国有制身份对中国企业海外竞购交易成败的影响研究

发布时间：2019-01-24 14:27

【摘要】：文章旨在探索中国企业跨国竞购受挫的原因,特别是国有制身份是否起到阻碍作用及其在企业规模、投资国别和行业等因素的调节下对竞购结果的影响。通过对2005~2014年439例中国企业大额跨国并购案例的实证检验,文章发现虽然东道国的法律和经济制度、并购交易金额和时机等因素对竞购成功几率有显著影响,但总体而言,国有制性质因素的阻碍作用并不显著,且在企业规模足够大的情况下,更有利于并购交易的达成。在发达国家以及敏感行业等特定并购情境下,国有制身份的确是降低成功几率的劣势因素,但在发展中国家则会增加成功几率。研究所得启示在于,国有企业海外竞购失败不能完全归因于所有制性质带来的歧视因素,仅凭借资金优势进行海外扩张必定遭遇坎坷,国有企业在"走出去"实践中应注重软实力的构建,通过"同构"东道国制度环境以克服外来者劣势。
[Abstract]:The purpose of this paper is to explore the reasons for the setback of multinational bidding of Chinese enterprises, especially whether the identity of state ownership plays an obstacle role and its influence on the bidding result under the adjustment of the scale of the enterprise, the country and industry of investment, and so on. Through the empirical test of 439 large transnational M & A cases of Chinese enterprises from 2005 to 2014, this paper finds that although the host country's legal and economic system, the amount and timing of M & A transactions have a significant impact on the probability of successful bidding, it is found that, in general, The hindrance of the nature of state ownership is not significant, and in the case of large enough enterprises, M & A transactions are more favorable. In certain M & A situations, such as developed countries and sensitive industries, the status of state ownership is indeed a disadvantage factor to reduce the probability of success, but in developing countries, it will increase the probability of success. The enlightenment of the study is that the failure of overseas bidding of state-owned enterprises cannot be attributed entirely to the discriminatory factors brought about by the nature of ownership, and it is bound to be bumpy to expand overseas solely on the basis of capital advantages. In the practice of "going out", state-owned enterprises should pay attention to the construction of soft power and overcome the disadvantages of outsiders through "isomorphism" of host country system environment.
【作者单位】：东北财经大学萨里国际学院;
【基金】：“辽宁省高等学校杰出青年学者成长计划”:《中国企业“安全高效”对外直接投资的影响因素及实现路径》(项目编号:WJQ2014039) 国家自然科学基金:《进入壁垒与投资风险的识别及对逆向投资的影响机理》(项目编号:71373037) 教育部人文社会科学重点研究基地重大项目:《我国战略性新兴产业全球网络布局及其投资策略研究》(项目编号:13JJD790002)
【分类号】：F276.1;F271

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