本文選題：跨國并購　切入點：自主創(chuàng)新　出處：《貴州財經(jīng)大學》2017年碩士論文

【摘要】：改革開放以來,國家大力發(fā)展對外直接投資,積極實行“走出去”戰(zhàn)略,對外直接投資異常活躍。而作為其中重要投資方式之一的跨國并購,不僅其規(guī)模在不斷增加,并購數(shù)量也在逐年增長。2010至2015年,海外并購數(shù)量從57件增加到222件,年均增長率為25.4%,海外并購規(guī)模從594.9億元增加到1936.9億元,年均增長率為21.7%。與此同時,我國的技術(shù)創(chuàng)新也取得令人驕傲的“成績”,2010至2015年,我國專利申請數(shù)量從79767件增加到263000件,年均增長率為22%,而RD研發(fā)投入也從2010年的7062.58億元擴大到2015年的14220億元。從以上數(shù)據(jù)可以看出,海外跨國并購似乎正不斷通過逆向技術(shù)溢出效應推進著中國的技術(shù)創(chuàng)新。選擇我國海外跨國并購的逆向技術(shù)溢出為研究主題對豐富跨國投資理論、指導海外跨國并購實踐有著重要的理論和現(xiàn)實意義。為此,本文首先海外跨國并購和技術(shù)創(chuàng)新現(xiàn)狀加以描述,統(tǒng)籌把握我國整體海外跨國并購逆向技術(shù)溢出現(xiàn)狀;其次對我國的跨國并購逆向技術(shù)溢出機制加以剖析,并在這些具體運行機理下考慮各種層次的影響因素,進而通過這些相互影響因素構(gòu)建實證模型。在實證模型中,采集了從1996-2015年相關數(shù)據(jù),并通過單位根和格蘭杰檢驗,得出了海外跨國并購確實能促進提升我國技術(shù)水平的提升。結(jié)論指出,我國的海外跨國并購在促進技術(shù)創(chuàng)新的同時也受到國內(nèi)外各因素的制約,國內(nèi)主要是我國海外投資方向的相關問題,而國外則側(cè)重在國外技術(shù)壁壘的存在。因此根據(jù)這些結(jié)論本文在最后提出了相關建議,一方面是基于企業(yè)的微觀政策,統(tǒng)籌考慮并購風險、加大企業(yè)海外研發(fā)及加強自身吸收能力;另一方面是基于政府的宏觀層面來考慮,提供資金擔保、加強人才梯隊的培養(yǎng)及完善相關法律層面建設。
[Abstract]:Since the reform and opening up, the country has vigorously developed foreign direct investment, actively implemented the "going out" strategy, and foreign direct investment has become extremely active. As one of the important investment methods, transnational mergers and acquisitions are not only increasing in scale. The number of mergers and acquisitions has also been increasing year by year. From 2010 to 2015, the number of overseas mergers and acquisitions has increased from 57 to 222, with an average annual growth rate of 25.40.The scale of overseas mergers and acquisitions has increased from 59.49 billion yuan to 193.69 billion yuan, with an average annual growth rate of 21.70.At the same time, China has also made proud achievements in technological innovation. From 2010 to 2015, the number of patent applications in China increased from 79767 to 263000. The average annual growth rate is 22 yuan, and R & D R & D investment has increased from 706.258 billion yuan in 2010 to 1.422 trillion yuan in 2015. As can be seen from the above data, Cross-border M & A (M & A) abroad seems to be promoting China's technological innovation through reverse technology spillover effect. It is of great theoretical and practical significance to guide the practice of overseas cross-border M & as. Firstly, this paper describes the status quo of overseas cross-border M & A and technological innovation, and comprehensively grasps the reverse technology spillover status of overseas M & A in China as a whole. Secondly, we analyze the reverse technology spillover mechanism of cross-border M & A in China, and consider the influence factors of various levels under these specific operating mechanisms, and then construct an empirical model through these mutual influencing factors. From the relevant data collected from 1996 to 2015, and through unit root and Granger test, it is concluded that overseas cross-border mergers and acquisitions can really promote the upgrading of China's technological level. While promoting technological innovation, China's overseas cross-border M & A is also restricted by various factors at home and abroad. Domestic issues are mainly related to the direction of overseas investment in China. Therefore, according to these conclusions, this paper puts forward some relevant suggestions at the end, on the one hand, it is based on the micro policy of the enterprise, considering the risks of M & A as a whole. On the other hand, it is based on the macro level of the government to consider, provide financial guarantee, strengthen the cultivation of talent echelon and improve the related legal level construction.
【學位授予單位】：貴州財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F273.1

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