装备制造业海外并购核心驱动因素的理论与实证分析

The Driving Factors for Overseas M&As of Equipment Manufacturing Industry

在经济全球化的背景下,装备制造业依托海外并购方式,借助国际要素和国际市场空间实现了产业竞争力的提升,使装备制造业逐步向"智能制造"、"高端制造"发展。本研究运用一般均衡研究方法,引入并购资产质量系数,构建并购资产质量系数对企业并购决策的影响框架,分析装备制造企业海外并购资产质量与企业生产经营决策的多层关系,从成本最小化和企业市场势力最优两个视角推导出企业的最优并购决策,系统阐述了并购资产规模和并购资产质量的影响因素。在引力模型分析框架下,运用ISM方法和案例分析法,对我国装备制造业的并购案例进行实证检验,识别了我国装备制造业的驱动因素及其关联关系。研究发现,我国企业海外并购的直接因素是输出过剩产能、寻求全球价值链地位的攀升以及多元化经营战略;我国海外并购的核心驱动因素是获取技术和市场要素的实际控制能力。

Under the development of economic globalization,overseas mergers and acquisitions are the main ways for EMI companies to expand their overseas market.The equipment manufacturing industry grows gradually into the intelligent manufacture.Based on the general equilibrium method,this study introduced the quality coefficient and conducted a theoretical research.We analyzed the relationship between the quality of overseas M&A assets and the decision-making of production of equipment manufacturing enterprises.We deduced the optimal M&A decision based on the cost minimization and the enterprise market forces.The factors affecting the scale of M&A assets and the quality of M&A assets are expounded systematically.In the framework of Gravity Model,using the ISM method and case analysis method,we make an empirical test on the equipment manufacturing industry of M&A cases in China.We identified the driving factors of China's equipment manufacturing industry.The results show that outputting overcapacity,seeking rise in the status of GVC rise and diversification are the superficial direct factors,while seeking access to foreign technology or market sources is the core driving factor.