“主场优势”与国有企业海外并购倾向

“Home Advantages”and State-owned Enterprise Trends to“Go Global”

本文比较研究了国有及非国有企业在海外和国内并购的不同倾向。国有企业在国内享有政策优惠的“主场优势”没有延伸至国外,由于国内外非对称的竞争优势格局,在并购市场上国有企业更青睐国内标的,海外并购相对不足。我们通过多元回归和DID的方法证实,国有企业海外并购倾向较低,不同所有制企业的海外并购倾向在全球通用资产的并购中差异较小,在国家特定优势资产的并购中差异较大。具有较高外部政策偏倚(市场化程度较低和国有经济比重较高)和较高内部政治资源(高管具有政治背景)的企业,对海外并购的厌恶程度更高,从而证明政策偏倚是解释国有企业“走出去”难的关键。

This paper compares and studies the different trends in cross-border mergers and acquisitions(M&A)between state-owned enterprises(SOEs)and non-SOEs.The policy advantages enjoyed by SOEswithin the domestic market have not been extended to foreign countries,which represents a typical“home advantage”.Due to asymmetric competitive advantages at home and abroad,SOEs reflect preferences for domestic targets within the M&A market,hence cross-border M&A are relatively inadequate.Through multiple regression and the difference-in-differences(DID)technique,SOEs are found to be less prone to cross-border M&A.Ownership of cross-border M&A tends to reflect a smaller difference in global common asset M&A and a larger difference in country-specific advantageous asset M&A.Enterprises with a higher external policy bias(established in areas with lower marketization and a higher proportion of state-owned economy)and greater internal political resources(senior executives with political backgrounds)are more dissatisfied with cross-border M&A,demonstrating that policy bias is a key factor in explaining the lower trend of SOEs to“go global”.