“外来的和尚好念经吗”——来自中国纯内资企业转变为外商企业的证据Do Foreign Acquisitions Improve the Performance of Acquired Companies——Basing on Quasi-nature Experiment of Acquisitions Events in China
胡锋
摘要(Abstract)：
本文将倾向性得分匹配法和倍差法结合，基于外商来源地和行业相关性等特征差异，利用中国纯内资企业转变为外商企业的“拟自然实验”,研究了外商企业并购对研发与创新、企业生产率、出口和融资约束的影响。研究发现：第一，来自中国港澳台地区的外商并购阻碍了新产品创新能力培养，发达国家的并购降低了中国被并购企业的研发投入，但提升了新产品创新能力。第二，非相关行业的并购提高了企业的研发投入，但降低了新产品创新能力。第三，中国企业被主要发达国家和相关行业的并购都会促进企业生产率进步。第四，企业出口和融资约束都因为外商并购而改善。本文拓展了外商并购对企业的影响研究，为我国“引进”高质量外商投资提供了理论和经验依据。
关键词(KeyWords)： 外商投资;跨国并购;倾向性得分匹配;倍差法
基金项目(Foundation):
作者(Author): 胡锋
DOI: 10.16513/j.cnki.cje.20220729.001
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- (1)中国微观企业数据查询系统收录的规模以上非国有工业企业的主营业务收入或销售额在500万元人民币以上,2011年起之后为2000万元人民币以上。
- (2)新产品是指采用新技术原理、新设计构思研制、生产的全新产品,或结构、材质、工艺等某一方面比原有产品有明显改进,从而显著提高产品性能或扩大使用功能的产品。新产品产值既包括经政府有关部门认定并在有效期内的新产品,也包括企业自行研制开发,未经政府有关部门认定,从投产之日起一年之内的新产品。
- (3)在BvD并购数据库中,所有已宣布或待决交易状态的交易,若无其他确切信息,其交易状况将在24个月后自动更改为“已完成-假定”,因此,无法排除“已完成-假定”状态的企业是否含有并购失败的企业。为稳健起见,将外商并购失败的企业严格定义为外商宣布并购目标企业后,后又宣布撤回并购的目标企业。