基于CiteSpace的跨国并购演进趋势与热点可视化分析

Analysis of Evolutionary Trends and Hot Topics of A CiteSpace-based Visualization of Cross-border Mergers and Acquisitions

跨国并购是资本市场永恒的话题,对跨国并购研究成果进行科学系统的总结,将为中国经济发展和企业并购提供有益的参考。本文使用CiteSpace软件对“中国知网”2000—2022年发表的有关“跨国并购”为主题的2894篇核心和CSSCI期刊文献进行可视化分析。研究结果表明:(1)有关跨国并购研究文献数量呈现先上升后下降的趋势,总体保持在较高水平,其中核心和CSSCI的发文量呈现先上升后平稳的趋势。在“走出去”战略、2008年金融危机、2013年“一带一路”倡议以及相关海外并购的政策背景下,结合发文量、研究热点可以将中国跨国并购分为三个时期:探索期、成长期和稳定期;(2)发文作者与发文机构呈现出数量多、合作度低的特点;(3)中国跨国并购的热点从如何应对、利用外资和学习研究经典的并购案例到“走出去”并购国外的公司,从宏观角度定性分析并购好坏到微观个体的并购动机、战略选择、并购目标、影响因素、并购整合以及并购绩效。最后,“案例研究”“并购绩效”“企业异质性”“制度距离”和“全球价值链”是近几年的研究热点,也是未来一段时间的研究趋势。

Cross-border mergers and acquisitions(M&A)are an eternal topic in the capital market,and a scientific and systematic summary of the research results of cross-border M&A will provide useful references for China’s economic development and corporate M&A.In this paper,we use CiteSpace software to visualize and analyze 2,894 core and CSSCI journals on cross-border M&A published in China National Knowledge Infrastructure(CNKI)from 2000 to 2022.The results of the study show that:(1)The number of cross-border M&A research literature shows an upward and then a downward trend,and the overall level is maintained at a high level,among which the number of articles published in core and CSSCI journals shows an upward and then a stable trend.Under the strategy of“going global”,the financial crisis in 2008,the“Belt and Road”Initiative in 2013,and the policies related to overseas M&A,combined with the number of articles and research hotspots,China’s cross-border M&A can be divided into three periods:the exploration period,the growth period,and the stable period;(2)The number of authors and institutions is large,but the degree of their cooperation is low;(3)The hotspots of China’s cross-border M&A range from how to cope with and make use of foreign investment and studying classic M&A cases to“going global”and acquiring foreign companies;from the macro perspective,we qualitatively analyze whether M&A is good or bad,to the micro individual M&A motivation,strategy selection,M&A target,influencing factors,M&A integration and M&A performance.Finally,“case studies”,“M&A performance”,“firm heterogeneity”,“institutional distance”and“global value chains”are analyzed as the research hotspots in recent years and the research trend in the coming period.