摘要
本文选取了地理距离、贸易保护程度、关税三项指标来衡量贸易成本,实证分析了贸易成本对跨国并购的影响。研究发现：第一,收购企业和目标企业所属国的行业市场规模、金融市场规模与跨国并购数量的增长呈正相关关系。第二,双边贸易成本对跨国并购样本均产生正向影响,多边贸易成本的增加明显减少了跨国并购的数量。第三,地理距离对跨国并购产生负面影响,并且在任何情况下边际效应都不会发生改变。第四,在不考虑收购企业和目标企业行业属性的情况下,贸易保护程度对于跨国并购的影响为负面影响。第五,关税对跨国并购的影响为正向影响,但影响力较弱,发生边际效应改变的临界值为4%~26%。
This study selects geographic distance, degree of trade protection and tariff to measure the trade cost, and does empirical analysis of the effects of trade cost on cross-border mergers and acquisitions. It has found： first, industry market size and financial market size of the acquiring firms and target firms have a positive correlation with the number of transnational M ＆ A of growth. Second, bilateral trade cost has a positive effect on the sample of all the cross-border M ＆ A, and the increase of the multilateral trade cost has obviously reduced the number of cross-border mergers and acquisitions. Third, geographical distance has a negative impact on cross-border mergers and acquisitions, and marginal effect will not change in any case. Fourth, the extent of the trade protection has a negative impact on the impact of the cross-border M ＆ A, without considering the industry of the acquisition and target enterprises. Fifth, the effect of tariff on cross-border M ＆ A is positive, but the influence is weak, and the threshold of marginal effect is 4%-26%.
出处
《湖南商学院学报》
2015年第3期19-26,共8页
Journal of Hunan Business College
基金
国家社会科学基金青年资助项目"我国企业海外并购的法律风险研究"(项目编号:11CGL006)
湖南社会科学基金一般资助项目(项目编号:11YBA320
11YBB379)
湖南省教育科学资助项目(项目编号:XJK011QCD006)
湖南省科技厅项目(项目编号:2011RS4057)
关键词
跨国并购
贸易成本
地理距离
cross-border M ＆ A
trade cost
geographic distance
