摘要
跨国并购是对外直接投资的主要途径之一。研究跨国企业在特定区域内实施跨国并购的区位选择问题。一方面,可以考察企业开展海外经营活动的动机,另一方面,也可以刻画被并购区域的区位优势状况。本文基于2000—2018年日本47个一级行政区(都道府县)发生的2854起外资并购事件数据,运用泰尔指数、零膨胀泊松回归和零膨胀负二项回归等方法,考察外资对日并购的时空演变和区位选择的影响因素。研究结果表明:第一,外资对日并购主要集中在日本都市圈内的地区,这些地区的外资并购事件数随时间呈现出持续增长的趋势;第二,外资对日并购有逐步向都市圈外邻近区域扩散的趋势,但北海道、九州岛等偏远地区始终很少发生并购;第三,外资对日并购的区位选择主要出于市场寻求动机和战略资产寻求动机;第四,对外开放程度大大影响了外资对日并购的区位选择。对外开放程度越高的地区,发生外资并购的次数越多。
Cross border M&A is one of the main approaches of foreign direct investment.The study of the location choice of cross-border M&As by multinationals in a specific region may focus on either the motivation of enterprises which carry out overseas business activities or the location advantages of the region.Based on the data of 2,854 foreign M&A events in 47 first-class administrative regions in Japan from 2000 to 2018,this paper studies the temporal and spatial evolution of foreign M&As in Japan and the factors of location choice by using the methods of Theil index,zero inflation Poisson regression and zero inflation negative binomial regression.The results show that:(1)foreign M&As in Japan are mainly concentrated in metropolitan areas,and the number of foreign M&As in these regions has been increasing over time;(2)foreign M&As in Japan tend to gradually spread to neighboring areas outside the metropolitan areas,but they rarely occur in remote areas such as Hokkaido or Kyushu;(3)the location choice of foreign M&As in Japan is mainly motivated by seeking markets and strategic assets;and (4)the degree of openness to the outside world significantly affects the location choice of foreign M&As in Japan.The higher the degree of openness to the outside world,the more foreign M&As occur.
作者
王疆
张森浩
Wang Jiang;Zhang Senhao(School of management,University of Shanghai for Science and Technology)
出处
《区域国别学刊》
2023年第1期72-91,156,共21页
COUNTRY AND AREA STUDIES
基金
上海市哲学社会科学规划青年课题《中国企业走出去如何“择邻而居”——多理论视角的研究》(项目编号:2017EGL010)的阶段性研究成果。
