数字型跨国并购:特征及驱动力

Characteristics and Drivers of Digital Cross-Border M&As

在理论分析的基础上,本文基于2009—2018年中国数字型跨国并购数据,利用面板负二项回归模型实证检验了数字型跨国并购的特征和驱动因素。本研究验证了数字型跨国并购不同于传统经济领域跨国并购的两个特征:东道国市场规模不再是企业跨国并购的重要考量因素;地理距离不再是数字型跨国并购的阻碍因素。实证结果显示,中国企业进行数字型跨国并购的技术寻求动机强烈,东道国丰富的数字技术和研发资源是其发起并购的核心驱动力。此外,制度距离和文化距离等"无形"距离仍强烈地影响着数字型跨国并购。本文还从行业和国家两个维度讨论了数字型跨国并购的特征与驱动力在扩展边际和集约边际上的具体表现,进一步验证和拓展了本文的核心结论。

On the basis of theoretical analysis,this paper uses the panel negative binomial regression model to empirically test the characteristics and drivers of digital cross-border mergers and acquisitions(M&As)based on the data of China’s digital cross-border M&As from 2009 to 2018.The empirical analysis results verify the two characteristics of digital cross-border M&As that differentiate them from traditional ones:for digital cross-border M&As,first,the market size of the host country is no longer an important factor to consider,and second,the geographical distance is no longer an obstacle.Meanwhile the results also show that Chinese enterprises have a strong motive to seek technology through digital cross-border M&As,and the host country’s rich digital technology and R&D resources are the core driver for them to initiate such M&As.In addition,“invisible”distances such as institutional distance and cultural distance still exert a strong influence on digital cross-border M&As.Finally,this paper also discusses the specific performance of the characteristics and drivers of digital cross-border M&As on the extensive margin and the intensive margin by industry and by country,further verifying and expanding the core conclusions of this paper.