竞争优势、资产价格与中国海外并购

发布时间：2018-11-03 15:33

【摘要】：针对近年来高速增长的中国海外并购,主流的观点认为这是中国企业国际竞争优势增强后水到渠成的现象(“竞争优势假说”)。然而,传统的“竞争优势假说”却无法解释中国海外并购中若干特征事实。本文认为,解释国内企业海外并购的优势背离,不能忽略国内外资产价格在驱动我国企业海外并购中发挥的关键作用(“价格假说”)。在充分阐释“价格假说”的内涵后,本文利用国家-行业-时间维度面板数据对这两种不同的理论假说进行了细致的检验。基准结果不支持“竞争优势假说”,但证实了资产价格因素的重要影响。通过剖析作用机制以及进行系列稳健性分析,我们进一步论证了本文的观点。
[Abstract]:In view of the rapid growth of China's overseas mergers and acquisitions in recent years, the mainstream view is that this is a natural phenomenon ("competitive advantage hypothesis") after the strengthening of the international competitive advantage of Chinese enterprises. However, the traditional "competitive advantage hypothesis" can not explain some characteristics of China's overseas mergers and acquisitions. This paper argues that the key role of asset prices at home and abroad in driving the overseas M & A of Chinese enterprises can not be ignored to explain the deviation of the advantages of overseas M & A of domestic enterprises ("Price hypothesis"). After fully explaining the connotation of "Price hypothesis", this paper makes a detailed test of these two different theoretical hypotheses by using the state-industry-time dimension panel data. The benchmark results do not support the competitive advantage hypothesis, but confirm the important influence of asset price factors. By analyzing the mechanism of action and a series of robust analysis, we further demonstrate the point of view of this paper.
【作者单位】：南开大学经济学院;

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