摘要
全球价值链重构是当前世界经济的显著特征,深度融入全球价值链分工网络成为企业提升核心竞争力的重要抓手.本文基于新结构经济学理论,采用2007-2023年"国家—行业—年份"三维数据考察中国与东道国的全球价值链距离影响中国企业跨国并购的内在机制.研究发现:正向全球价值链距离有助于推动中国企业跨国并购,表现"逆向并购"特征;正向全球价值链距离的并购作用集中于资本密集型和技术密集型产业、非国有企业和发达国家;全球价值链距离主要通过技术和效率寻求渠道对中国海外并购产生影响;中国与东道国的制度距离、政治距离和文化距离弱化了全球价值链距离的积极效应.
The reconstruction of global value chain is a significant feature of the current world econ-omy.Being deeply integrated into the labor-division network of global value chain becomes an im-portant starting point for enterprises to enhance their competitiveness.Based on the new structural economic theory,this article uses the three-dimensional data including the country,the industry,and the year factors from 2007 to 2023 to examine the internal mechanism of the distance of global value chain between China and the host countries affecting the multinational mergers and acquisi-tions of Chinese enterprises.The results show that the positive distance of global value chain helps promote the multinational mergers and acquisitions of Chinese enterprises characterized as reverse mergers and acquisitions.The effect of mergers and acquisitions of the positive distance of global value chain is concentrated in capital-intensive and technology-intensive industries,non-state-owned enterprises,and developed countries.The distance of global value chain influences China's overseas mergers and acquisitions mainly through the channels emphasizing technology and efficiency.The extended test finds that the institutional distance,political distance,and cultural distance between China and the host countries weaken the positive effect of the distance of global value chain.
作者
韩永辉
韦东明
张帆
麦炜坤
HAN Yonghui;WEI Dongming;ZHANG Fan;MAI Weikun(Guangdong Institute for International Strategies,Guangdong University of Foreign Studies;Guangdong Provincial Research Center for Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era,Guangdong University of Foreign Studies;Research Center for China's Overseas Interests Protection,Guangdong University of Foreign Studies)
出处
《中国人民大学学报》
北大核心
2025年第4期93-107,共15页
Journal of Renmin University of China
基金
国家社会科学基金重大项目“全球产业链重构对全球经济治理体系的影响及中国应对研究”(21&ZD074)阶段性成果。
关键词
全球价值链距离
跨国并购
新结构经济学
经济全球化
Distance of global value chain
Multinational mergers and acquisitions
New structural economics
Globalization of the economy
