“一带一路”沿线跨境并购的特征、影响因素及展望——基于美、英、日、中的国际比较

Characteristic,Determinants Factors and Future Prospects of Corss-border Mergers and Acquisitions in the “Belt and Road” Area Based on the International Comparison of the United States,the United Kingdom,Japan and China

利用Thomson Reuters SDC Platinum database数据库,对2000-2016年间以"一带一路"沿线地区为目的地的跨境并购的主要特征进行分析,对比美、英、日、中四国的并购偏好特征,并对背后的影响因素进行解释,主要结论如下:(1)并购来源国以域外、高收入国家为主,但随着全球金融危机的发生和"一带一路"倡议的提出,来自发展中国家的并购增长显著;(2)美国的跨境并购集中在西亚和南亚,具有技术、知识密集特点;英国以南亚为主要目标,集中在能源、电信服务等行业;日本集中在东盟地区,以金融、能源、工业为主;中国是中亚地区最大的投资国,以能源行业为主,近年来有向服务业、高新技术行业多样化发展的趋势;(3)不同国家的并购差异既受并购国不同优势的驱动,也受目标国经济、制度、地理等因素的影响。随着经济发展,并购规模和地位也会发生动态演变。

Mainly based on Thomson Reuters SDC Platinum database, this paper analyzes the main facts and characteristics of cross-border mergers and acquisitions(CBM A) from 2000 to 2016 in the 'Belt and Road' area,and four countries’ investment preference. The mainly findings are as follows.(1) After financial crisis in 2008 and the proposal of the 'Belt and Road Initiative',the CBM A share of emerging market and developing economies are on the rise, and the competition of investors is becoming more diversified.(2) The CBM A of US mainly invests in West Asia and South Asia,with technology and knowledge intensive features;UK concentrates in South Asia and in energy, telecommunications sectors;while, Japan ’ s CBM A concentrates in the ASEAN countries, and in finance, energy and industry sectors;China is the largest investor of central Asia. Although China mainly invests in energy sector, there is a new trend of diversification especially in service and high-tech sectors.(3) CBM A differences among different countries are not only driven by acquiring countries’ advantages, but also affected by various factors, like economy,institution,culture,geography and so on, of target countries.