全球跨国并购网络特征、演变及影响因素研究

Research on Characteristics, Evolution and Influencing Factors of Global Cross-border M&A Network

中文关键词:  跨国并购  全球并购网络  社会网络分析  QAP分析  并购资源动机  并购缔约成本

英文关键词:cross-border M&A; global M&A network  social network analysis (SNA)  QAP regression  M&A resource motive  M&A contracting cost

中文摘要:

      深入了解世界各国参与国际合作的经济动因,准确识别当前全球化发展过程中的各类复杂影响因素,是中国积极参与全球治理,构建和平、发展、可持续人类命运共同体的重要前提。运用社会网络分析方法,对全球175个国家1996—2017年间完成的跨国并购交易记录进行研究。结果发现,全球跨国并购网络整体密度不断攀升,有明显的社团集聚特征,新兴市场经济国家影响力逐渐扩大。此外,在不同的发展阶段,影响跨国并购网络的主要因素也存在一定差异。由于在全球并购关系网络中的中介性作用日益突显,中国应发挥自身的影响力,积极参与全球治理,努力促进国际经济合作网络的形成,尤其是发挥中国在基础设施建设方面的相对优势,帮助处于网络半边缘和边缘状况的国家融入国际经济合作。

英文摘要:

      The deep understanding of the economic motivation of various countries in international cooperation and the accurate identification of various complex factors in the process of globalization are important prerequisites for China to actively participate in global governance and build a peaceful, developing and sustainable community of shared future for the mankind. By using social network analysis method, this paper studies the cross-border M&A transactions completed in 175 countries during the years from 1996 to 2017. The analysis shows that the overall density is increasing, the clustering effect of community is obvious and the influence of emerging market economies is expanding in the network. In addition, there are some differences in the main factors that affect the cross-border M&A network at different stages of development. As the "intermediary nature" is increasingly prominent, China should exert its influence to actively participate in global governance, and strive to promote the formation of an international economic cooperation network. In particular, China can take full advantage of its infrastructure construction to help countries which are semi-marginalized or marginalized in the network to integrate into international economic cooperation.