摘要
“进阶版”海外并购,即跨国企业通过海外子公司(而非母公司)并购目标国企业,已成为中国企业海外并购的重要战略方式。本文基于2001—2020年226起中国企业海外并购交易事件,从“合法性获取”和“效率驱动”两方面对新兴市场跨国企业(EMNE)“进阶版”海外并购行为进行阐释,运用fsQCA组态分析方法系统呈现组织特征、交易对象行业特征、被并企业所属国家特征等不同组合效应,进而揭示EMNE“进阶版”海外并购的复杂动因模式及路径。组态分析结果显示:中国企业“进阶版”海外并购动因可归为三类:“趋利避害”+效率驱动型、制度套利+效率驱动型、风险规避+效率驱动型。三种类型分析结果与理论分析相一致:即“合法性寻求”和“效率驱动”发挥联动作用促使EMNE“进阶版”海外并购行为发生;与此同时,不同前因条件间还存在更为复杂的交互关系:合法性寻求方面,目标国FDI政策会对目标国文化距离产生完全的挤占效应,对目标国制度质量产生部分挤占效应;效率驱动方面,首次并购会对高科技类并购、海外子公司融资约束和母公司并购经历产生叠加效应。本文研究结论有助于丰富、拓展现有EMNE海外并购理论成果;在当前对外开放高质量发展背景下,对国内国际双循环新发展格局理论探索及实践应用极具研究价值。
With the development of globalization,the scale of multinational enterprise(MNE)becomes larger and larger,and its internal ownership structure becomes more and more complex.According to the data of《World Investment Report 2016》,the main reason for blurring of investor nationality is that MNE widely adopts the“progressional overseas mode”in the selection of host country market entry mode,and the“progressional”overseas M&A is the most representative.Progressional overseas M&A means that enterprises acquire enterprises in foreign countries through overseas subsidiaries(rather than the parent company),which has also become an important strategy for Chinese enterprises overseas M&A.However,there is a lack of understanding of this“unique”M&A phenomenon of emerging market multinational enterprise(EMNE)and its underlying mechanism.The driving mechanism behind the“progressional”of overseas M&A is particularly noteworthy.Is the EMNE’s“progressional”overseas M&A the same as the traditional starter MNE?Or does it have its own narrative logic?This becomes the core issue of this paper.At the same time the existing literatures suggest that EMNE’s“progressional”overseas M&A will be influenced by its inherent“institutional weakness”and lack of international experience,resulting in the legitimacy seeking of host country and the high efficiency driving of overseas M&A transaction,the joint interaction of several related factors may also produce configuration effect on the“progressional”overseas M&A,and thus constitute the complex motivation mechanism of the“progressional”overseas M&A of EMNE.In order to verify the conceptual model of“progressional”overseas M&A’s driving mechanism of EMNE,this paper obtains 226 overseas M&A transaction events of Chinese enterprises from 2001 to 2020,based on the data of Zephyr(BVD)global M&A transaction database,and explores the complex motivation mechanism of progressional overseas M&A with the help of two theoretical frameworks of legitimacy and ef
作者
刘娟
杨勃
LIU Juan;YANG Bo(School of Economics,Tianjin University of Finance and Economics,Tianjin,300222,China;Business Administration Postdoctoral Mobile Station,School of Business,Nankai University,Tianjin30017,China)
出处
《经济管理》
CSSCI
北大核心
2022年第7期59-79,共21页
Business and Management Journal ( BMJ )
基金
国家自然科学基金青年项目“中国跨国企业东道国市场制度同构与制度创新策略选择及其实施效果研究”(71702121)
国家自然科学基金青年项目“中国企业对外直接投资的来源国劣势克服机制研究:基于‘认知创业’视角”(71902131)。
关键词
“进阶版”海外并购
合法性
效率
新兴市场跨国企业
组态分析
progressional overseas mergers and acquisition
legality
efficiency
emerging market multinational enterprise
configuration analysis
