海外并购、组织控制与投资方式选择——基于中国的经验证据

洪联英1 陈思2 韩峰2

(1.长沙理工大学经济与管理学院,现代服务业发展与湖南新型城镇化协同创新中心)
(2.长沙理工大学经济与管理学院)
【知识点链接】垄断优势理论; 东道国

【摘要】论文将“等级制控制方式”、“契约制控制方式”和Grossman-Helpman-Antras全球生产组织理论引入海外并购生产整合模型中,并运用中国2003~2012年的经验数据进行实证检验。研究表明:在企业生产率水平较高、资本密集型行业、东道国交易成本较高的治理环境下,海外并购偏爱选择等级制生产控制方式;反之,偏向选择契约制生产控制方式。但实证结果表明,目前中国企业海外并购仅在行业特征上符合这一规律,而在企业因素和区域因素层面却存在一定的偏差。着力加强微观企业条件建设,以制度创新和管理层改革,优化海外企业的治理结构和整合能力,引导企业理性选择微观生产组织控制方式,是破解中国海外并购绩效困境的有效路径。

【关键词】 海外并购; 微观生产组织控制; 投资方式; 等级制; 契约制;

【DOI】

【基金资助】 国家社会科学基金项目“依托国际生产组织推进我国对外投资战略与政策研究”(11CJY095) 国际经济与国际工程管理研究中心基金项目(13IEPM08) 湖南省高校创新平台开放基金项目(14K006)的资助

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    脚注

    [1]. ①按照Helpman(2006),一体化最终产品商的外部选择收益为δα而不是δ,是由于销售商品的收益函数具有凹性,收益作为数量x的一个函数和xα成比例,其中α决定了需求弹性ε=1/(1-α),0<α<1。 [^Back]

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This Article

ISSN:1002-5502

CN: 11-1235/F

Vol , No. 10, Pages 40-53

October 2015

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Article Outline

知识点

摘要

  • 一、引言
  • 二、海外并购的微观生产组织控制机理分析
  • 三、海外并购与组织控制方式选择实证模型
  • 四、实证检验结果及讨论
  • 五、结论与政策含义
  • 脚注

    参考文献