摘要
盈利水平是反映跨国并购效应的重要维度。基于中国工业企业数据库和Zephyr全球并购交易数据库匹配数据,运用倾向得分匹配倍差法对中国跨国并购企业的盈利能力进行考察,得出如下几点经验证据:(1)跨国并购会降低当期企业加成率,但具有显著正向的动态加成率效应;(2)对发达经济体企业跨国并购的动态加成率效应显著超过发展中经济体;(3)技术研发类和生产加工类跨国并购具有显著正向的加成率效应;(4)完全持有类跨国并购具有更大的正向效应;(5)跨国并购通过成本渠道和价格渠道影响企业加成率。这为我国同时实施"走出去"和"中国制造2025"制造强国战略提供了重要理论依据。
With the rapid development of China＇s economy, the surge in foreign exchange reserves and the ＂Going out＂ strategy, the number and amount of cross-border Mergers and Acquisitions （henceforth M＆A）of Chinese firms have been on the rise. Existing literature mainly analyzes the changes of productivity after cross-border M＆A. However, the micro decision-making base of firms is ＂ profit maximization＂. The change of profits is an important index to evaluate the performances of cross-border M＆As. Therefore, it is more realistic to study the changes of profits after cross-border M＆As. Based on the theory of firm heterogeneity, this paper studies the changes of profits after cross-border M＆As in depth. It also puts forward the mechanisms of markup effects after cross-border M＆As from two channels： price and cost, analyzing the different markup effects of cross-border M＆As when destination countries＇ culture is different. On this basis, this paper also studies the static and dynamic markup effects of cross-border M ~ As. Based on the matching data of Annual Survey of Chinese Industrial Firms （ASIF） and Zephyr＇s global M＆A transactions, this paper studies the markup effects of China＇s cross-border M~~As by using the PSM-DID method. The conclusions are as follows： （1） The full samples＇ results show that cross-border M＆As have negative current markup effects and positive dynamic markup effects, which indicates that the current cross border M＆As have larger pro competiveness effects and cost increasing effects than competition weakening effects and cost reduction effects; M＆As have positive dynamic markup effects, which is large in one year, but weakened in two years. This may be due to the fact that the product innovation and process innovation behavior are imitated by competitors in the same industry and downstream industry chain. （2） The empirical test of different destination results show that the dynamic effects of M＆As in developed economies are larger than th
作者
诸竹君
黄先海
张胜利
Zhu Zhujun;Huang Xianhai;Zhang Shengli(School of Economics,Zhejiang Gongshang University,Hang zhou 310018,China;School of Economics,Zhejiang University,Hangzhou 310027,China)
出处
《浙江大学学报（人文社会科学版）》
CSSCI
北大核心
2018年第6期216-233,共18页
Journal of Zhejiang University:Humanities and Social Sciences
基金
国家社科基金重大项目(15ZDB156)
国家社科基金重点项目(14AZD056)
杭州市社科基金规划项目(Z19JC117)
关键词
加成率
跨国并购
倾向得分匹配
倍差法
markups
cross-border merger ＆ acquisitions
propensity score matching
difference-in-difference
