外资并购对目标企业产能利用率的影响

The Influence of Foreign Capital Mergers and Acquisitions on Target Enterprises’ Capacity Utilization Rates

引进外资能够提升企业技术水平、开拓海外市场,是提高企业产能利用率的重要手段。采用PSM-DID法可检验外资并购对目标企业产能利用率的影响机制。据1998—2007年中国工业企业数据库和海关数据,检验外资并购对目标企业产能利用率的影响,结果显示:外资并购能够显著提升目标企业产能利用率,并且这种作用存在持续性效果。外资并购对目标企业产能利用率的作用随着被并购企业的性质、所在地区以及外资来源地的不同而存在异质性。外资并购通过生产率效应、进出口效应以及技术创新效应对目标企业产能利用率产生影响。

Utilizing the China Industrial Enterprise Database and the Customs Database from 1998 to 2007, this article operationalizes the PSM-DID method to analyze the impact of foreign capital mergers and acquisitions on target enterprises’ capacity utilization, illustrating a continuous effect. The impact of foreign capital mergers and acquisitions on target enterprises’ capacity utilization rates varies with the differences in the nature and location of the merged enterprise, as well as the different sources of foreign capital. Likewise, the impact is determined by the effects of productivity,imports and exports, as well as technological innovation.