| 高凌云,易先忠.外资并购对目标企业生存的影响[J].数量经济技术经济研究,2019,(4):61-81 |
| 外资并购对目标企业生存的影响 |
| The Impact of Foreign M&A on the Survival of Target Enterprise |
| |
| DOI： |
| 中文关键词: 外资并购 溢价 目标企业 退出风险 |
| 英文关键词: Foreign Acquisition Premium Firm Level Exit Risk |
| 基金项目:本文获得国家社会科学基金专项项目“建设开放型世界经济与大国经济开放的中国方案研究”（18VSJ047）、国家自然科学基金面上项目“企业动态视角下我国内需变动影响出口的机制及政策应对研究”（71573271）和国家社会科学基金重大项目“‘一带一路’建设与全球治理格局演变研究”（17VDL006）的资助。 |
|
| 中文摘要: |
| 研究目标：不同类型外资并购对目标企业生存的影响。研究方法：可控制多重生存期的离散时间生存分析方法。研究发现：我国不同类别的外资并购不仅不会增加目标企业的退出风险，反而会通过政策优惠、无形资产内部化等方式降低目标企业的退出风险。这一核心结论在细分不同特征行业、企业，控制可能的遗漏变量以及因样本选择带来的内生性问题之后，始终保持稳健。研究创新：对不同类型外资并购具体是通过何种机制产生影响的进行了分析，并进一步检验了不同机制在不同技术行业和不同类型企业间的差异；另外，还解决了中国工业企业数据库中外资并购的识别问题。研究价值：为鼓励将外资并购作为我国吸引外资新的增长点等政策提供了经验支撑。 |
| 英文摘要: |
| Research Objectives: This paper is to discover the influence of different types of foreign mergers and acquisitions on the survival of target enterprises. Research Methods:This paper uses the discrete time survival analysis method which can control multiple lifetimes. Research Findings: The different types of foreign investment in China not only will not increase the exit risk of target enterprises but will reduce it by means of preferential policies and internalization of intangible assets.This core conclusion remains robust after subdividing different industries or enterprises,controlling possible omitted variables,and overcoming endogenous problems caused by sample selection. Research Innovations: This paper analyzes of the impact from what kinds of mechanisms,as well as the differences between different mechanisms in different technology industries and different types of enterprises.In addition,This paper solves the problem of the identification of foreign mergers and acquisitions in the database of Chinese industrial enterprises. Research Value:This paper provides empirical support for encouraging the foreign merger and acquisition as a new growth point of attracting foreign investment. |
| 查看全文 |
