我国海外跨国并购逆向技术溢出效应研究

发布时间：2018-04-02 04:08

本文选题：跨国并购　切入点：自主创新　出处：《贵州财经大学》2017年硕士论文

【摘要】：改革开放以来,国家大力发展对外直接投资,积极实行“走出去”战略,对外直接投资异常活跃。而作为其中重要投资方式之一的跨国并购,不仅其规模在不断增加,并购数量也在逐年增长。2010至2015年,海外并购数量从57件增加到222件,年均增长率为25.4%,海外并购规模从594.9亿元增加到1936.9亿元,年均增长率为21.7%。与此同时,我国的技术创新也取得令人骄傲的“成绩”,2010至2015年,我国专利申请数量从79767件增加到263000件,年均增长率为22%,而RD研发投入也从2010年的7062.58亿元扩大到2015年的14220亿元。从以上数据可以看出,海外跨国并购似乎正不断通过逆向技术溢出效应推进着中国的技术创新。选择我国海外跨国并购的逆向技术溢出为研究主题对丰富跨国投资理论、指导海外跨国并购实践有着重要的理论和现实意义。为此,本文首先海外跨国并购和技术创新现状加以描述,统筹把握我国整体海外跨国并购逆向技术溢出现状;其次对我国的跨国并购逆向技术溢出机制加以剖析,并在这些具体运行机理下考虑各种层次的影响因素,进而通过这些相互影响因素构建实证模型。在实证模型中,采集了从1996-2015年相关数据,并通过单位根和格兰杰检验,得出了海外跨国并购确实能促进提升我国技术水平的提升。结论指出,我国的海外跨国并购在促进技术创新的同时也受到国内外各因素的制约,国内主要是我国海外投资方向的相关问题,而国外则侧重在国外技术壁垒的存在。因此根据这些结论本文在最后提出了相关建议,一方面是基于企业的微观政策,统筹考虑并购风险、加大企业海外研发及加强自身吸收能力;另一方面是基于政府的宏观层面来考虑,提供资金担保、加强人才梯队的培养及完善相关法律层面建设。
[Abstract]:Since the reform and opening up, the country has vigorously developed foreign direct investment, actively implemented the "going out" strategy, and foreign direct investment has become extremely active. As one of the important investment methods, transnational mergers and acquisitions are not only increasing in scale. The number of mergers and acquisitions has also been increasing year by year. From 2010 to 2015, the number of overseas mergers and acquisitions has increased from 57 to 222, with an average annual growth rate of 25.40.The scale of overseas mergers and acquisitions has increased from 59.49 billion yuan to 193.69 billion yuan, with an average annual growth rate of 21.70.At the same time, China has also made proud achievements in technological innovation. From 2010 to 2015, the number of patent applications in China increased from 79767 to 263000. The average annual growth rate is 22 yuan, and R & D R & D investment has increased from 706.258 billion yuan in 2010 to 1.422 trillion yuan in 2015. As can be seen from the above data, Cross-border M & A (M & A) abroad seems to be promoting China's technological innovation through reverse technology spillover effect. It is of great theoretical and practical significance to guide the practice of overseas cross-border M & as. Firstly, this paper describes the status quo of overseas cross-border M & A and technological innovation, and comprehensively grasps the reverse technology spillover status of overseas M & A in China as a whole. Secondly, we analyze the reverse technology spillover mechanism of cross-border M & A in China, and consider the influence factors of various levels under these specific operating mechanisms, and then construct an empirical model through these mutual influencing factors. From the relevant data collected from 1996 to 2015, and through unit root and Granger test, it is concluded that overseas cross-border mergers and acquisitions can really promote the upgrading of China's technological level. While promoting technological innovation, China's overseas cross-border M & A is also restricted by various factors at home and abroad. Domestic issues are mainly related to the direction of overseas investment in China. Therefore, according to these conclusions, this paper puts forward some relevant suggestions at the end, on the one hand, it is based on the micro policy of the enterprise, considering the risks of M & A as a whole. On the other hand, it is based on the macro level of the government to consider, provide financial guarantee, strengthen the cultivation of talent echelon and improve the related legal level construction.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F273.1

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