【摘要】：針對近年來高速增長的中國海外并購,主流的觀點認(rèn)為這是中國企業(yè)國際競爭優(yōu)勢增強后水到渠成的現(xiàn)象(“競爭優(yōu)勢假說”)。然而,傳統(tǒng)的“競爭優(yōu)勢假說”卻無法解釋中國海外并購中若干特征事實。本文認(rèn)為,解釋國內(nèi)企業(yè)海外并購的優(yōu)勢背離,不能忽略國內(nèi)外資產(chǎn)價格在驅(qū)動我國企業(yè)海外并購中發(fā)揮的關(guān)鍵作用(“價格假說”)。在充分闡釋“價格假說”的內(nèi)涵后,本文利用國家-行業(yè)-時間維度面板數(shù)據(jù)對這兩種不同的理論假說進行了細(xì)致的檢驗�；鶞�(zhǔn)結(jié)果不支持“競爭優(yōu)勢假說”,但證實了資產(chǎn)價格因素的重要影響。通過剖析作用機制以及進行系列穩(wěn)健性分析,我們進一步論證了本文的觀點。
[Abstract]:In view of the rapid growth of China's overseas mergers and acquisitions in recent years, the mainstream view is that this is a natural phenomenon ("competitive advantage hypothesis") after the strengthening of the international competitive advantage of Chinese enterprises. However, the traditional "competitive advantage hypothesis" can not explain some characteristics of China's overseas mergers and acquisitions. This paper argues that the key role of asset prices at home and abroad in driving the overseas M & A of Chinese enterprises can not be ignored to explain the deviation of the advantages of overseas M & A of domestic enterprises ("Price hypothesis"). After fully explaining the connotation of "Price hypothesis", this paper makes a detailed test of these two different theoretical hypotheses by using the state-industry-time dimension panel data. The benchmark results do not support the competitive advantage hypothesis, but confirm the important influence of asset price factors. By analyzing the mechanism of action and a series of robust analysis, we further demonstrate the point of view of this paper.
【作者單位】： 南開大學(xué)經(jīng)濟學(xué)院;

【相似文獻】

相關(guān)會議論文 前10條

1 羅東霞;時勘;;我國企業(yè)海外并購整合協(xié)同的障礙及對策[A];第四屆（2009）中國管理學(xué)年會——組織行為與人力資源管理分會場論文集[C];2009年

2 李建立;;中國企業(yè)海外并購主要障礙分析[A];全國律協(xié)經(jīng)濟專業(yè)委員會2010論壇（成都）論文集[C];2010年

3 錢婷;邢U，

本文編號：2308207