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我国海外并购遵循了比较优势与协同效应原则吗?——一项实证研究
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TitleDo China’s Overseas M&As Follow the Principles of Comparative Advantage and Synergistic Effects? An Empirical Research  
作者陶攀 刘青 周丽群  
AuthorTao Pan and Liu Qing  
作者单位山东财经大学国际经贸学院;对外经济贸易大学国际经济贸易学院;首都经济贸易大学马克思主义学院 
OrganizationShandong University of Finance and Economics; University of International Business and Economics 
作者Emailangelatao0531@163.com;qliu1997@gmail.com ;zhangzhouzheng@163.com 
中文关键词海外并购 比较优势 协同效应 
Key WordsOverseas M&As; Comparative Advantage;Synergistic Effects 
内容提要近年来,中国的海外并购活动蓬勃发展,成为中国企业获取战略资产、提升国际竞争力的重要途径。比较优势与协同效应原则是国际贸易和投资的重要指导规律,也是保证并购效益的基本前提。然而,我国海外并购遵循了比较优势与协同效应原则吗?对此问题进行系统研究具有重要的理论和现实意义。本文基于中国1992-2014年海外并购的权威数据,从母国(中国)和东道国行业比较优势的角度,系统检验了中国企业海外并购的行业特征。分析结果表明,总体上而言,我国倾向于到东道国优势资产可得性较高的行业进行并购;同时,在我国自身比较优势越突出的行业海外并购活动越活跃。更进一步的,在特定东道国特定行业的选择上,我们发现,对于中国比较优势越高的行业,中国企业越倾向于到该行业比较优势较弱的目标国进行并购,而在中国比较优势越弱的行业,中国企业越倾向于到该行业比较优势较强的目标国进行并购。这些发现表明:第一,虽然我国的海外并购多有挫折并受到多种非议,但总体上,我国海外并购是遵循了比较优势原则的;第二,我国的海外并购非常注重本国与目标国之间的产业优势互补,而非简单的规模扩张,这一模式也符合并购追求协同效应的原则。 
AbstractIn recent years, China's overseas M&As have been flourished and have become an effective for acquiring strategic assets and enhancing international competitiveness.Studying the industry distribution pattern of Chinese overseas M&As is of great significance to better promote the implementation of the "going out" strategy and the economic transformation and upgrading under the new normal conditions. However, only a few scholars have conducted relevant research on China's overseas M&As from industry level at present. Meanwhile, there has been no literature exploring China’s M&As from the perspective of comparative advantage which has always been an important guiding principle in international trade and investment.Then, as a developing country, what are the characteristics and trends of China's overseas M&As in industry selection? What are the special rules? What are the motivations for M&As in specific industry? Whether China's overseas M&As have followed the principles of comparative advantage and synergistic effects as the developed countries in industry selection and location distribution? Based on gravity model, this paper systematically examines the distribution characteristics of China's overseas M&As from the perspective of home and host country industry-specific comparative advantage from 1992 to 2014. Our general findings are that China’s overseas M&As is prone to target industries with higher availability of good assets and acquiring firms operate in industries with comparative advantages as well. Furthermore, in the specific industry selection of a specific host country, acquiring firms in industries with a higher comparative advantage are more likely to target countries with weaker industry-specific comparative advantages,and vice versa. Findings of this paper shows significant implications. First, although encountered obstacles and received many criticisms, China's overseas M&As are guided by the principle of comparative advantage. Second,rather than simple scale expansion, China's overseas M&As pay great attention to the complementary advantages between domestic and target industries in accordance with the pursuit of synergy principle. As compared with the prior studies,contributions of this paper are as follows. First, we argue that greenfield investment and cross-border M&As are, in fact, two different forms of investment.This paper focuses on the analysis of overseas M&As from the perspective of home and host country comparative advantages, which provides a new angle for the explanation of overseas M&As behavior in China.To the best of our knowledge, this paper is probably the first study discussing Chinese overseas M&As based on industrial comparative advantage. Second, differed from the prior studies considering only acquiring industry characteristics, this paper studies both home and host industry characteristics, and fully considers the host country location characteristics which provides new insights into industry selection and location distribution of China's overseas M&As. Third,the industry level study of China's overseas M&As will provide experiences for the developing countries in industry and location distribution patterns. The research is the first study discussing industry distribution of Chinese overseas M&As from the perspective of comparative advantage, which has both theoretical and realistic significance.We find that in line with the developed countries,China's overseas M&As are also guided by the principle of comparative advantage which has a realistic significance in responding to various criticisms encountered in the process of Chinese overseas M&As. At the same time, China's overseas M&As also conform to economic law from the angle of pursuing synergy. The research conclusions have some policy implications for assessment of the achievements and lessons of China’s overseas M&As in the context of large-scale “going out”.  
文章编号WP1366 
登载时间2019-04-23 
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