资源科学 ›› 2020, Vol. 42 ›› Issue (9): 1788-1800.doi: 10.18402/resci.2020.09.13

• 资源经济 • 上一篇    下一篇

中国资源类企业海外并购区位选择研究——基于东道国制度质量视角

杨波(), 万筱雯(), 胡梦媛   

  1. 中南财经政法大学经济学院,武汉 430073
  • 收稿日期:2019-11-22 修回日期:2020-08-25 出版日期:2020-09-25 发布日期:2020-11-25
  • 通讯作者: 万筱雯
  • 作者简介:杨波,男,湖北武汉人,教授,研究方向为国际投资和国际贸易。E-mail: yangbo21cn@163.com
  • 基金资助:
    国家社会科学基金重大项目(18ZDA038);湖北省技术创新专项软科学项目(2019ADC132)

Location choice of Chinese resource enterprises’ cross-border mergers and acquisitions: A perspective from institutional quality of host countries

YANG Bo(), WAN Xiaowen(), HU Mengyuan   

  1. School of Economics, Zhongnan University of Economics and Law, Wuhan 430073, China
  • Received:2019-11-22 Revised:2020-08-25 Online:2020-09-25 Published:2020-11-25
  • Contact: WAN Xiaowen

摘要:

目前中国国内资源供给较难满足经济快速发展的需求,越来越多的资源类企业通过海外并购的方式获取国外资源。本文基于东道国制度质量视角,选取中国资源类企业在29个国家(地区)发生的406起海外并购事件作为研究对象,分析政治稳定、政府效率和法律制度对中国资源类企业海外并购区位选择的影响。结果表明:①中国资源类企业偏向选择在政治稳定和政府效率高的东道国进行海外并购,东道国较好的法律制度并不能吸引资源类企业海外并购,并且东道国资源密集度对海外并购区位选择具有调节作用;②油气行业区位选择主要受政治稳定性的正面影响和法律制度的负面影响,电力及其他行业主要受政治稳定性和政府效率的正面影响;③制度质量显著影响国有资源类企业海外并购区位选择,但是非国有企业海外并购区位选择仅受到政治稳定性的显著影响。因此,中国资源类企业在海外并购的过程中需要关注东道国的制度质量,尽量选择政治环境稳定、政府效率较高国家的企业进行海外并购。

关键词: 资源类企业, 海外并购, 区位选择, 制度质量, 政府效率, 政治稳定性

Abstract:

With the development of the Chinese economy, the supply of some resources is insufficient. Therefore China’s resource enterprises hunt for natural resources by cross-border mergers and acquisitions (cross-border M&A), which occurs in many host countries with different institutional quality. Based on the perspective of host country institutional quality, this study examined the influence of political stability, government efficiency, and legal system on the location choice of Chinese resource enterprises’ cross-border M&A, with a sample of 406 cross-border M&A events for Chinese resource enterprises in 29 countries. The results show that: (1) Political stability and government efficiency have a significant positive impact on the cross-border M&A, while legal system has a significant negative impact, and resource intensity has a regulatory impact on the institutional quality; (2) The location choice of oil and gas enterprises is mainly positively influenced by political stability and negatively influenced by legal system, while the power industry is mainly positively influenced by political stability and government efficiency; (3) The three kinds of institutional quality significantly affect the location choice of state-owned resource enterprises’ cross-border M&A, while only political stability has significant effect for non-state-owned enterprises. Chinese resource enterprises could pay more attention to the institutional quality during cross-border M&A, and try to choose the target country with stable political environment and high government efficiency in the future.

Key words: resource enterprises, cross-border mergers and acquisitions (M&A), location choice, institutional quality, government efficiency, political stability