作　　者： ;

机构地区： 武汉理工大学深圳研究院

出　　处： 《国际贸易问题》 2019年第3期71-84,共14页

摘　　要： 本文以2001—2015年跨国并购的A股上市中国制造业企业为研究样本,利用混合截面门槛模型实证分析融资约束对企业跨国并购绩效的非线性影响,并采用ZhiWang等(2017)新近提出的全球价值链指标体系,研究行业全球价值链地位与嵌入度对企业融资约束与跨国并购绩效的影响。研究结果显示:融资约束对制造业企业跨国并购绩效的影响存在门槛效应,适度的融资约束有利于提高企业并购绩效;当前中国制造业的全球价值链地位抑制了企业跨国并购绩效,并对融资约束与并购绩效的关系有负向调节作用;中国制造业较高的全球价值链嵌入度促进了企业跨国并购绩效,并对融资约束与并购绩效的关系有正向调节作用。 Using a sample of Chinese A-share listed manufacturing firms experiencing cross-border mergers and acquisitions( M&A) during the period 2001-2015,this paper investigated the effect of industry GVC position and participation on firms’ financing constraints and the performance of M&A. To analyze the non-linear impact of financing constraints on performance,we employed a newly developed GVC index by Wang et al( 2017) and performed a mixed cross-sectional threshold model. The results show that there is a threshold effect of financing constraints on cross-border M&A performance. An appropriate level of financing constraints helps improve M&A performance. The current GVC position of Chinese manufacturing industry inhibits firms’ cross-border M&A performance and moderates the relationship between financing constraints and M&A performance.However,the high GVC participation of Chinese manufacturing industry improves crossborder M&A performance and positively mediates the relationship between financing constraints and M&A performance.

关 键 词： 全球价值链 融资约束 跨国并购绩效 制造业企业

分 类 号： [F271]

领　　域： []