【作者】 陈丹；

【导师】 杨连星；

【作者基本信息】 华东师范大学 ， 国际商务硕士（专业学位）， 2022， 硕士

【摘要】 虽然近几年全球的资本流动趋势放缓,但是中国企业跨国并购的发展情况仍值得关注。服务贸易对跨国并购有重要作用,就直观而言服务贸易出口可以提高我国企业对国外市场了解程度,加强两国之间的经济文化交流,为企业跨国并购提供更多东道国信息,减少信息不对称发生的可能性,从而促进跨国并购。本文基于行业层面的相关数据来验证服务贸易出口对我国跨国并购的影响作用,选取2000—2018年间我国9个行业对全球130个国家和地区的服务贸易出口额和各行业企业对其发起跨国并购的数量、成功数量及金额为样本,在基准估计的基础上采用三步回归法对行业生产率和行业价值链两个中介变量进行机制检验。结果表明:我国企业的跨国并购离不开服务贸易出口的正向推动,具体表现在服务贸易出口能够提升跨国并购的数量、成功数量及金额。作用途径有二:第一,服务贸易出口通过资源的再分配效应、中间品投入效应和技术促进效应提高行业整体生产率,推动企业进行跨国并购。服务贸易出口额增加通过提升高效企业市场份额,促使低效企业调整业务布局,使得市场资源在产业内部和各产业之间流动重组,通过扩大服务业规模,为其他产业提供更多种类中间投入品,通过海外技术的溢出效应,推动公司技术水平提升,提高行业生产率。由于行业生产率提升,企业会寻求跨国并购扩大经营规模,将所需资源内部化。第二,服务贸易出口通过产业结构升级效应和知识溢出效应实现行业价值链提升,推动企业进行跨国并购。服务贸易出口通过推动服务贸易结构优化,实现产业升级,通过获取海外企业管理经验、技术标准等知识,掌握高附加值价值链环节所需能力,提升行业价值链。行业价值链提升后,企业会通过跨国并购来快速便捷地获得所需要素,寻求最佳规模效应,实现全球产业链优化提升。经过研究,本文得到如下政策启示:我国应当加快服务贸易结构优化步伐,进一步推进服务贸易出口,有效地促进中国公司的跨国并购。通过培养以数字经济为代表的新型产业增长点实现行业生产率的提高,大力发展服务外包以推进行业价值链提升,为企业跨国并购提供发起动力和整合保障,最终达到促进中国企业跨国并购的目标。更多还原

【Abstract】 Although the global capital flow trend has slowed down,the development of crossborder M&A by Chinese enterprises is still worthy of attention.Service trade is especially important of cross-border M&A.Intuitively,service trade exports can improve the understanding on foreign markets,strengthen economic and cultural exchanges,provide more host country information for cross-border M&A,and reduce information asymmetry and promote cross-border M&A.Based on relevant data at the industry level,this paper verifies the impact of service trade exports on Chinese cross-border M&A,and selects nine industries’ service trade exports from 2000 to 2018 as explanatory variables.and the number,successful number and amount of cross-border M&A of Chinese enterprises in 130 countries and regions as the explained variables,and uses the panel fixed effect model to perform benchmark regression;the three-step regression method is used to test the mechanism of the two intermediary variables of industry productivity and industry value chain.The results show that the cross-border M&A are inseparable from the positive promotion of service trade exports.First,the export of service trade improves the overall productivity of the industry through the effect of resources redistribution,intermediate goods input and technology promotion,and promotes cross-border M&A.The increase in the export value of service trade will increase the market share of efficient enterprises and adjust the business layout of inefficient enterprises,so that market resources will flow and reorganize within and among industries,and by expanding the scale of the service industry,it will provide other industries with more types of intermediate inputs,through the reverse spillover effect of overseas technology,to promote the company’s technical level and improve industry productivity.As industry productivity increases,companies will seek cross-border M&A to expand their operations.Second,the export of service trade realizes the upgrading of the industry value chain through the effect of industrial structure upgrading and knowledge spillover,and promotes cross-border M&A.The export of service trade realizes industrial upgrading by promoting the optimization of the structure of service trade,and by acquiring overseas enterprise management experience,technical standards and other knowledge,mastering the capabilities required for high value-added value chain links,and improving the industry value chain.After the industry value chain is upgraded,enterprises will seek the best scale effect through cross-border M&A to achieve the improvement of the global industrial chain.After the above research,this paper has the following policy inspirations: speed up the pace of service trade structure optimization,further promote service trade exports,achieve the purpose of improving industry productivity by cultivating new industrial growth points,vigorously develop service outsourcing to promote industry value chain improvement,and ultimately to achieve the goal of promoting the cross-border M&A.更多还原