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本文基于汤姆森全球并购数据库、《境外投资企业(机构)名录》《中国工业企业数据库》构建全新的企业数据库,从微观层面考察了影响我国制造业企业海外并购的因素。研究发现:生产率与跨国并购显著负相关,且二者还具有非线性的正U型关系,国有、外商投资的所有权性质会提高企业跨国并购的倾向,规模越大、资本密度越高、负债率越低的企业进行海外并购的概率越高。在不同发展水平的东道国、不同要素密集度、不同研究期间的情形下,只有国有的所有权属性对跨国并购均有显著且为正的影响。
This article based on Thomson Global M & A database, “foreign investment enterprises (institutions) directory” “China Industrial Enterprise Database” to build a new enterprise database, from the microscopic perspective of the factors that affect China’s manufacturing enterprises overseas M & A. The study finds that productivity is significantly negatively correlated with cross-border M & A, and the two also have a nonlinear positive U-shaped relationship. The ownership of state-owned and foreign-invested enterprises tends to increase the tendency of cross-border mergers and acquisitions. The larger the scale and the higher the capital density, The lower the probability of overseas mergers and acquisitions business the higher. In the host countries with different levels of development, the concentration of different factors and different research periods, only the ownership of state ownership has a significant and positive impact on cross-border M & A.