全球价值链与跨国并购——基于并购网络和并购倾向的研究

Global Value Chains and Cross-Border Mergers and Acquisitions——A Study Based on Merger Networks and Merger Tendencies

参与全球价值链是世界各国企业融入国际贸易分工体系的重要途径,跨国并购是重要的企业投资方式,但二者间的关系在已有研究中鲜有涉及。本文利用2007—2019年全球价值链和跨国并购数据,从并购网络和并购倾向的角度深入分析全球价值链对跨国并购行为的影响。研究发现,全球价值链嵌入程度对跨国并购行为具有显著的正向影响;在并购网络方面,价值链嵌入程度越高的国家(地区),其并购网络中心度越大,在并购网络中的地位越高;在并购倾向方面,国家(地区)的价值链嵌入程度越高,该国(地区)企业越有可能对跨行业或高TFP国家(地区)的企业发起并购。此外,处于价值链下游的国家(地区)更倾向于通过跨国并购突破“低端锁定”的困局。在构建“双循环”新发展格局的大背景下,研究全球价值链与跨国并购行为的关系具有重要的现实意义。

Participating in global value chain is an important way for companies from all over the world to integrate into the international trade system, while cross-border mergers and acquisitions(M&A) play an important role in corporate investment. However, the relationships between global value chain and cross-border M&A are rarely mentioned in previous studies.Based on global value chain participation and cross-border M&A data from 2007 to 2019, this paper analyzes the impact of the global value chain on cross-border M&A from the perspective of merger networks and merger tendencies.This paper shows that global value chain participation has a significant positive effect on cross-border M&A. In terms of M&A network,the higher the value chain participation of the country, the greater the centrality of its merger network, and the higher its position in the M&A network. In terms of M&A tendency, this paper finds that firms in countries with higher participation in the global value chain tend to seek more M&A opportunities in cross industries. For firms in developing economies, if they expect to improve their productivity through cross-border M&A to escape from the risk of "low-end lock-in", they are more likely to target countries(regions) with higher TFP.This paper contributes in the following two aspects: firstly, in the study of global value chain, this paper investigates the impact of participation in global value chains on cross-border M&A behavior, overcoming the "statistical bias" of trade data.Secondly, in terms of social network analysis, cross-border M&A have deep influence on the equity structure of global capital markets, and this paper confirms the difference effect of forward participation and backward participation in global value chains.Against the background of domestic and international double cycles, as the largest developing country, China, due to its disadvantage and the risk of "low-end lock-in" in the global value chain, should adopt a more aggressive M&A strategy and encourage more Chinese enterprises to "go global" through cross-border M&A based on the deep participation in the global value chain.