和非区域性企业特定优势两类竞争优势,以2010—2017年中国信息技术产业的跨国并购为研究样本,基于倍差法的倾向得分匹配方法,实证分析了跨国并购与企业竞争优势的关系。研究发现:(1)跨国并购显著提高了企业的区域性企业特定优势,但对于非区域性企业特定优势的作用不显著。(2)跨国并购对区域性企业特定优势存在持续的推动作用,但作用逐渐减弱。(3)影响机制分析结果表明,跨国并购促进了固定资产投资、企业规模和营销支出,但对研发投入存在挤出效应,抑制了非区域性企业特定优势的提升。(4)基于企业异质性和控股模式的分析显示,国际化经验丰富的企业能够更有效利用跨国并购提升上述两类特定优势;被普遍认为具有制度优势的国有企业,并未有效利用跨国并购提升自身的竞争优势;采用不完全控股模式的跨国并购对区域性企业特定优势的促进作用显著优于完全控股模式。本研究对中国企业跨国并购与竞争优势的关系进行了更全面的诠释,对政府制定对外直接投资政策和指导中国企业的跨国并购实践具有一定的参考价值。

Under the background of large-scale "going out" of Chinese enterprises, can crossborder M&As become an effective tool for Chinese enterprises to establish competitive advantages? Are cross-border M&As an international "spring-board" for Chinese enterprises? This study starts with analyzing the impact of cross-border M&As on the two types of FSAs, and tests whether cross-border M&As can constitute a "spring-board" for the internationalization of Chinese enterprises.This study takes BVD(Zephyr) global M&A transaction analysis database as the data source, uses the panel stochastic frontier model(SFA) and Malmquist decomposition method to subdivide the enterprise competitive advantage into LB-FSAs and NLB-FSAs, and in turn, analyzes the impact of cross-border M&A on the two types of firms’ FSAs. This study further discusses the mechanism of internationalization experience, enterprise ownership and holding mode on the relationship between cross-border M&As and corporate competitive advantages. The empirical analysis shows that:(1)Cross-border M&As significantly increase the LB-FSAs of enterprises, but the effect on NLB-FSAs is not significant;(2) Cross-border M&As have a continuous driving effect on LB-FSAs, but the effect is gradually weakening;(3) Cross-border M&As promote fixed assets investment, enterprise scale and marketing expenditure, but they have a crowding-out effect on R&D investment and inhibit the promotion of NLB-FSAs;(4) A deeper look into firm heterogeneity and holding mode shows that nonstate-owned enterprises with rich international experience that adopt an incomplete holding mode are more effective in using M&As to enhance their competitive advantages. The contributions of this study include: Firstly, we distinguish and quantify LB-FSAs and NLB-FSAs, and establish a mechanism framework for how cross-border M&As enhance enterprises’ competitive advantages. Secondly, we empirically analyze the effect and influence mechanism of cross-border M&As on the two types of competitive advantages, test the theory of "spring-board", and provide empirical evidence. Thirdly, we combine the PSM and DID approaches to ensure more precise research conclusions. Finally, we analyze the adjustment mechanism of three important factors: internationalisation experience, enterprise ownership and holding mode. The limitations of this paper are as follows: the sample mainly comes from ICT industry and does not consider the resource characteristics of target companies. Future research can carry out more detailed classification for different industry heterogeneity, or use case study methods to analyze the impact of resource complementarity or synergy on competitive advantages.