国家经济环境对跨国并购的影响研究.pdf

摘 要 随着经济全球化的深入,跨国并购日渐取代新建投资成为国际直接投资高 速增长的昀主要支撑。通过将生产要素在 全球范围内进行配置,跨国并购为国 家经济发展和融入全球市场发挥了至关重要的作用,与此同时,也带来了关于 跨国并购的诸多思考,如:怎样的经济环境比较吸引跨国并购投资?如何识别 跨国并购投资机会?本文通过实证分析,尝试对这些问题的解决方案进行探讨。 在总结国内外学者的研究成果的基础上,本文首先对跨国并购的宏观现状 进行描述统计分析,从全球、各经济体、各产业以及中国的情况等角度总结跨 国并购的趋势及特点。接下来在实证分析部分,笔者以近年来跨国并购活跃的 国家作为样本,依据研究目的选取外国向本国的跨国并购投资情况作为因变量, 从影响该因变量的因素,即经济因素、外资政策因素、聚集因素等方面选择自 变量,构筑面板数据动态模型进行分析,使用广义矩估计方法进行参数估计并 进行必要的假设检验。 通过研究,本文得出三点主要结论:外国向本国进行跨国并购投资更着重 考虑经济因素和聚集因素,更关注日后的经营而不是交易本身,以及受国际直 接投资中的各项的影响不同。并由此对政府、企业、个人三个层面的可行性建 议,以迎接来自跨国并购浪潮的机遇和挑战。 关键词:跨国并购;经济环境;面板数据;广义矩估计1Abstract With the deepening of globalization, cross-border mergers and acquisitions, instead of greenfield investment, had been the engine of foreign direct investmentSignificant effects on developing national economy and entering the global markets had happened by cross-border mergers and acquisitions through collocating production factors globally. Meanwhile, many questions arose, such as the kind of national economical environment which attracted cross-border mergers and acquisitions, and the way of identifying the opportunities on cross-border mergers and acquisitions. This thesis of empirical study tried to answer these questions aboveOn the basis of summarizing the former research home and abroad, the thesis showed the trends and features of cross-border mergers and acquisitions through descriptive statistics on macro conditions of the world, economies, industries, and, particularly, China. The thesis chose active countries on cross-border mergers and acquisitions as sample, the sale of cross-border mergers and acquisitions as dependent variable, economical factors, foreign investment policy factors, and agglomerative factors as independent variables, built dynamic panel data model, used generalized method of moments to estimate the parameters and conducted necessary hypothesis testsSubsequently three main conclusions were reached: first, economical factors and agglomerative factors had more effects on