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

doi:10.18402/resci.2020.09.13

Abstract

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

YANG Bo, WAN Xiaowen, HU Mengyuan. Location choice of Chinese resource enterprises’ cross-border mergers and acquisitions: A perspective from institutional quality of host countries[J].Resources Science, 2020, 42(9): 1788-1800.

Figures/Tables 6

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Table 6

References 35

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所属洲	国家（地区）	并购数量	所属洲	国家（地区）	并购数量
大洋洲	澳大利亚	142	欧洲	英国	15
北美洲	加拿大	63		俄罗斯	12
	美国	28		德国	6
	墨西哥	3		意大利	5
亚洲	中国香港	36		法国	3
	哈萨克斯坦	13		挪威	3
	印度尼西亚	12		荷兰	2
	蒙古	9		葡萄牙	2
	阿塞拜疆	5		瑞士	2
	新加坡	3	南美洲	巴西	9
	以色列	2		阿根廷	5
	菲律宾	2		哥伦比亚	4
	土耳其	2		秘鲁	4
非洲	南非	10		厄瓜多尔	2
	莫桑比克	2

变量	最小值	最大值	平均值	标准差	观察值
海外并购数量M&A	1.000	22.000	1.933	2.437	435
政治稳定性PV	0.192	0.395	0.244	0.032	435
法律制度RL	0.119	0.226	0.155	0.017	435
政府效率GE	0.155	0.239	0.201	0.018	435
东道国资源密集度NR	0.046	69.901	10.632	15.848	435
东道国技术水平TD	0.061	98.729	16.229	14.856	435
中国市场规模CGDP	1.471	11.199	5.865	3.500	435
东道国市场规模HGDP	0.001	18.624	1.274	2.751	435
距离成本DIS	0.402	20.104	6.140	4.147	435
经济发展相似性ELD	0.011	39.572	6.683	8.536	435

	(1)	(2)	(3)	(4)
政治稳定性PV	8.038***			6.941***
	(3.52)			(3.040)
法律制度RL		-6.548**		-8.5886***
		(-2.448)		(-3.106)
政府效率GE			4.974**	6.2773**
			(2.104)	(2.544)
东道国资源密集度NR	0.013***	0.013***	0.013***	0.014***
	(6.460)	(6.622)	(6.607)	(6.809)
东道国技术水平TD	-0.000 4	-0.044	-0.021	-0.020
	(-0.012)	(-1.3023)	(-0.621)	(-0.603)
中国市场规模CGDP	0.392***	-0.010	0.033	0.179
	(3.950)	(-0.175)	(0.675)	(1.553)
东道国市场规模HGDP	0.136***	0.112***	0.117***	0.125***
	(5.847)	(4.874)	(5.116)	(5.413)
距离成本DIS	-0.059	-0.133***	-0.075*	-0.116**
	(-1.373)	(-2.834)	(-1.747)	(-2.482)
两国经济发展相似性ELD	0.049**	0.097***	0.028	0.057**
	(2.534)	(3.990)	(1.112)	(2.150)
常数项	-2.148***	1.608***	-0.559	-1.364
	(-2.950)	(3.089)	(-1.208)	(-1.519)
样本量	435	435	435	435
W	105.34	97.6	95.71	120.63

	(1)	(2)	(3)
政治稳定性PV	9.214***
	(3.921)
PV×NR	-0.097**
	(-1.962)
法律制度RL		-7.763***
		(-2.817)
RL×NR		0.148*
		(1.730)
政府效率GE			3.308
			(1.458)
GE×NR			0.717***
			(6.561)
NR	0.013***	0.014***	0.018***
	(6.563)	(6.789)	(8.648)
控制变量	是	是	是
常数项	是	是	是
样本量	435	435	435
W	110.12	101.27	148.23

	金属和矿产行业	油气行业	电力及其他行业
	(1)	(2)	(3)
政治稳定性PV	3.836**	3.871***	1.976*
	(2.003)	(2.794)	(1.685)
法律制度RL	-5.544**	-4.398***	0.167
	(-2.390)	(-2.621)	(0.117)
政府效率GE	4.841**	2.268	2.349*
	(2.339)	(1.515)	(1.853)
东道国资源密集度NR	0.012***	0.0032***	0.002*
	(7.217)	(2.697)	(1.659)
东道国技术水平TD	-0.020	-0.005	-0.002
	(-0.713)	(-0.242)	(-0.086)
中国市场规模CGDP	0.030	0.076	0.123**
	(0.313)	(1.086)	(2.069)
东道国市场规模HGDP	0.061***	0.058***	0.0301**
	(3.170)	(4.122)	(2.533)
距离成本DIS	-0.008	-0.063**	-0.044*
	(-0.211)	(-2.214)	(-1.823)
两国经济发展相似性ELD	0.054**	0.005	0.012
	(2.446)	(0.331)	(0.900)
常数项	-0.938	-0.562	-0.985**
	(-1.246)	(-1.031)	(-2.134)
样本量	435	435	435
W	92.71	38.45	56.39

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

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	国有企业				非国有企业
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
政治稳定性PV	7.313***			6.121***	3.199**			2.917*
	(3.682)			(3.095)	(2.095)			(1.886)
法律制度RL		-5.549**		-7.875***		-1.311		-1.823
		(-2.380)		(-3.287)		(-0.735)		(-0.973)
政府效率GE			5.782***	7.015***			1.613	1.666
			(2.8189)	(3.2818)			(1.025)	(0.997)
东道国资源密集度NR	0.011***	0.011***	0.011***	0.011***	0.007***	0.007***	0.007***	0.007***
	(6.127)	(6.283)	(6.332)	(6.549)	(5.216)	(5.287)	(5.306)	(5.306)
东道国技术水平TD	0.0001	-0.038	-0.017	-0.017	-0.003	-0.0163	-0.011	-0.007
	(0.004)	(-1.304)	(-0.585)	(-0.594)	(-0.111)	(-0.723)	(-0.495)	(-0.285)
中国市场规模CGDP	0.298***	-0.062	-0.040	0.084	0.185***	0.042	0.045	0.135*
	(3.449)	(-1.277)	(-0.965)	(0.843)	(2.784)	(1.128)	(1.404)	(1.725)
东道国市场规模HGDP	0.109***	0.088***	0.092***	0.099***	0.062***	0.053***	0.054***	0.059***
	(5.398)	(4.382)	(4.627)	(4.931)	(3.973)	(3.484)	(3.567)	(3.789)
距离成本DIS	-0.031	-0.096**	-0.043	-0.082**	-0.032	-0.052*	-0.0389	-0.044
	(-0.832)	(-2.335)	(-1.166)	(-2.023)	(-1.115)	(-1.648)	(-1.368)	(-1.376)
两国经济	0.037**	0.078***	0.009	0.035	0.042***	0.054***	0.036**	0.042**
发展相似性ELD	(2.165)	(3.672)	(0.399)	(1.549)	(3.243)	(3.323)	(2.172)	(2.321)
常数项	-5.711***	1.145	-1.225***	-3.107*	-3.156***	-0.512	-1.098***	-2.554**
	(-3.962)	(1.348)	(-2.639)	(-1.914)	(-2.848)	(-0.788)	(-3.083)	(-2.012)
样本量	435	435	435	435	435	435	435	435
W	83.05	73.93	76.57	102.49	77.93	73.44	74.03	79.66