2768 
2666在中国海外并购蓬勃发展的过程中，中国企业的并购行为时常在目标国引起质疑并受到不同程度的限制甚至抵制。质疑者认为在中国经济模式下的海外并购受到非市场化行为的驱动，试图通过并购占领目标国市场或增加在目标国的政治影响力。为此，文章采用微观企业并购交易数据，在统一框架下从并购动机和并购价格两个角度系统研究了中美两国企业海外并购行为的异同，对上述论调进行一一驳斥。研究表明：（1）在市场寻求方面，中美两国企业不存在显著差异；在资源寻求方面，相比美国国有企业，目标国自然资源因素并未显著影响中国国有企业的海外并购；在制度方面，并未发现中国企业更偏好制度质量较低的目标国。（2）中美两国企业在如下维度存在一定的差异：中国企业更倾向于并购规模更大、负债率更高但拥有更多专利的目标企业，说明中国企业具有强烈的技术寻求动机；中国国有企业的海外并购在一定程度上受到政府政策的驱动。（3）中国企业在海外并购中并未比美国企业支付更高的并购价格。文章的研究有力地回应了有关中国海外并购的种种指责，有助于加深对中国海外并购的了解。
中美两国的企业海外并购存在系统性差异吗？
摘要
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王馗, 周经, 胡峰. 中美两国的企业海外并购存在系统性差异吗？[J]. 财经研究, 2022, 48(10): 94-107.
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