本文關(guān)鍵詞： 跨國并購 逆向技術(shù)溢出效應(yīng) 影響因素　出處：《北京交通大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：在世界經(jīng)濟(jì)疲軟的背景下,發(fā)展中國家卻保持著較高的經(jīng)濟(jì)增速,海外并購越來越頻繁,特別是中國這一最大的發(fā)展中國家,正逐步成為海外并購的主力。相對于發(fā)達(dá)國家發(fā)起的跨國并購,發(fā)展中國家在進(jìn)行跨國并購時,通常具有一定的技術(shù)尋求目的。因而,本文基于我國跨國并購的現(xiàn)狀與特點,研究中國企業(yè)跨國并購中的逆向技術(shù)溢出問題,對于指導(dǎo)我國企業(yè)通過跨國并購實現(xiàn)技術(shù)升級具有重要的現(xiàn)實意義。本文的研究重點是,中國這一最大的發(fā)展中經(jīng)濟(jì)體,在進(jìn)行跨國并購時,影響逆向技術(shù)溢出效應(yīng)的因素。為了使研究更具針對性,本文進(jìn)一步篩選出2007-2015年具有技術(shù)尋求目的的跨國并購案例作為研究對象,對各年度、各行業(yè)的技術(shù)尋求型跨國并購案例進(jìn)行統(tǒng)計分析。結(jié)果顯示,我國企業(yè)技術(shù)尋求型跨國并購整體呈逐年上升的趨勢,并且主要集中在技術(shù)密集型行業(yè)中,如信息技術(shù)領(lǐng)域、醫(yī)藥領(lǐng)域、電器機械與器材制造領(lǐng)域。同時,基于企業(yè)的異質(zhì)性,本文分別從并購方的角度、被并購方的角度以及并購雙方相互關(guān)系角度分析了影響我國企業(yè)跨國并購逆向技術(shù)溢出效應(yīng)的因素�；貧w結(jié)果顯示,在中國企業(yè)技術(shù)尋求型跨國并購中,逆向技術(shù)溢出效應(yīng)的影響因素主要有并購方的制度背景(政府持股)以及與東道國的文化距離,這里企業(yè)自身的制度因素(政府持股)對于逆向技術(shù)溢出效應(yīng)起到了重要的作用。為了加強研究結(jié)果的說服力,文章在最后加入了穩(wěn)健性檢驗,對研究模型中的因變量進(jìn)行替換,進(jìn)一步支持了本文的研究結(jié)論。對于跨國并購技術(shù)溢出的問題,已有的研究大多從國家層面或產(chǎn)業(yè)層面進(jìn)行分析和論證,微觀層面的研究較少,缺乏基于企業(yè)異質(zhì)性角度的考慮;相關(guān)研究未能形成一個完整的研究體系,未能對影響跨國并購逆向技術(shù)溢出效應(yīng)的因素進(jìn)行全面的論證;在研究的樣本選取上,前人大多采用全樣本籠統(tǒng)的研究或基于行業(yè)分類的研究,所得的研究結(jié)果可能是粗略、有偏差的。本文的創(chuàng)新主要在于從并購方、被并購方以及并購雙方相互關(guān)系多個角度,全面的考察影響中國企業(yè)跨國并購逆向技術(shù)溢出效應(yīng)的因素;同時,本文篩選出具有技術(shù)尋求目的的跨國并購案例進(jìn)行分析,使研究更具針對性,結(jié)果更具說服力。
[Abstract]:Against the backdrop of a weak world economy, developing countries are maintaining relatively high economic growth, and overseas mergers and acquisitions are becoming more and more frequent, especially in China, the largest developing country. Compared with the transnational M & A initiated by the developed countries, the developing countries usually have a certain technology to seek for the purpose. Therefore, based on the current situation and characteristics of China's cross-border M & A, this paper is based on the current situation and characteristics of cross-border M & A in China. The study of reverse technology spillover in cross-border M & A of Chinese enterprises is of great practical significance to guide Chinese enterprises to realize technological upgrading through cross-border M & A. the research focus of this paper is that China is the largest developing economy. In order to make the research more targeted, this paper further selects the case of transnational M & A with technology seeking purpose from 2007 to 2015 as the object of study. The results show that the overall trend of technology seeking transnational M & A in China is increasing year by year, and it is mainly concentrated in technology-intensive industries, such as information technology. Pharmaceutical field, electrical machinery and equipment manufacturing field. At the same time, based on the heterogeneity of enterprises, this paper respectively from the perspective of mergers and acquisitions, This paper analyzes the factors that influence the reverse technology spillover effect of Chinese enterprises' cross-border M & A from the angle of the acquired parties and the relationship between the two sides. The regression results show that in the technology seeking cross-border M & A of Chinese enterprises, The main influencing factors of adverse technology spillover effect are the institutional background of the acquirer (government holding) and the cultural distance from the host country. In order to strengthen the persuasion of the research results, the article adds the robustness test in the end, in order to strengthen the persuasion of the research results, the institutional factors (government ownership) of the enterprises play an important role in the reverse technology spillover effect. Replacing the dependent variables in the research model further supports the conclusion of this paper. For the problem of cross-border M & A technology spillover, most of the existing research from the national level or the industrial level to analyze and demonstrate. There are few researches on microcosmic level and lack of consideration based on enterprise heterogeneity; the related research has not formed a complete research system and has not fully demonstrated the factors affecting reverse technology spillover effect of cross-border M & A. In the sample selection of the research, most of the predecessors used the whole sample general research or the research based on industry classification, and the results obtained may be rough and biased. The innovation of this paper is mainly from the M & A side. From many angles of the relationship between the M & A parties and the two sides of M & A, the factors that affect the reverse technology spillover effect of Chinese enterprises' cross-border M & A are comprehensively investigated. At the same time, the paper selects out the case of cross-border M & A with the aim of seeking technology to analyze. It makes the research more specific and the results more persuasive.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271

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