特定优势组合与中国企业跨国并购动因——来自中国上市企业的经验证据

Specific Advantages Combination and Cross-border M&A of Chinese Firms——Evidence from Chinese Listed Companies

本文利用2003—2020年CSMAR与Zephyr数据库匹配的并购数据,将中国上市企业跨国并购的企业特定优势与母国国家特定优势组合可视化分析,验证特定优势组合对跨国并购决策的影响。研究结果表明,中国企业跨国并购呈现低企业特定优势与高国家特定优势组合、国家特定优势主导的混合驱动特征。机制检验表明,企业融资约束是特定优势组合发挥作用的主渠道,融资约束下的制度逃逸冲动在针对发展中国家的并购中更为显著。异质性检验表明,中国企业对发展中国家的跨国并购以企业特定优势驱动为主,对发达国家的跨国并购以国家特定优势驱动为主,非国有企业全要素生产率的提升弥补了融资约束的负向影响。

This paper used the 2003—2020 Chinese listed companies to match with the Zephyr database.It presented a matching matrix of country-specific advantages and firm-specific advantages of Chinese firms,and investigated the impact of specific advantage combinations on Chinese companies’cross-border M&A decision making.The results indicate that Chinese companies’cross-border M&A display low firm-specific advantages and high country-specific advantages,dominated by country-specific advantages.Firms’financing constraints are the main channel for the combination of firm-specific advantages and country-specific advantages.The impulse of institutional escape under financing constraints is more significant in cross-border M&A aimed at developing countries.Increasing total factor productivity of non-SOEs compensates for the negative impact of financing constraints.