中美两国的企业海外并购存在系统性差异吗？

《财经研究》 2022年48卷第10期 页码：94 - 107  online：2022年10月3日

中美两国的企业海外并购存在系统性差异吗？

Are There Systematic Differences in Overseas M&As between China and the United States?

作者（中）：王馗1 , 周经2 , 胡峰3

作者（英）：Wang Kui1, Zhou Jing2, Hu Feng3

作者单位：1. 华中科技大学 经济学院，湖北 武汉 430073; 2. 安徽财经大学 国际经济贸易学院，安徽 蚌埠 233030; 3. 浙江工商大学 全球价值链研究中心，浙江 杭州 310018

摘要：在中国海外并购蓬勃发展的过程中，中国企业的并购行为时常在目标国引起质疑并受到不同程度的限制甚至抵制。质疑者认为在中国经济模式下的海外并购受到非市场化行为的驱动，试图通过并购占领目标国市场或增加在目标国的政治影响力。为此，文章采用微观企业并购交易数据，在统一框架下从并购动机和并购价格两个角度系统研究了中美两国企业海外并购行为的异同，对上述论调进行一一驳斥。研究表明：（1）在市场寻求方面，中美两国企业不存在显著差异；在资源寻求方面，相比美国国有企业，目标国自然资源因素并未显著影响中国国有企业的海外并购；在制度方面，并未发现中国企业更偏好制度质量较低的目标国。（2）中美两国企业在如下维度存在一定的差异：中国企业更倾向于并购规模更大、负债率更高但拥有更多专利的目标企业，说明中国企业具有强烈的技术寻求动机；中国国有企业的海外并购在一定程度上受到政府政策的驱动。（3）中国企业在海外并购中并未比美国企业支付更高的并购价格。文章的研究有力地回应了有关中国海外并购的种种指责，有助于加深对中国海外并购的了解。

关键词：海外并购; 并购动机; 并购价格

Summary: In the process of the vigorous development of China’s overseas M&As, we have often been restricted or boycotted in target countries. Critics claim that overseas M&As under China’s economic model is driven by non-market-oriented behavior, or that their acquisitions are motivated strategically with the objective to gain market dominance or to increase China’s political influence in target countries. The international suspicion about overseas M&As of Chinese companies inspired us. Are there systematic differences in overseas M&As between China and other countries? Is it reasonable to question China’s overseas M&As without comparison? Therefore, from the perspectives of motivation and price, this paper uses a large deal-level dataset to investigate whether Chinese foreign acquisitions differ from cross-border investment coming from the United States, and responds to the suspicion. It is found that there is no significant difference between Chinese and American companies in market seeking; in terms of resource seeking, compared with American state-owned companies, the natural resource factors of target countries do not significantly affect Chinese state-owned companies; in terms of system, it is not found that Chinese companies prefer target countries with low system quality. However, there are some differences between Chinese and American companies in the following dimensions: Chinese companies prefer to purchase targets with larger scale, higher debt ratio but more patents, and they have strong technology-seeking motivation; Chinese state-owned companies are driven by government policies to a certain extent. Further analysis shows that Chinese companies do not pay higher M&A prices than American companies in overseas M&As. In general, the characteristics of overseas M&As of Chinese companies meet the specific needs of China’s current economic development. The contributions of this paper are as follows: Firstly, based on the mainstream foreign direct investment motivation theory and combined with the economic reality of developing countries, this paper constructs a unified and comparable research framework, and uses the Logit model to bring Chinese and American overseas investment into this research framework, which makes the analysis have a certain theoretical basis. The framework not only expands the application scope of the motivation theory of FDI, but also provides new ideas and empirical reference for international comparison. Secondly, comparing the overseas M&As of Chinese companies with American companies, this paper responds to many international suspicion about the overseas M&As of Chinese companies, and helps to deepen the understanding of China’s overseas M&As.

Key words: overseas M&As; M&A motivation; M&A prices 

DOI：10.16538/j.cnki.jfe.20211216.202

收稿日期：2021-08-26

基金项目：国家社会科学基金重大项目（20&ZD124）；国家自然科学基金面上项目（71773115）

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