中国城市间投资网络的结构特征与演化分析——基于企业并购视角
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摘要
全球范围内,企业并购已取代绿地投资成为跨国公司对外投资的主要方式。本文以城市为企业并购活动的地理节点,将企业间的并购投射为城市间的链接,并基于2012～2017年中国境内所有完成并购的交易事件,利用社会网络、幂率分布、核密度函数等方法,揭示了并购投资网络向外蔓延、向内稠密化的演进趋势以及"富国俱乐部"与"空间距离衰减"结构特征。"富国俱乐部"表明并购交易属于典型的"循环累积"与"金融极化"过程,大多数城市受到"金融排斥",少数城市占据主导地位;而"空间距离衰减"是信息不对称与跨越行政边界过程中制度障碍因素共同作用的结果。
Globally,mergers and acquisitions have replaced greenfield investment as the main form of foreign investment for multinational corporations. This paper treats cities as the geographic nodes of M&A transactions,and projects M&A transactions among enterprises as links between cities. Based on all M&A transaction events implemented and completed in Mainland China in2011 ～ 2016,combined with social networks and GIS spatial visualization,the power law distribution and kernel density method,we reveal the evolution trend of the outbound spread and inward densification of the M&A network,and two significant characteristics of "rich country club" and "spatial distance attenuation" for the M&A investment linkage. The characteristic of "rich-country clubs" indicates that the M&A transaction process is a typical "cyclical accumulation" and "financial polarization" process.Most cities face "financial exclusion" and a few cities dominate. The spatial distance attenuation characteristic is the result of the asymmetric information and the institutional obstacles in the process of crossing the administrative boundary.
Globally,mergers and acquisitions have replaced greenfield investment as the main form of foreign investment for multinational corporations. This paper treats cities as the geographic nodes of M&A transactions,and projects M&A transactions among enterprises as links between cities. Based on all M&A transaction events implemented and completed in Mainland China in2011 ～ 2016,combined with social networks and GIS spatial visualization,the power law distribution and kernel density method,we reveal the evolution trend of the outbound spread and inward densification of the M&A network,and two significant characteristics of "rich country club" and "spatial distance attenuation" for the M&A investment linkage. The characteristic of "rich-country clubs" indicates that the M&A transaction process is a typical "cyclical accumulation" and "financial polarization" process.Most cities face "financial exclusion" and a few cities dominate. The spatial distance attenuation characteristic is the result of the asymmetric information and the institutional obstacles in the process of crossing the administrative boundary.
引文
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[22] Basu N,Chevrier M. Distance,Information Asymmetry,and Mergers:Evidence from Canadian Firms[J]. Managerial Finance,2011,37(1):21~33.
[2]洪银兴.准确认识供给侧结构性改革的目标和任务[J].中国工业经济,2016,46(6):14~21.
[3] Fujita M,Krugman PR,Venables AJ,et al. The Spatial Economy:Cities,Regions and International Trade[M]. Cambridge,MA:MIT Press,1999:22~35.
[4] Friedmann J. The World City Hypothesis[J]. Development and Change,1986,17(1):69~83.
[5]白雪洁,卫婧婧.异地并购、地区间资源流动与产业升级——基于中国数据的实证研究[J].当代财经,2017,(1):100~109.
[6]苏敬勤,刘静.中国企业并购潮动机研究——基于西方理论与中国企业的对比[J].南开管理评论,2013,16(2):57~63.
[7]陈传刚.企业并购动因理论综述[J].北方经济,2007,(8):62~63.
[8]秦喜杰.成功并购:目标企业选择论[M].北京:经济管理出版社,2004:25~30.
[9]文海涛.西方企业并购绩效理论研究评述[J].北京交通大学学报(社会科学版),2008,7(1):65~69.
[10] Erel I,Liao RC,Weisbach MS. Determinants of Cross-border Mergers and Acquisitions[J]. The Journal of Finance,2012,67(3):1045~1082.
[11] Zademach H,Rodríguez-pose A. Cross-border M&As and the Changing Economic Geography of Europe[J]. European Planning Studies,2009,17(5):765~789.
[12] Green MB,Cromley RG. Merger and Acquisition Fields for Large United States Cities 1955~1970[J]. Regional Studies,1984,18(4):291~301.
[13]后锐,杨建梅,姚灿中.全球产业重组与转移:基于跨国并购复杂网络的分析方法[J].系统管理学报,2010,19(2):129~135.
[14]魏乐,张秋生,赵立彬.我国产业重组与转移:基于跨区域并购复杂网络的分析[J].经济地理,2012,32(2):89~93.
[15]黄玮强,高振明,庄新田.我国上市公司跨区域并购复杂网络研究[J].工业技术经济,2015,23(6):128~136.
[16] Kolaczyk ED,Csárdi G. Statistical Analysis of Network Data With R[M]. New York:Springer,2014:14~20.
[17] Clauset A,Shalizi CR,Newman MEJ. Power-law Distributions in Empirical Data[J]. Siam Review,2009,51(4):661~703.
[18] Rosenblatt M. Remarks on Some Nonparametric Estimates of a Density Function[J]. The Annals of Mathematical Statistics,1956,27(3):832~837.
[19] Parzen E. On Estimation of a Probability Density Function and Mode[J]. The Annals of Mathematical Statistics, 1962, 33(3):1065~1076.
[20] Silverman B W. Density Estimation for Statistics and Data Analysis[M]. Routledge,2018:495.
[21]邓向荣,杨彩丽.极化理论视角下我国金融发展的区域比较[J].金融研究,2011,(3):86~96.
[22] Basu N,Chevrier M. Distance,Information Asymmetry,and Mergers:Evidence from Canadian Firms[J]. Managerial Finance,2011,37(1):21~33.