摘要
文章将BVD(Zephyr)统计的我国企业跨国并购数据与37个工业行业合并,利用我国2001~2012年37个行业数据实证检验了跨国并购是否促进了行业生产率进步。通过上述研究,我们得到以下几个结论:第一,我国企业跨国并购总体促进了行业生产率进步。第二,在不同目标国(地区)的跨国并购对行业生产率进步有不同影响。对高收入国家的跨国并购显著促进了行业生产率进步;对中低收入国家的跨国并购没有明显促进行业生产率进步;对香港地区、澳门地区和传统避税港的跨国并购没有显著促进行业生产率进步,但对其他国家和地区的跨国并购明显促进了行业生产率进步。最后,文章以行业人均产值作为生产效率的代理变量进行稳健性检验,上述结论仍然成立。
Cross-border M&A of Chinese companies is helpful for the development of productivity in Chinese industry. This paper merges BVD data with 37 industries of China in 2001 ~ 2012. Then it investigates the relationship between development of industries and the cross-border M&A. After that we find several results. Firstly,Cross-border M&A is helpful to the development of productivity. Secondly,there are different effects on different countries (regions). If the M&A occurres in high income countries,the effects are positive. But in other low and middle income countries,there are no empirical effects. There are also different effects when the M&A occurres in Hong Kong and tax heaven. For example,if the M&A is in Hong Kong,Macao and no tax harbor,there are no empirical effects. At last we use the average output as the substitute variable. Then we find that all results are robust.
出处
《世界经济研究》
CSSCI
北大核心
2017年第1期60-69,共10页
World Economy Studies
基金
自然科学基金面上项目"中国企业海外并购与产业国际竞争力研究"(项目批准号:71273142)
自然科学基金青年项目"中国企业对外直接投资的贸易效应和就业效应"(项目批准号:71503221)的阶段性成果
