| 摘要: |
| 近 20年来，中资企业跨国并购活动既呈现高速增长特征，又表现出低于发达经济体甚至一些新兴经济体的并购交易完成率。中资企业开展跨国并购活动面临外来者劣势的影响，受到新兴经济体身份的来源国劣势危害。本文基于 2003～ 2019年中资企业在 126个国家的跨国并购数据，建立反事实研究框架，使用多种匹配方法，实证证明了中资企业在实施跨国并购时使用境外子公司身份可以作为企业层面一项减少外来者劣势和来源国劣势危害、提高并购交易成功概率的主动性策略。异质性分析的结论显示，该策略在中资企业跨国并购的主要流向国家中均适用，对非发达经济体和新兴经济体采用该策略可以获得高约两倍的成功概率增幅。 |
| 关键词: 中资企业 跨国并购 境外身份 外来者劣势 来源国劣势 |
| DOI： |
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| 基金项目:国家社会科学基金重大项目“制度型开放与全球经济治理制度创新研究”(项目编号:20&ZD062)。 |
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| A New Strategy to Overcome the Dual Disadvantage in Chinese Enterprises’Cross-border M&A: Empirical Test on Mechanism of Overseas Identity of Chinese Enterprises |
| ZHAO Beiwen,XU Sixing |
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| Abstract: |
| In the past two decades, Chinese enterprises’cross-border M&A has been developing rapidly, while it has also shown lower completion rates than developed economies and even some emerging economies. Chinese enterprises face the hazards of Liability of Foreigness, and Liability of Origin due to emerging economy, which causes the negative impact on the transaction completion of cross-border M&A. The paper demonstrates abroad subsidiaries have higher transaction success probability of cross-border M&A compared with the domestic bodies by using counterfactual research framework and several matching methods, based on cross-border M&A conducted by Chinese enterprises in 126 countries from 2003 to 2019. This can be a proactive strategy to overcome Liability of Foreigness and Liability of Origin, and enhance the transaction success probability in cross-border M&A activities. The result of heterogeneity analysis proves that the strategy is suitable for Chinese enterprises’cross-border M&A in major countries. The success probability can be increased by about 2 times by using this strategy in cross-border M&A with non-developed entities and emerging entities. |
| Key words: Chinese enterprises cross-border M&A; overseas identity liability of foreignness liability of origin |
