Resources Science ›› 2020, Vol. 42 ›› Issue (9): 1788-1800.doi: 10.18402/resci.2020.09.13
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YANG Bo(), WAN Xiaowen(
), HU Mengyuan
Received:
2019-11-22
Revised:
2020-08-25
Online:
2020-09-25
Published:
2020-11-25
Contact:
WAN Xiaowen
E-mail:yangbo21cn@163.com;xiaowen_wan@sina.cn
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.
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Table 1
National (regional) distribution of Chinese resource enterprises’ cross-border mergers and acquisitions, 2002-2016"
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 |
Table 2
Descriptive statistics of variables"
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 |
Table 3
Overall regression result of institutional quality and cross-border mergers and acquisitions location choice"
(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 |
Table 4
Regression result of institutional quality and cross-border mergers and acquisitions location choice with interactive items"
(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 |
Table 5
Regression result of institutional quality and cross-border mergers and acquisitions’ location choice by group of industry"
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 |
Table 6
Regression result of institutional quality and cross-border mergers and acquisitions’ location choice by type of firm ownership"
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 |
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