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7758本文基于BVD-Zephyr全球并购交易数据库，采用2001—2016年中国上市公司海外并购交易数据，从国际商务理论尤其是资源基础观角度重点剖析企业海外并购动因对股权选择的影响，并探讨了盈利能力对两者关系的调节作用。研究结果表明，企业海外并购动因对股权选择有显著影响，相对于战略资产寻求动因的企业，具有海外市场开拓动因的企业倾向于较高的股权并购比例；进而发现，在并购整合过程中，盈利能力显著地调节了企业海外并购动因与股权选择之间的关系，即与战略资产寻求动因的企业相比，具有海外市场开拓动因的企业随着企业盈利能力的不断提升，其股权并购比例较高的行为会被显著削弱；最后，本文还对企业性质、行业差异以及目标方区位等因素进行了分组检验，发现企业盈利能力对并购动因与股权选择之间关系的调节效应在不同情境下表现出一定程度的分化。本文的研究为中国企业做出科学、合理的海外并购的股权选择决策提供理论指导,并为国际学术界提供中国的经验证据。
企业海外收购动因会影响股权选择吗？——兼谈企业盈利能力的调节效应
摘要
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引用本文
赵毅, 乔朋华. 企业海外收购动因会影响股权选择吗？——兼谈企业盈利能力的调节效应[J]. 外国经济与管理, 2018, 40(2): 51-67.
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