管理评论

›› 2016, Vol. 28 ›› Issue (12): 92-100.

• 组织与战略管理 • 上一篇    下一篇

产业国际分工与企业跨国并购:并购战略决策的视角

程聪1, 刘凤婷2, 池仁勇1, 郭元源3   

  1. 1. 浙江工业大学中国中小企业研究院, 杭州 310023;
    2. 浙江工业大学经贸管理学院, 杭州 310023;
    3. 浙江省哲学社会科学重点研究基地"技术创新与企业国际化研究中心", 杭州 310023
  • 收稿日期:2014-09-15 出版日期:2016-12-28 发布日期:2017-03-15
  • 作者简介:程聪,浙江工业大学中国中小企业研究院副研究员,博士;刘凤婷,浙江工业大学经贸管理学院硕士研究生;池仁勇,浙江工业大学中国中小企业研究院教授,博士生导师,博士,浙江工业大学重点创新团队负责人;郭元源,浙江工业大学中小微企业转型升级协同创新中心副教授,博士。
  • 基金资助:

    国家自然科学基金（71402168；71502167）；国家社科项目（14BJY084；14CGL004）；教育部人文社科项目（14YJC630019）；浙江省软科学重点项目（2016C25038）；浙江省教育厅科研项目（Y201431619）。

Research on International Industrial Division and Enterprises' Cross-border M&A:Based on M&A Strategy

Cheng Cong1, Liu Fengting2, Chi Renyong1, Guo Yuanyuan3   

  1. 1. China Institute for Small and Medium Enterprises, Zhejiang University of Technology, Hangzhou 310023;
    2. College of Management, Zhejiang University of Technology, Hangzhou 310023;
    3. Research Center for Technological Innovation and Enterprise Internationalization, Zhejiang Provincial Key Research Institute of Philosophy and Social Science, Hangzhou 310023
  • Received:2014-09-15 Online:2016-12-28 Published:2017-03-15

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摘要：

产业国际分工一直是影响企业实施跨国并购战略的重要驱动因素。本文以2001-2014年我国大陆地区实施跨国并购企业样本数据为基础，从企业并购战略决策角度对产业国际分工与企业跨国并购成败之间的关系进行了实证检验。研究结果表明：（1）产业国际分工对于我国企业跨国并购成败具有重要的影响作用，并且对民营企业跨国并购活动的影响更大。（2）企业并购战略在产业国际分工与民营企业跨国并购之间起到部分调节作用，而在产业国际分工与国有企业跨国并购之间则没有调节作用。（3）企业跨国并购所在产业类型对我国企业并购成败产生显著的负向作用，即跨国并购所在产业越敏感，并购成功率越低。本文的研究结论对于指导我国企业跨国并购实践具有启发意义。

关键词: 产业国际分工, 跨国并购战略, 跨国并购成败

Abstract:

International industrial division is a fundamental factor that drivens enterprises to carry out cross-border M&A strategy. This paper collects the data from the enterprises that exercise cross-border strategies in mainland from 2001 to 2014, and makes an empirical study to explore the relationship between international industrial division and cross-border M&A performance from the perspective of M&A strategy. The results show that:(1) international industrial division has a significant influence on enterprises' cross-border M&A performance, and a more positive effect on private enterprise's cross-border M&A performance; (2) enterprises' M&A strategy has a partial moderating effect between international industrial division and private enterprises' M&A performance, while there is no signifi-cantly moderating effect between international industrial division and state-owned enterprises' M&A performance; (3) industry type has a negative relationship with enterprises' crossborder M&A performance, or in other words, the more sensitive industry where a cross-border M&A takes place, the less likely the M&A will be successful. Our results are meaningful for China's enterprises that may carry out cross-border M&A.

Key words: international industrial division, cross-border M&A strategy, cross-border M&A performance