摘要
本文基于汤姆森金融数据库和中国工业企业数据库，研究了中国企业跨境并购的动因和影响。对这一话题的研究具有重要的现实意义和理论意义。在经济全球化时代，跨境并购已成为对外直接投资的重要方式，成为企业在国际化舞台上最具影响力的国际经济活动之一。中国的跨境并购近几年来发展迅速，对中国企业海外并购动因和影响进行研究，有利于全面明确我国海外并购的关键性驱动因素，对未来企业海外并购在区位选择、产业进入及资源配置等方面提供理论支持和实证经验。另一方面，对外直接投资的动因是国际商务领域和国际经济学领域广泛关注的热点问题，而目前该领域的理论和实证文献并未对绿地投资和跨境并购这两种投资方式进行区分，缺乏对跨境并购的动因的系统研究；而对跨境并购影响的研究主要集中在对被并购企业影响的研究，但对并购企业本身影响的研究非常欠缺，而且尚没有关于中国企业跨境并购对其自身影响的研究，这不利于客观评估我国企业“走出去”的政策效果。本文试图通过对这些问题的研究为中国企业跨境并购的政策分析提供有价值的参考。
本文完成的主要工作以及取得主要成果有：
第一，本文梳理了国内外关于对外直接投资以及跨境并购的动因和影响的理论和实证研究，分析了我国跨境并购的发展历程及区位、行业分布等方面的特点。
第二，目标国国家层面，对中国海外并购动因的研究结果表明，我国海外并购的模式与主流文献所总结的模式基本相符，市场、自然资源、战略资产和制度环境对并购均有影响。（1）潜在目标国的市场规模对中国跨国并购的区位选择和投资规模都具有明显的正向作用，中国的跨国并购具有市场寻求特征；（2）矿产金属资源是中国企业跨国并购关注的重点，对区位与规模都存在显著的正向影响。尤其是对渐进式和股权类并购企业。而油气资源禀赋对中国跨国并购只存在规模效应，这可能使由于其交易能否达成更多地取决于国际政治等因素；（3）总体而言，中国跨国并购并未表现出显著的战略资产寻求动机。然而，我国经济发展到新阶段之后，我国企业开始表现出战略资产寻求的动机。同时，这一动机在渐进式企业的跨国并购中表现得更加明显；（4）中国在选择海外并购目标国时，对当地政治、经济风险欠缺考虑，甚至在投资规模上表现出风险偏好。双边投资协定的签订在总体上对我国海外并购的广延边际和集约边际并无显著影响。
第三，行业层面，从行业显性比较优势的角度对中国企业海外并购的动因的研究结果表明，我国倾向于到目标国显性比较优势较大的行业进行海外并购活动；我国某行业显性比较优势的提高，有利于促进该行业企业的并购活动。这一结论在以下各种回归中保持了稳健性。稳健性检验包括：基于中国具有比较优势的行业样本、较大规模并购的行业样本、较活跃的目标国样本以及水平型并购样本。进一步的实证研究表明，中国某行业显性比较优势的提高，会减少中国企业到该行业显性比较优势较弱的目标国进行海外并购活动，而中国某行业显性比较优势的削弱，会促使中国企业到该行业显性比较优势较大的目标国进行海外并购活动。
第四，企业层面，对我国企业跨境并购对其自身影响的研究表明，海外并购显著提高了我国企业的工资水平，对改善社会福利水平有一定的贡献；提高了出口企业的出口水平，对进一步提高企业的国际化水平具有促进作用。但对员工数量、企业生产率以及企业的出口决策并没有显著的影响。同时，从跨境并购企业产权性质、技术差异以及目标国经济发展水平三个角度对跨境并购的影响进行了异质性检验。
本论文对现有文献的主要贡献有：
第一，本文首次运用汤姆森金融数据库关注中国企业跨境并购的动因，这在现有文献中是第一个。首先，这丰富了关于企业跨境并购动因的研究，将跨境并购从广义的对外直接投资中分离出来进行专门研究；其次，这突破了对中国现有的跨境并购动因局限在案例分析的现状，基于跨境并购企业数据库，从目标国和行业显性比较优势的角度进行了更深入的系统实证检验。
第二，本文首次运用企业层面数据，估计了跨境并购对我国企业的影响。首先，通过人工合并中国跨境并购企业数据库和中国工业企业数据库，构造出一个包含全面的并购信息与企业运营信息的数据库；其次，从生产资源配置（劳动者收入及就业、企业生产率）及市场资源配置（出口）的角度，分析企业跨境并购的对其自身的影响，有着重要而广泛的理论及现实价值。
第三，本文在计量方法上有所创新。首先，研究海外并购的动因，需要区分投资的广延边际与集约边际，解决目前OFDI区位研究中普遍存在的样本选择问题。本文基于Heckman二阶段引力模型解决了样本选择偏误；其次，由于企业海外并购并不是一个随机过程，而是一个优化决策的结果，估计海外并购对我国企业的影响，简单的OLS估计方法会有系统性偏误。本文基于中国工业企业数据库提供的庞大的潜在对照组样本，使用倾向性评分匹配模型（PSM），有效解决了计量分析中海外并购的样本选择偏误问题。
第四，在中国企业大规模“走出去”的背景下，本文期望为中国企业跨境并购的研究提供有价值的思考角度，为未来我国制定更完善、更全面的海外投资促进法等的高层次法律带来政策层面的启示。例如，需要加强公司治理结构的建设，通过对并购决策者设计合理的激励与约束机制加以改善；加大对企业“走出去”的引导和政策优惠，尤其是对自身国际化水平已经较高的出口企业，更应该积极提高其稳步进行海外并购活动的积极性等。
Based on the Thomson Financial SDC Platinum database and Chinese IndustrialEnterprises Database, this thesis examines the motives and effects of Chinese overseas’M&As. The research has both practical significance and academic value. In an era ofeconomic globalization, cross-border M&As have become an important mode offoreign direct investment and one of the most influential international economicactivities. The Chinese cross-border M&As experienced a rapid development in recentyears, exploring its motives and effects is conducive for better comprehending the keydrivers of China's overseas M&As and providing theoretical support and empiricalevidence in the location choice, industry entry and resources allocation for the futureM&As. On the other hand, the motivations of foreign direct investment have receivedwide attention in the field of international business and international economics.However, a large body of the theoretical and empirical literatures on the motives ofOFDI have not distinguished the two kinds of investment modes （green fieldinvestment and cross-border M&As） and research on the effects of M&As on theacquiring enterprises is blank yet in our country. This paper attempts to research onthese problems and provides valuable references on Chinese cross-border M&Aspolicies.
The main contents and results of the thesis can be summarized as below：
Firstly, this paper reviews the theory and empirical literatures on motives andeffects of foreign direct investment and cross-border M&As, analyzes the developmentstage and regional and industrial distribution characteristics of the Chinesecross-border M&As.
Secondly, the thesis examines the motives of the Chinese cross-border M&As onthe target nation perspective. The empirical results show that market, natural resources,strategic assets and institutional environment all have effects on the Chinesecross-border M&As which follows the mainstream literature.（1） Chinese M&Asshows an obvious market-seeking characteristics, the potential target market size haspositive effect on both location decision and the investment scale;（2） ores&metalresources is the key concern of M&As enterprises, the mineral resources abundance ofthe target nations influence both location decision and the investment scale, especiallyfor the toeholds and equity M&As. Oil and gas abundance improves the M&As scalebut do not have significant effects on its location decision, which may be moredependent on international political factors;（3）China began to show strategic-assets seeking motive in the post-WTO period, at the same time, this motive is more obviousin toeholds and equity M&As;（4） Chinese acquirers lack long-horizon inacquisitions and show risk-loving patterns; Overall Bilateral Investment Treaties haveno significant effect on China’s M&As.
Thirdly, this thesis examines the motives of the Chinese cross-border M&As onthe comparative advantage perspective. Results show that Chinese cross-border M&Asare driven by cross-country differences in comparative advantage. We find strongevidence that target firms operate in industries with a comparative advantage. We alsoreport evidence that this holds for acquiring firms as well. This conclusion remainsrobust in the following robustness checks including comparative advantage industriessample for Chinese firms, large scale M&A industry sample, the more active targetcountry sample as well as the horizontal M&A sample. Further research shows thatChinese will decrease M&As in target industries with weaker revealed comparativeadvantage if the revealed comparative advantage in the acquiring industries improvedwhile increase M&As in target industries with larger revealed comparative advantageif the revealed comparative advantage for the acquiring industries weakened.
Finally, this thesis examines the effects of Chinese cross-border M&As onperformance of the acquiring firms. Cross-border M&As have significantly positiveeffect on both the level of wage which contribute the social welfare and the exportvolume which improve the internationalization level of acquiring firms. However, wefind insignificant effect on the level of employment, firm productivity and exportparticipation. Addtionally, this paper tests the heterogeneous effects of M&As onacquiring firms from three aspects, the ownership structure, technical difference andtarget country's level of economic development.
The thesis mainly contributes the literature in the following aspects：
Firstly, this paper is the first empirical research on the motives of Chinese firms’M&As using Thomson Financial SDC Platinum database. The research separatesM&As from the generalized foreign direct investment and enriches the presentliterature in cross-border M&As field; then, this paper does systematic empiricalanalysis on the motives of cross-border M&As from the perspective of the targetcountries and revealed comparative advantage which breaks the case study limitations.
Secondly, this paper is the first empirical research on the effects of cross-borderM&As on the acquiring firms. Based on Thomson Financial SDC Platinum databaseand Chinese Industrial Enterprises Database, this paper contributes a unique andmanually compiled1998-2007dataset which contains comprehensive informationabout overseas M&A deals and acquiring firms. On the other hand, exploring the effects on the acquiring firms from the perspective of production resources allocation（wage, labor and productivity） and market resources allocation （exports） hasimportant and extensive theoretical and practical value.
Thirdly, this thesis has some innovation in the econometric method. First of all,adopting the Heckman two-stage gravity model, we distinguish between extensivemargin and the intensive margin of M&As and solve the commonly existing problemsof sample selection in current OFDI location studies. On the other hand, since theoverseas M&A s is not a random process, but an optimization choice, research usingsample OLS estimation method may induce systematic bias. Using propensity scorematching method （PSM） on the basis of the huge potential control group sampleprovided by the Chinese industrial enterprise database, this paper effectively solves theproblem of sample selection.
Finally, in the context of Chinese firms’“Going global”activities, we hope thisthesis can provide a new point of cross-border M&As and can give some advice inpolicy level on how to develop a more perfect and comprehensive promotion law ofoverseas investment. For example, the structure of corporate governance needs to beenhanced by designing the incentive and restraint mechanisms for the decision-maker;increasing the guidance and preferential policy to the “Going global” enterprises,especially for those export enterprises that have enjoyed a high level ofinternationalization.
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