装备制造业海外并购核心驱动因素的理论与实证分析

发布时间：2018-03-07 08:05

本文选题：装备制造业　切入点：海外并购　出处：《现代财经(天津财经大学学报)》2017年09期 　论文类型：期刊论文

【摘要】：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。
[Abstract]:Under the background of economic globalization, the equipment manufacturing industry has realized the promotion of industrial competitiveness with the help of international elements and international market space, relying on overseas M & A. The equipment manufacturing industry is gradually developed to "intelligent manufacturing" and "high-end manufacturing". This study uses the general equilibrium research method to introduce the quality coefficient of M & A assets, and to construct the framework of the influence of M & A asset quality coefficient on enterprise M & A decision. This paper analyzes the multi-level relationship between the quality of overseas M & A assets of equipment manufacturing enterprises and the decision of production and management of enterprises, and deduces the optimal M & A decision from the perspectives of cost minimization and market power optimization. This paper systematically expounds the influencing factors of M & A assets scale and M & A asset quality. Under the frame of gravity model analysis, using ISM method and case analysis method, the M & A cases in China's equipment manufacturing industry are empirically tested. The research shows that the direct factors of overseas M & A of Chinese enterprises are to export excess capacity, to seek the rising status of global value chain and to diversify the management strategy. The core driving factor of overseas M & A in China is the actual control ability of acquiring technology and market elements.
【作者单位】：天津财经大学经济学院;
【基金】：国家社会科学基金重点项目(15AGJ010)
【分类号】：F271;F426.4

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