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论文编号：	9327
作者编号：	1120140814
上传时间：	2017/6/20 10:18:47
中文题目：	企业跨境并购项目的投资动因与股权选择关系研究
英文题目：	The Effect of Cross-border Acquirers’Motives on Ownership Choice
指导老师：	戚安邦
中文关键字：	跨境并购；投资动因；股权选择； 企业异质性资源；制度环境
英文关键字：	Cross-Border Mergers and Acquisitions；Motives；Ownership Choice；Enterprise Heterogeneous Resources;Institutional Environment
中文摘要：	随着中国政府积极推动海外投资便利化政策，中国企业“走出去”的内生动力日益增强。根据《2015年度中国对外直接投资统计公报》显示，近些年由中国企业主动发起的大型并购项目日益增多。然而，决定企业能否走出去、走得好以及后续跨境并购整合的关键活动之一是对海外目标企业的股权选择问题。股权选择体现出收购方对目标方持有股权比例的一种安排。合理的股权选择可以使并购整合后的企业经济效益显著增加，而不恰当股权选择可能会引致资源投入和风险之间的不匹配，进而伴随低效率的整合活动以及可能低于预期回报的后果。有关跨国经营相关的研究指出，企业国际化行为的背后往往隐含着企业对外投资的动机，那么在跨境并购项目开展过程中，企业的海外投资动因是否会影响股权选择决策呢？一方面，从学术界来看，目前对企业跨境并购项目的投资动因与股权选择行为两者之间关系的研究较为鲜见。另一方面，从实践界来看，由于一些企业在跨境并购过程中对投资项目的目的性和必要性研判不足，表现出盲目的偏向等级制的独资控股选择误区。如此，企业的海外投资动因与股权选择之间就可能存在一条影响路径，对这条路径的深入研究，是一个值得我国学术界和企业界关注和思考的重要问题。据此，本文聚焦于中国企业跨境并购项目的投资动因对股权选择的影响效应，并在此基础上进一步考察企业内部资源和外部制度环境在其中的约束作用。 本研究以上述问题为起点，首先，本文以2001-2016年中国上市公司跨境并购交易事件（项目）作为研究样本，将制度理论（Institutional Theory）、交易成本理论（Transaction Cost Theory）以及资源基础观（Resource Based View）进行整合，构建三支柱理论分析框架；其次，重点剖析海外市场开拓和战略资产寻求这两类主要的跨境收购投资动因对股权选择的影响；进一步地，考察了企业盈利能力和研发能力这两种重要的异质性资源对上述两者关系的调节效应以及经济制度距离、产权背景、行业情境、投资区位等制度环境因素对上述两者关系的约束作用；最后，采用Tobit回归模型、Probit稳健性检验以及为克服样本可能存在自选择问题所使用的Heckman两步法内生性检验等计量经济分析方法对本文的研究假设进行实证检验。 根据实证分析结果，得出的主要研究结论如下：一是，企业跨境并购项目的投资动因对股权选择有显著影响。相对于战略资产寻求动因的企业，具有海外市场开拓动因的企业倾向于较高的股权并购比例。这表明在中国企业的海外并购投资活动中，具有不同类型投资动因的企业存在特定的股权选择偏好。二是，盈利能力和研发能力对企业投资动因与股权选择之间影响效应不尽相同。具体来说，盈利能力可以显著地调节企业投资动因与股权选择之间的关系，即与战略资产寻求动因的企业相比，随着企业盈利能力的不断提升，具有海外市场开拓动因的企业，其股权并购比例较高的行为会被显著削弱，这意味着中国企业能够通过盈利能力这一工具去优化调整海外并购的股权结构，但是中国企业的研发能力对两者关系的调节作用并不显著。三是，制度环境因素对企业跨境并购项目的投资动因与股权选择之间的关系影响体现为，企业投资动因对股权选择的影响存在产权背景、行业情境、投资区位的差异。此外，母国（中国）与东道国之间的经济制度距离对中国企业跨境并购的股权选择会产生显著的正向影响，但对企业海外投资动因与股权选择之间的关系不具有显著的调节作用。 通过研究，本文主要有如下三点创新之处：一是，不同于以往对企业海外并购项目的投资动因的分析多采用案例研究的方法，本文通过细分中国企业海外并购投资动因的具体类型，巧妙地对企业投资动因进行了构造和量化分析，为企业海外收购的股权选择差异性提供了新的解释，也为今后学者对中国企业海外投资动因转化为投资效果的实证研究提供了值得借鉴的思路。二是，与已往国内外学者偏重从单一的理论视角解释海外投资动因和股权选择决策的机理有所不同，本研究以多元化的研究视角，对制度理论、交易成本理论以及资源基础观进行深入整合，以此构建三支柱理论框架，去尝试分析中国跨国企业的海外并购股权选择决策机理。三是，分层构建了企业跨境并购项目的投资动因对股权选择影响的研究模型。本研究通过对企业主体深层因素的独特性挖掘，以中国企业跨境并购项目的投资动机为出发点，构建了企业跨境并购投资动因对股权选择影响效应的模型。在此基础上，充分考虑了企业异质性资源和制度环境对两者关系的动态影响，从而使得本研究在实践上更加接近中国跨国企业决策的真实情况，在理论上构建了更加全面和科学的股权策略选择的理论模型。
英文摘要：	With the Chinese government actively promoting overseas investment facilitation policy,Chinese enterprises are willing to respond to government’s "Go Policy" . According to the "China's Direct Investment Statistics for 2015", the number of large-scale mergers and acquisitions initiated by Chinese enterprises has been increasing in recent years. However, one of the key strategic decision to determine whether an enterprise can go into global market successfully is the choice of ownership for overseas target firms. The ownership choice reflects an arrangement that the acquirer holds a stake in the target. Appropriate ownership choice can significantly increase the economic benefits of mergers and acquisitions, and inappropriate ownership choice may lead to disparities between resource inputs and risks, following with inefficient integration activities and the consequences that may be lower than expected.The study of international business research pointed out the motive of foreign investment covered by the international behavior of enterprises.Thus,do motives of cross-border acquirers effect on ownership choice? On the one hand, the academic research about these topics are relatively rare. On the other hand, in respect to the actual situation of the business industry,as a result of investment motives are not clear in some Chinese enterprises,it have shown a bias towards the choice of sole ownership in this process. Thus, there may be an mechanism between motives of cross-border acquirers and ownership choice,and these important issues are worth studying.Based on this discussion, this dissertation focuses on relationship between motives of cross-border acquirers and ownership choice in Chinese overseas projects, and on this basis, this dissertation further examines the constraint effect of enterprise heterogeneous resources and institutional environment factors. This dissertation’s sample covers cross-border majority acquisitions announced from January 1st, 2001 to September 30th, 2016 ,involving listed Chinese acquirers from BVD-Zephyr database.This dissertation integrates the Institutional theory、Transaction Cost Theory and Resource-Based View (RBV) to construct triangular theoretical analysis framework;Then, it analyzes the impact of Chinese acquirers’ cross-border M & A motivations on the ownership choice , and examines the constraint effect of enterprise heterogeneous resources and institutional environment factors on the relationship between motives of Chinese acquirers and ownership choice;Finally, the hypothesis of this dissertation are tested by using the Tobit regression model、the Probit robustness test and the Heckman two-step method of econometric analysis to overcome the possible self-selection problem of the sample. According to the empirical analysis, the main conclusions are as follows: First, the motives of cross-border acquirers have significant impact on the ownership choice,We find that these Chinese listed companies are more likely to opt for a higher ratio of equity stake when they intent to seek new markets, compared to firms whose intent is to acquire strategic assets. This means that in the cross-border mergers and acquisitions activities of Chinese enterprises, there are specific preferences of ownership choice for those with different types of motives ; Second, as important factors in the heterogeneous resources,Chinese acquirers’ profitability and R&D capacity have different constraint mechanism.Specifically,Chinese acquirers’ superior profitability can significantly moderate the relationship between motives and ownership choice.That is,compared to firms whose intent is to acquire strategic assets,the enterprises who want to expand foreign market will be significantly weakened in its higher proportion of equity,with the continuous improvement of firm’s profitability.However,firms’ R&D capacity have not moderate effect. Third,we also find that the effects of cross-border acquirer’s motives on ownership choices will be a certain degree of differentiation in different circumstances which include state ownership effect、industry type and the investment location. In addition, the economic institutional distance between home country (China) and host country has a significant positive effect on ownership choice, but it does not have a significant moderate effect on the relationship between the motives of cross-border acquirers and ownership choice. Through the research, this dissertation has the following three innovations: First, different from the previous analysis of the motives of cross-border acquirer,which widely used case study,this dissertation cleverly uesd the Grounded Theory to make motivation variable quantify effectively, this method can provide a useful reference for the empirical study for the future research；Second, previous literature mostly emphasize on a single theoretical perspective to explain FDI ownership choice,this research integrated three dominant theories(TCE/RBV/IT) in international business field.this aim to advance understanding about the choice of ownership in the context of China； Thirdly, existing research presents a gap in this theoretical inquiry, and there has not been systematically constructed research model,this research establishes the model about the effect of cross-border acquirers’ motives on firm’s ownership decisions under heterogeneous resources and institutional environment. This model provides theoretical guidance for Chinese listed companies to make scientific and rational ownership choices in cross-border acquisitions and makes the study more close to the real situation in which Chinese multinational corporations will make decisions.
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