我国上市公司跨国并购动因及影响因素研究——基于多项Logit模型的实证分析

Research on Motivation and Influencing Factors of Cross-border M&A of Chinese Listed Companies:Empirical Study Based on Multinomial Logit Model

中文关键词:  上市公司  跨国并购  国有控股  民营控股  资本收益率  技术动机  资源动机  市场动机

英文关键词:listed company  cross-border M&A; state holding  private holding  capital return rate  technical motivation  resource motivation  market motivation

中文摘要:

      随着我国经济的发展和国际化程度的不断加深,越来越多的中国企业“走出去”参与跨国并购,这引起了国际社会对于中国企业跨国并购动因的关注和担心。文章在梳理有关理论和文献的基础上,利用A股上市公司的182笔海外并购数据,采用多项Logit模型对我国企业海外并购动因的影响因素进行了实证研究。研究发现:企业的跨国并购受到企业自身因素和目标企业所在国的基本特征的影响,是企业自身需要与东道国发展特征相耦合的结果；国有控股、规模越大、资产负债水平越低的企业跨国并购越可能源于技术与资源的动机,而民营控股、资本收益率越高的企业则更多倾向于战略资产与市场动机；距离东道国距离越远,跨国并购越可能是出于市场和资源的动机,我国企业在低收入国家主要是资源动因,在高收入国家则更可能为技术获取的动因。结论对我国实现跨国并购提供了理论指导和借鉴。

英文摘要:

      With the development of economy and internalization in China, an increasing number of Chinese enterprises “go out” to participate in cross-border M&A, which also draw the concerns and worries about the motivation of cross-border M&A of Chinese listed companies. Based on the previous literature and research, this paper uses multinomial logit model to conduct an empirical study on the influencing factors of cross-border M&A. It shows that:(1) motivations of cross-border M&A are determined by the firms' characteristics and the features of the host country; (2) The larger the size, the higher ratio of asset liability and the state-owned enterprises are more prone to have motivations of technology and resources seeking, while the private-owned enterprises which have a higher ratio of return on assets are more likely for the motivation of strategic assets seeking and market seeking; (3) The farther the distance of the host country, the enterprises are more likely to M&A for the purpose of market and resources, the lower income of the host country, the more likely for the motivation of resource rather than technology. The conclusions provide the theoretical guidance and reference to transnational merger and acquisition in China. 