“引进来”有助于“走出去”吗？——外资股权对国有企业海外并购的影响

摘要/Abstract

摘要： 国有企业是我国海外并购的主力军，然而其国有身份往往招致东道国严重的合法性担忧，制约了“走出去”国家战略的实施。引入外资往往能够弱化国有企业的“国有”色彩，但是现有研究却鲜少考虑外资股权在国有企业海外并购中的作用。本文基于合法性视角，借助2003—2020年国有企业海外并购数据，研究发现：外资股权能够显著降低东道国监管机构的合法性担忧，有效促进国有企业海外并购成功；相比于央企，地方国企外资股权对于海外并购成功的促进作用更强；高管团队党员比例越高，外资股权来源国越一致，国有企业外资股权对海外并购成功的促进作用越强；而随着外资股权来源国多样性提高，国有企业外资股权对海外并购成功的促进作用呈现先增强后减弱的倒U型趋势。本文将外资股权的作用延伸至国有企业海外并购范畴，丰富现有文献对国有企业海外并购合法性劣势以及合法性获取策略的研究，并有助于深入认识“引进来”战略对“走出去”战略的影响。

关键词: 国有企业, 海外并购, 外资股权, 合法性视角

Abstract: State-owned enterprises (SOEs) are the main force of China’s overseas mergers and acquisitions (M&A), but their state-ownership status often causes serious legitimacy concerns from the host country, which restricts the implementation of the “go global” strategy. The introduction of foreign equity can weaken the “state-ownership color” of SOEs, but the existing researches rarely consider the role of foreign shareholding in SOEs’ overseas M&A. Using the overseas M&A data of SOEs from 2003 to 2020, we find that foreign shareholding could make the regulatory authorities of host country significantly less concerned about legitimacy and improve the success rate of SOEs’ overseas M&A. The effect of foreign shareholding in local SOEs on the success rate of overseas M&A is stronger than that of central SOEs. Foreign shareholding is better able to promote the success rate of overseas acquisitions by the SOEs that have more CPC members in their top management team and more centralized source countries of foreign equity. With the increasing diversity of the source countries of foreign equity, the effect of foreign shareholdings in SOEs on their success rate of overseas M&A shows an inverted U-shaped trend. This paper extends the research on foreign shareholding to include its role in SOEs’ overseas M&A activities, which enriches the existing literature on the legitimacy liability and legitimacy acquisition of SOEs during the overseas M&A process, and helps to deeply understand the impact of the “bring in” strategy on the “go global” strategy.

Key words: state-owned enterprises, overseas mergers and acquisitions, foreign equity, legitimacy perspective

龚敏, 江旭, 张晓磊. “引进来”有助于“走出去”吗？——外资股权对国有企业海外并购的影响[J]. 管理评论, 2024, 36(10): 212-225.

Gong Min, Jiang Xu, Zhang Xiaolei. Does “Bringing in Foreign Investment” Help “Go Global”?-The Effect of Foreign Shareholding in a SOE on Its Overseas Acquisitions[J]. Management Review, 2024, 36(10): 212-225.

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