生产率与企业并购:基于中国宏观层面的分析

发布时间：2018-09-07 22:04

【摘要】：企业微观层面的大量研究表明,生产率决定了并购,那么一国整体的生产率水平是否对一国总体的并购活动产生影响?本文基于企业国内并购与跨境并购在微观决策方面的特征,构建国内并购和跨境并购完成数量的宏观决定模型,以此揭示宏观因素对企业决定进行国内并购或跨境并购的影响机制。在此基础上,本文利用中国近十年的并购数据从宏观层面进行了实证检验。研究结果表明:生产率提高对国内并购和跨境并购都具有重要的促进作用;国内并购同时受到国内劳动力成本、资金成本及市场规模的影响,跨境并购同时受到东道国劳动力成本、市场规模以及中国与东道国文化差异的影响;国内股市增长对跨境并购有显著的促进作用,但对具有较大波动性的国内并购,其促进作用并不稳健。本文的研究拓展了文献对生产率和总体并购关系的认识,有助于理解企业并购的决定因素和并购资本国际流动的规律。
[Abstract]:A large number of studies at the micro level of enterprises show that productivity determines mergers and acquisitions, so whether the overall productivity level of a country has an impact on the overall M & A activities of a country? Based on the characteristics of domestic M & A and cross-border M & A in micro decision-making, this paper constructs a macro decision model of the number of domestic M & A and cross-border M A. In this way, it reveals the influence mechanism of macro factors on enterprises' decision to conduct domestic M & A or cross-border M & A. On this basis, this paper makes an empirical study on the macro-level by using the M & A data of nearly ten years in China. The results show that the productivity increase plays an important role in both domestic and cross-border mergers and acquisitions, and domestic M & A is also affected by the domestic labor costs, capital costs and market size. Cross-border M & A is also affected by labor costs, market size and cultural differences between China and host countries. The growth of domestic stock market plays a significant role in promoting cross-border M & A, but in domestic M & A with greater volatility. Its promotion function is not steady. The study of this paper expands the understanding of the relationship between productivity and M & A in general, and helps to understand the determinants of M & A and the law of international capital flow of M & A.
【作者单位】：上海财经大学金融学院;上海市金融信息技术研究重点实验室;
【基金】：国家自然科学基金2012年一般项目(基金编号:71273163) 国家自然科学基金2015年一般项目(基金编号:71573167) 教育部2011年新世纪人才支持计划项目上海财经大学研究生科研创新基金资助项目(基金编号:CXJJ-2014-310)的资助
【分类号】：F272.5;F271

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