管理评论

›› 2016, Vol. 28 ›› Issue (10): 202-213.

• 组织与战略管理 • 上一篇    下一篇

基于社会网络分析的全球跨国并购研究

董纪昌, 焦丹晓, 孙熙隆   

  1. 中国科学院大学经济与管理学院, 北京 100190
  • 收稿日期:2015-10-29 出版日期:2016-10-28 发布日期:2016-10-31
  • 通讯作者: 董纪昌(通讯作者),中国科学院大学经济与管理学院教授,博士生导师,博士。
  • 作者简介:焦丹晓,中国科学院大学经济与管理学院博士研究生;孙熙隆,中国科学院大学经济与管理学院硕士研究生。
  • 基金资助:

    国家自然科学基金项目（71173213；71573244）。

Analysis of Cross-border Mergers and Acquisitions Based on Social Network Method

Dong Jichang, Jiao Danxiao, Sun Xilong   

  1. School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100190
  • Received:2015-10-29 Online:2016-10-28 Published:2016-10-31

PDF (PC)

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摘要：

随着经济全球化和各国产业融合、贸易文化交流的深入，跨国并购已经成为全球资源配置和对外直接投资的重要途径。企业之间发生的跨国并购行为形成了国家与国家之间错综复杂的贸易关系网络，传统的研究方法和数据统计无法准确描述跨国并购的宏观发展状况和阶段性变化特征。因此，本文在根据全球跨国并购交易总量分布将跨国并购分为快速发展期、震荡调整期和持续稳定期三个阶段的基础上，结合社会网络分析方法分阶段建立跨国并购网络，发现跨国并购交易具有以下特点：（1）跨国并购网络呈现“中心-半边缘-边缘”的拓扑结构特征；（2）交易数量及交易金额加权的点权分布特征显示，跨国并购复杂网络是无标度网络，具备显著的“富人俱乐部”特征；（3）典型国家的权度分布比例说明跨国并购交易地位反映出国家的经济发展阶段和实力，主动购买策略是保持跨国并购中心性地位的必要条件。发展中国家的平均交易时间较长，交易效率较低。最后，结合研究结果，从三个方面提出我国跨国并购交易的政策建议：（1）加大科技创新力度，提高我国综合经济实力；（2）精简跨国并购业务的行政审批流程，提高行政部门的监督审核效率和信息披露能力；（3）进一步扩大对外开放的力度和鼓励跨国资本流动的政策支持。

关键词: 跨国并购, 社会网络分析, 网络中心性, 边权分布

Abstract:

With the economic globalization and the deepening of national industrial integration, cross-borderM&As have become an important way of global resources allocation and direct foreign investment. The cross-border M&As construct a complicated network and the traditional research methods cannot describe the development and the periodic variation characteristics. So we divide the cross-border M&A into three periods——the rapid development, the shock adjustment and continued stability, with the social network method we find that cross-border M&As have the following characteristics:1) the cross-border M&A has a "center-half edge-edge" topological structure characteristic; 2) the distribution of weighted degrees show that the network of cross-border M&As is scale-free network with the typical Richman's Club features; 3) the weighted degree distribution ratio of typical countries reflects nation economic stage and power, active purchasing strategy is a necessary condition to be the central part of cross-border M&A. The transaction time is long and the transaction efficiency is low on average in a developing country. We put forward three policy suggestions:1) Strengthen scientific and technological innovation to improve the economic strength of China; 2) Simplify the approval process of cross-border M&A and improve administration efficiency; 3) Expand the policy of opening to the outside world and encouraging the cross-border capital.

Key words: cross-border M&As, social network analysis, network centrality, weighted-degree distribution