成长冲动与风险对冲:经济政策不确定性如何影响企业海外并购被引量：6

Growth Motivation and Risk Hedging:How does Economic Policy Uncertainty Affect Cross-Border M&As?

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摘要本文扎根于中国转型经济背景,提出了在经济政策不确定性影响下企业海外并购的两大动因,即成长冲动和风险对冲。同时认为:经济政策不确定性使得企业内生有机成长方式、外在本土并购扩张方式受到了阻碍;企业面临着因融资成本、非经营性成本增加带来的风险;此时,海外并购便成为企业的最佳策略。本文以2008-2018年中国沪深两市A股上市公司为样本,实证检验了上述影响机制。研究结果显示:经济政策不确定性较高时,在成长冲动和风险对冲的驱动下,企业倾向于使用海外并购来替代本土并购,且这种替代作用在非国有企业中更为明显。机制检验表明:成长冲动强烈、融资成本和非经营性成本较高、风险承担能力弱的企业更倾向于采取海外并购策略,以规避经济政策不确定性的影响。 Under the background of China’s transitional economy,this paper puts forward two major drivers of cross-border M&As under the circumstances of economic policy uncertainty,that is,growth motivation and risk hedging.This paper argues that economic policy uncertainty not only hinders companies’endogenous growth and external local M&As,but also brings risks by increasing companies’financial costs and non-operating costs.Therefore,driven by both growth motivation and risk hedging,companies take cross-border M&As as the best choices to achieve rapid growth and diversify risks.This paper takes statistics of China’s A-share listed companies in Shanghai and Shenzhen stock markets from 2008 to 2018 as samples and empirically tests the above mechanism.The empirical results show that the higher the uncertainty of local economic policies,the greater the probability that companies implement cross-border M&A decisions,especially for non-state-owned companies.Overall,cross-border M&As are alternatives for local M&As.Further explorations show that companies with strong growth motivation,high financial costs and non-operating costs,and weak risk-bearing capacity will have a strong impulse to implement cross-border M&As to avoid the impact of policy uncertainty on risk.

作者任曙明王倩李洁敏 REN Shuming;WANG Qian;LI Jiemin(School of Economics and Management,Dalian University of Technology,Dalian 116024,China)

机构地区大连理工大学经济管理学院

出处《当代经济科学》 CSSCI 北大核心 2021年第4期27-41,共15页 Modern Economic Science

基金国家自然科学基金面上项目“跨国并购驱动高端装备制造业技术升级的机制:产品空间理论视角”(71573031) 辽宁省社会科学规划基金重点项目“数字经济赋能辽宁制造业高质量发展的实现机制”(L20AJY014) 中央高校基本科研业务费专项资金资助项目“产品空间视角下中国装备制造业的产品质量升级机制”(DUT21RW210)。

关键词政策不确定性海外并购成长冲动风险对冲 policy uncertainty cross-border M&As growth motivation risk hedging

分类号 F279.2 [经济管理—企业管理]

作者简介任曙明,女,大连理工大学经济管理学院教授,博士生导师,研究方向:企业并购,电子邮箱:smren@dlut.edu.cn;王倩,女,大连理工大学经济管理学院博士研究生,研究方向:企业并购;李洁敏,女,大连理工大学经济管理学院硕士研究生,研究方向:企业并购。