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。
Many firm-level＇s evidence prove that productivity determines the mergers and acquisitions, so whether or how a country＇s overall productivity impact on a country＇s overall M＆As activity？ Based on the firm-micro characteristic of M＆As decisions, we build a macro-factor model of domestic and cross-border M＆As＇ completed numbers in a country ; and through the model we can research how do domestic or host country＇s productivity, factor cost, market scale et al. to effect domestic company＇s＇ M＆As activity. Then we empirically test the model＇s predictions using China＇s M＆As data from macro-data levels. The results prove that, in China, the growth of productivity promote domestic and cross-border M＆As, and the domestic labor or capital cost, domestic market scale play the role on promoting domestic M＆As, and the labor cost, market scale of host-country or the culture connection between home-host country can increase the home-country＇s cross- border M＆As, and there are market timing in cross-border M＆As activities. The research expand the literature about the relationship between productivity and overall M＆As activity, and helps to understand the determinants of M＆As and international capital flows.
出处
《经济研究》
CSSCI
北大核心
2016年第3期123-136,共14页
Economic Research Journal
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
