中国企业海外并购与产业国际竞争力研究

From the view of industrial international competitiveness, this project is proposed to evaluate the current cross-border merger and acquisition (CBMA) wave from Chinese firms. We ask two basic questions: firstly, in which extent these cross-border M&As are driven by international competitiveness of relevant domestic industries? Secondly, what are their effects on the international competitiveness of domestic industries? We will start with the research on a global scope and explore whether there exists a general linkage between CBMA and international competitiveness of domestic industries, and in what kind of channels such linkage functions. The analysis of this stage would divide countries into developed and developing (or emerging) economy groups, and the theoretic and empirical studies are carried out within each group. Based on the results of the analysis on global scope, we further look into the scenario of Chinese firms and industries. Chinese specific institution and policy environments are treated as the key factors affecting firms' decision on international expansion. The project tries to figure out what effects of such institutional extortions on firms' CBMA behaviors, both in situations of state owned and non-state owned enterprises. We hope to prove that most CMBA cases from Chinese firms are mainly a result a the equity underpricing caused by global financial catastrophe in 2008 and encouraging polices of Chinese government, without necessary industrial international competitiveness for supporting bases. Therefore the current CBMA wave is probably a bubble, and has no benefit for Chinese industrial development. Policy issues will also be addressed in regard of cross-border M&A strategies to improve Chinese industrial international competitiveness. The project contributes to the existing literature because at present there are seldom any studies emphasizing the linkage between firms' M&A behavior and industrial competitiveness of home country, which is surely an important academic area deserving further investigation. In addition, it is apparently an interesting and sometimes critical issue to policy decision makers, especially to those from developing countries.

本课题旨在针对近年来极速增长的中国企业海外并购现象，深入探讨当前中国企业海外并购潮形成的产业原因，以及中国企业海外并购对我国产业国际竞争力产生的影响。总体研究思路是：以理论分析和全球范围内的经验实证为先导，并以此作为比较基准，结合中国作为转型和新兴市场经济的现实，重点研究中国企业海外并购与我国相关产业竞争力之间的相互关系，并进一步探讨海外并购与产业国际竞争力提升相互促进的发展战略。为此拟按照演绎与归纳相结合的科学逻辑研究范式展开，综合理论分析与实证检验，分别对全球层面和中国层面关于跨国并购与母国产业国际竞争力的相关性提供科学有效的研究结论。同时针对中国海外并购与母国产业国际竞争力关系的独特性，总结提炼具有前瞻性和战略意义的对策建议。

本课题旨在针对近年来快速增长的中国企业跨国并购现象，深入探讨当前中国企业跨国并购潮形成的产业原因，以及中国企业跨国并购对我国产业国际竞争力产生的影响。我们以理论分析和全球范围内的经验实证为先导，结合中国作为转型和新兴市场经济体的现实，重点研究中国企业跨国并购与我国相关产业竞争力之间的相互关系，并进一步探讨跨国并购与产业国际竞争力提升相互促进的发展战略。.本项目的理论分析表明，一国的产业国际竞争力与相关产业的规模性跨国并购是相辅相成和共同发展的，而且世界多国样本的经验实证结果也印证了这个命题，但中国的经验却与此有明显的不同：尽管中国的对外直接投资（OFDI，包括新建投资和跨国并购）总体上与相关产业的国际竞争力同步发展，OFDI反过来对产业国际竞争力也有明显的促进作用，但跨国并购却不尽然。我们发现，相对于大多数国内产业的国际竞争力水平，我国近年来的跨国并购热潮显然过于超前，缺乏足够的国际竞争力支撑；反过来，大部分跨国并购为并购企业和相关产业带来的竞争力效应也不乐观。尤其在国有企业比重较高的行业，跨国并购与产业国际竞争力间的相互关系显得更为扭曲。我们的经验实证结果还表明，驱动中国企业大规模并购海外资产的动力主要源于2007年全球金融危机以来国内外资产价格差异、以及国有企业治理结构错位原因。此外，企业高速成长后管理者的盲目自信、货币超发、经济增速回落后凸显的产能过剩问题及投资机会匮乏等也对企业争相并购海外资产起到了推波助澜的作用。最后，我们基于国际间动态比较优势变化和产业发展层次，对未来中国企业跨国并购方向进行了探讨。.本研究首次建立了群体企业跨国并购行为与母国产业国际竞争力的联系，扩展了FDI理论的视角；基于资产的互补性，对跨国并购的特殊条件和经济绩效进行理论分析，丰富和发展了FDI和跨国公司理论。同时，我们关于中国企业跨国并购与产业国际竞争力间关系的揭示及政策探讨，对未来相关政策的科学决策提供了有益的参考。