知识产权保护强度、集群程度与股权选择

Intensity,Cluster Degree and Equity Selection for Intellectual Property Right Protection

本文基于BVD-Zephyr全球并购交易数据库,采用2008-2017年中国企业跨国并购交易数据,分析了东道国的知识产权保护强度、集群程度对中国企业跨国并购股权选择的影响,以及行业相关性的调节作用。研究结果表明:东道国的知识产权保护强度较强,中国企业跨国并购倾向于较高的股权比例;东道国的集群程度较高,中国企业跨国并购倾向于较高的股权比例;从行业的角度看,行业相关性对于东道国的知识产权保护强度与股权选择无调节作用,而行业相关性对于东道国的集群程度与股权选择起着负向调节作用。

Based on BVD-Zephyr global M&A transaction database,this paper analyzes the impact of intellectual property right protection intensity and cluster degree of the host country on equity selection in cross-border M&A of Chinese enterprises by using cross-border M&A transaction database during 2008-2017.Besides,this paper studies whether the adjustment effect of industry relatedness has any influence on the equity selection of Chinese enterprises’cross-border mergers and acquisitions.The results show that the host country’s intellectual property right protection intensity is strong,Chinese companies’cross-border mergers tend to have a higher proportion of equity.Then,the host country’s clustering degree is higher,Chinese companies’cross-border mergers tend to have a higher proportion of equity.From an industry perspective,industry relevance has no regulatory effect on the strength of intellectual property right protection and equity selection in the host country,while industry relevance plays a negative role in regulating the degree of clustering and equity selection in the host country.