企业国际并购能力来源：中国企业海外并购经验的视角Sources of International M&A Capability:Perspective from Cross-Border M&A Experience of Chinese Multinationals
徐沛原,王永中,姜玉妍
摘要(Abstract)：
中国企业在全球积累了大量的国际并购经验，这些并购经验是否带来了学习效应以及学习效应背后的机制是什么?本文基于BVD Zephyr国际并购数据使用匹配法和工具变量法发现，企业个体的并购经验带来学习效应，具有国别层面成功并购经验的企业比不具有相应经验企业的并购成功率高3.2%,但失败境外并购经验对于后续并购成功率无显著影响。经验之所以能提升后续并购成功率，主要是因为企业掌握了克服特定制度困境的能力，若下次并购目标的所在国也存在类似制度特征，其有更大概率找到破局之道。在经验带来的多种克服制度障碍的能力中，中国企业又以克服政局稳定和监管质量风险的能力最为明显。尽管地缘相近国家大概率共享历史渊源，文化语言也相近，源于同区域国家的并购经验往往直觉上被认为能够提高后续并购成功率，但实证结果对此并不支持。因此，企业需审慎、辩证地对待既往并购经验。
关键词(KeyWords)： 经验积累;学习效应;并购投资;制度风险
基金项目(Foundation):
作者(Author): 徐沛原,王永中,姜玉妍
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- (1)首钢在2009年收购了秘鲁的科布里萨(Cobriza)铜矿并在2017年对收购多年的铁矿进行扩建;在2009年通过旗下子公司京西重工收购美国的德尔福减振制动部门;在2011年收购了马来西亚东钢公司40%的股份。
- (2)尽管并购前后目标方和并购方经营状况、股价涨幅、创新能力、市场渗透率等方面也是重要的研究领域,但本研究暂不涉及。
- (3)其他经验变量有:企业在同目标国失败并购次数(ExpCFN)、企业在同区域其他国家成功并购次数(ExpRSN)、企业在同区域其他国家失败并购次数(ExpRFN)、企业在低制度质量国家成功并购次数(ExpLSN)、企业在高制度质量国家成功并购次数(ExpHSN)以及其他中国企业在同目标国成功并购次数(ExpPCSN)和其他中国企业在同目标国失败并购次数(ExpPCFN)。
- (4)比如在油气行业,多数国家禁止外资获得超过50%的控制权。
- (5)边际提升效应实际为76%(并不是表3第(1)列的ExpCSN的系数),由于模型不同,系数不具备可比性。
- (6)若进入处理组的标准改为ExpCSN≥4,则由于共同取值范围的区间较小而处理组和对照组的个体数量都太少,进一步导致两组的并购成功率无变化。