国际经济与贸易学院知识库

党的二十大报告指出推进高水平对外开放，要增强国内国际两个市场两种资源互动效应，提升贸易投资质量和水平。自加入WTO以来，尤其是2008年全球金融危机之后，跨国并购成为我国企业参与国际分工与合作的重要方式。制造业作为国民经济支柱产业，是我国企业“走出去”的重要组成部分，但其“大而不强”的问题仍然显著，长远来看，想要冲破困局，实现制造强国的目标，跨国并购仍然是重要途径。已有对企业跨国并购的研究多集中在区位选择与并购绩效角度，股权策略作为影响企业资源获取和资源整合的重要因素常常被忽略。文章从组态视角出发，基于我国2015-2019年制造业企业跨国并购事件，对企业跨国并购股权策略各影响因素间的联合效应进行探究，揭示企业跨国并购股权策略的复杂性本质，归纳跨国完全并购的实现路径，有助于补充股权决策理论研究的不足，并对未来想要实施跨国并购的制造业企业提供股权决策依据。文章运用fsQCA方法得到中国制造业企业跨国完全并购的六组充分性组态，根据核心条件的分布情况，将其归纳为四种类型：文化距离谨慎型、并购经验驱动型、目标企业谨慎型和国有企业拓展型。结合案例分析，文章得出以下结论：（1）中国制造业企业跨国完全并购具有“多重并发性”和“殊途同归性”；（2）单一因素在不同组态中对结果的影响方向不一致；（3）文化距离与企业跨国并购股权策略之间并非是线性关系；（4）国有企业跨国并购显现出一定的开拓性，且常体现一定的国家意志。

The report of the 20th CPC National Congress pointed out that to promote a high level of opening up to the outside world, we should enhance the interactive effect between domestic and international markets and resources, and improve the quality and level of trade and investment. Since joining WTO, especially after the global financial crisis in 2008, cross-border M&A has become an important way for Chinese enterprises to participate in international division of labor and cooperation. As a pillar industry of the national economy, manufacturing industry is an important part of Chinese enterprises’ “going out”, but the problem of "big but not strong" is still significant. In the long run, transnational M&A is still an important way to break through the dilemma and achieve the goal of manufacturing power. Most of the studies on cross-border M&A mainly focused on location selection and M&A performance, while equity decision as an important factor affecting resource acquisition and resource integration is often neglected.

Based on the cross-border M&A events of manufacturing enterprises from 2015-2019, the study explores the joint effects among the influencing factors of the cross-border M&A equity decisions from the perspective of configuration, reveals the complex nature of the cross-border M&A equity decisions, summarizes the path to achieve complete cross-border M&A, helps to supplement the theoretical research on equity decisions, and provides references for the manufacturing enterprises that want to implement cross-border M&A.

The study uses fsQCA to obtain six sufficiency configurations for cross-border complete M&As, and categorizes them into four types according to the distribution of core factors: a type that treats cultural distance with caution, a type that driven by the M&A experience, a type that treats the target company carefully and a type that state-owned enterprises are pioneering. Combining the case studies, the study concludes that: (1) Cross-border M&A equity decisions are the result of a combination of reasons, and different combinations of reasons can lead to the same outcome; (2) a single factor does not affect the outcome in the same direction in different configurations; (3) there is not a linear relationship between cultural distance and cross-border M&A equity decisions; (4) state-owned enterprises' cross-border M&A are pioneering and often reflect the will of the state.