跨国并购逆向技术溢出效应的影响因素研究

发布时间：2018-02-15 15:45

本文关键词： 跨国并购逆向技术溢出效应影响因素　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：在世界经济疲软的背景下,发展中国家却保持着较高的经济增速,海外并购越来越频繁,特别是中国这一最大的发展中国家,正逐步成为海外并购的主力。相对于发达国家发起的跨国并购,发展中国家在进行跨国并购时,通常具有一定的技术寻求目的。因而,本文基于我国跨国并购的现状与特点,研究中国企业跨国并购中的逆向技术溢出问题,对于指导我国企业通过跨国并购实现技术升级具有重要的现实意义。本文的研究重点是,中国这一最大的发展中经济体,在进行跨国并购时,影响逆向技术溢出效应的因素。为了使研究更具针对性,本文进一步筛选出2007-2015年具有技术寻求目的的跨国并购案例作为研究对象,对各年度、各行业的技术寻求型跨国并购案例进行统计分析。结果显示,我国企业技术寻求型跨国并购整体呈逐年上升的趋势,并且主要集中在技术密集型行业中,如信息技术领域、医药领域、电器机械与器材制造领域。同时,基于企业的异质性,本文分别从并购方的角度、被并购方的角度以及并购双方相互关系角度分析了影响我国企业跨国并购逆向技术溢出效应的因素。回归结果显示,在中国企业技术寻求型跨国并购中,逆向技术溢出效应的影响因素主要有并购方的制度背景(政府持股)以及与东道国的文化距离,这里企业自身的制度因素(政府持股)对于逆向技术溢出效应起到了重要的作用。为了加强研究结果的说服力,文章在最后加入了稳健性检验,对研究模型中的因变量进行替换,进一步支持了本文的研究结论。对于跨国并购技术溢出的问题,已有的研究大多从国家层面或产业层面进行分析和论证,微观层面的研究较少,缺乏基于企业异质性角度的考虑;相关研究未能形成一个完整的研究体系,未能对影响跨国并购逆向技术溢出效应的因素进行全面的论证;在研究的样本选取上,前人大多采用全样本笼统的研究或基于行业分类的研究,所得的研究结果可能是粗略、有偏差的。本文的创新主要在于从并购方、被并购方以及并购双方相互关系多个角度,全面的考察影响中国企业跨国并购逆向技术溢出效应的因素;同时,本文筛选出具有技术寻求目的的跨国并购案例进行分析,使研究更具针对性,结果更具说服力。
[Abstract]:Against the backdrop of a weak world economy, developing countries are maintaining relatively high economic growth, and overseas mergers and acquisitions are becoming more and more frequent, especially in China, the largest developing country. Compared with the transnational M & A initiated by the developed countries, the developing countries usually have a certain technology to seek for the purpose. Therefore, based on the current situation and characteristics of China's cross-border M & A, this paper is based on the current situation and characteristics of cross-border M & A in China. The study of reverse technology spillover in cross-border M & A of Chinese enterprises is of great practical significance to guide Chinese enterprises to realize technological upgrading through cross-border M & A. the research focus of this paper is that China is the largest developing economy. In order to make the research more targeted, this paper further selects the case of transnational M & A with technology seeking purpose from 2007 to 2015 as the object of study. The results show that the overall trend of technology seeking transnational M & A in China is increasing year by year, and it is mainly concentrated in technology-intensive industries, such as information technology. Pharmaceutical field, electrical machinery and equipment manufacturing field. At the same time, based on the heterogeneity of enterprises, this paper respectively from the perspective of mergers and acquisitions, This paper analyzes the factors that influence the reverse technology spillover effect of Chinese enterprises' cross-border M & A from the angle of the acquired parties and the relationship between the two sides. The regression results show that in the technology seeking cross-border M & A of Chinese enterprises, The main influencing factors of adverse technology spillover effect are the institutional background of the acquirer (government holding) and the cultural distance from the host country. In order to strengthen the persuasion of the research results, the article adds the robustness test in the end, in order to strengthen the persuasion of the research results, the institutional factors (government ownership) of the enterprises play an important role in the reverse technology spillover effect. Replacing the dependent variables in the research model further supports the conclusion of this paper. For the problem of cross-border M & A technology spillover, most of the existing research from the national level or the industrial level to analyze and demonstrate. There are few researches on microcosmic level and lack of consideration based on enterprise heterogeneity; the related research has not formed a complete research system and has not fully demonstrated the factors affecting reverse technology spillover effect of cross-border M & A. In the sample selection of the research, most of the predecessors used the whole sample general research or the research based on industry classification, and the results obtained may be rough and biased. The innovation of this paper is mainly from the M & A side. From many angles of the relationship between the M & A parties and the two sides of M & A, the factors that affect the reverse technology spillover effect of Chinese enterprises' cross-border M & A are comprehensively investigated. At the same time, the paper selects out the case of cross-border M & A with the aim of seeking technology to analyze. It makes the research more specific and the results more persuasive.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271

【参考文献】