中国的海外并购存在“中国模式”吗？——基于二阶段引力模型的估计
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| Title | Is there a “China Model” in China’s overseas M&As?——An estimate based on the Two-Stage Gravity Model
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| 作者 | 刘青 陶攀 洪俊杰 |
| Author | Liu Qing, Tao Pan and Hong Junjie |
| 作者单位 | 对外经济贸易大学国际经济贸易学院 |
| Organization | University of International Business and Economics |
| 作者Email | qliu1997@gmail.com； |
| 中文关键词 | 海外并购 区位选择 中国模式 二阶段引力模型 |
| Key Words | Overseas M&As; Location Decision; China Model; Two-stage Gravity Model |
| 内容提要 | 在海外并购蓬勃兴起的过程中，一个显著而重要的现象是，我国并购常常在东道国引起激烈争议并受到不同程度的限制甚至抵制。争议背后的基本解释是中国海外并购的模式或决定因素与其他市场经济国家不同。然而，中国海外并购是否真的与众不同或存在独特的“中国模式”，这一问题并未得到严谨检验。本文利用二阶段引力模型，克服传统文献中的样本选择问题，系统研究我国海外并购（而非笼统的对外投资）的区位选择和投资规模决策。基本结果表明，我国海外并购表现出市场寻求和矿产金属资源寻求特征；我国经济发展到新阶段之后，海外并购开始表现出战略资产寻求动机；在选择并购目标国时，我国企业缺乏长远视野，对当地政治、经济风险欠缺考虑，甚至在投资规模上表现出明显风险追逐特征。双边投资协定对我国海外并购的区位选择和投资规模在总体上并无显著影响。不同并购方式下的并购模式存在异质性。总体而言，中国海外并购符合主流文献总结的基本模式，其特征符合我国经济发展所处阶段的特定需求。 |
| Abstract | The emerging overseas M&As of China have aroused wide concern in the world and the underlying reason for the concern is the idea that China’s M&As may be driven by factors different from those of market economies. However, is there really a China Model in cross-border M&As? Employing the Two-stage Gravity Model, this paper investigates the pattern and the determinants of the location and investment volume decisions of China’s overseas M&As. Our general findings are as follows: The Chinese M&As show market-seeking and ores &metal resources-seeking motives; China began to show strategic- assets seeking motive in the post-WTO period; Chinese acquirers lack long-horizon in acquisitions and show risk-loving patterns; Overall Bilateral Investment Treaties have no significant effect on China’s M&As. In general, these patterns are not specific to China. |
| 文章编号 | WP596 |
| 登载时间 | 2014-01-27 |
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