地理科学进展 ›› 2019, Vol. 38 ›› Issue (10): 1501-1513.doi: 10.18306/dlkxjz.2019.10.006

• 专辑| 实证研究 • 上一篇    下一篇

区域一体化与制度距离作用下的中国企业跨境并购

贺灿飞1,2,李振发3,陈航航3   

  1. 1. 北京大学城市与环境学院,北京 100871
    2. 北京大学-林肯研究院城市发展与土地政策研究中心,北京100871
    3. 北京大学城市规划与设计学院,广东 深圳 518055
  • 收稿日期:2019-03-25 修回日期:2019-06-30 出版日期:2019-10-28 发布日期:2019-11-01
  • 作者简介:贺灿飞(1972— ),男,江西永新人,教授,博士生导师,研究方向为经济地理、产业和区域经济。E-mail: hecanfei@urban.pku.edu.cn
  • 基金资助:
    国家自然科学基金重点项目(No. 41731278);国家自然科学基金杰出青年基金项目(No. 41425001)

Cross-border mergers and acqusitions of Chinese enterprises under the influence of regional integration and institutional distance

HE Canfei1,2,LI Zhenfa3,CHEN Hanghang3   

  1. 1. College of Urban and Environmental Sciences, Peking University, Beijing 100871, China
    2. Peking University-Lincoln Institute Center for Urban Development and Land Policy, Beijing 100871, China
    3. College of Urban Planning and Design, Peking University, Shenzhen 518055, Guangdong, China
  • Received:2019-03-25 Revised:2019-06-30 Online:2019-10-28 Published:2019-11-01
  • Supported by:
    Key Project of National Natural Science Foundation of China(No. 41731278);National Science Fund for Distinguished Young Scholars(No. 41425001)

摘要:

在区域一体化蓬勃发展的背景下,研究企业跨境并购有助于更好地理解资本在区域间的流动。论文基于BVD-Zephyr数据库统计的2003—2017年中国企业跨境并购数据,分析了交易双方是否签订区域一体化协定和彼此间的制度距离对跨境并购成功率和交易金额的影响。通过Heckman两阶段回归,研究发现:① 区域一体化能够促进中国企业达成跨境并购交易,但不能提升交易金额;② 中国企业与正式制度距离远,即法律、规制层面差异大的国家内企业完成跨境并购的可能性更高,但正式制度距离的存在不利于交易规模扩大;③ 非正式制度距离与交易完成呈负相关关系,即文化层面上的差异过大不利于中国企业完成跨境并购。然而交易一旦完成,非正式制度距离大的贸易双方交易金额更高。此外,论文还认为,随着区域一体化进程的深化,内部成员国之间正式制度距离会衰减,其对交易规模的阻碍作用也会被削弱。

关键词: 区域一体化, 跨境并购, 制度距离, 中国企业

Abstract:

Under the background of booming regional integration, studying cross-border mergers and acquisitions (M&As) of enterprises can help understand capital flow in regions of different scales. This study used the BVD-Zephyr cross-border M&As data of Chinese enterprises from 2003 to 2017 to explore the accomplishment rate and transaction scale of cross-border M&As from the perspective of regional integration and institutional distance. Through Heckman's two-stage regression, this study found that: 1) Regional integration can promote the closing of cross-border M&A deals, but does not contribute to an increase in the amount of M&A transactions. 2) Rising formal institutional distance (significant differences of laws and regulations) helps close the deals, but it is not conducive to expand the scale of transaction. 3) Decreasing informal institutional distance (disparities of culture and identity) is able to assist the completion of transactions, but as long as the deal is done, it has larger amount. Besides, with the deepening of regional integration, formal institutional distance between the members is believed to be attenuated, which leads to a decreasing difficulty of closing deals and the hindrance of institutional distance to the transaction scale will be weakened.

Key words: regional integration, cross-border mergers and acquisitions, institutional distance, Chinese enterprises