距离、信息通信技术与我国企业跨国并购区位选择

Distance,the Effect of Information Communication Technology and Cross-border M&A Location Choice

文章研究2002-2019年期间我国企业跨国并购事件,采用条件Logit和混合Logit回归方法,探讨了距离和双边信息通信技术发展对于我国企业跨国并购区位选择影响。研究发现地理距离、制度距离和文化距离依然对我国企业跨国并购依然具有显著负面影响。同时,发现双边信息通信技术发展对我国企业跨国并购具有显著正面影响,并且调节了距离和跨国并购行为间关系,即双边信息通信技术发展削弱了地理距离、制度距离和文化距离在并购区位选择中不利影响。

Based on the micro-level data of Chinese enterprises’cross-border M&A in 2002-2019,this paper use the conditional Logit model and a mixed Logit model,to investigates the relationship between the development of bilateral information communication technology,the different dimensions of distance-geographic distance,culture distance,institutional distance and the location choice of China’s cross-border mergers and acquisitions.The empirical results shows that the further the geographic distance,culture distance and institutional distance between China and the host country,the less possibility that Chinese enterprises conduct M&A in the host country.And the higher level of bilateral information communication technology development,the more possibility that Chinese enterprises conduct M&A in the host country.In addition,the development of bilateral information communication technology significantly adjust the relationship between distance and location choice of M&A,which has weakened the disadvantageous influence of geographical distance,institutional distance and cultural distance in the choice of M&A location.