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922外资并购是我国新发展格局下参与外循环的重要形式之一，畅通外资参与国内价值创造的渠道也是我国经济高质量发展的重要课题。相对于内资企业，外资并购的子公司往往具有更大的产值、更高的生产率，从而形成更大的市场价值。然而，这种“溢价”到底源自外资并购前的“价值俘获”，还是并购后带来的“价值创造”呢？文章采用“粗化精确匹配（CEM）”和“逆概率加权匹配（IPW）”方法剔除并购前“价值俘获”带来的自选择效应，结果发现：（1）并购时存在“价值俘获”的行为，采用CEM和IPW方法剔除样本自选择效应后，并购仍然带来显著的“生产率提升效应”和“规模扩张效应”，但以上两种效应均存在一定程度的滞后性；（2）其价值创造的机制在于，外资并购显著缓解了融资约束，提升了自主研发的概率，进而带来绩效的显著改善；（3）然而，“国外市场获取机制”并不显著，“技术进口机制”仅在进口中间品方面成立，通过进口先进机器设备直接获取技术外溢的渠道仍不畅通。文章有助于厘清外资并购对企业价值创造的具体影响机制，为更好地发挥跨国公司的技术外溢效应提供了政策参考。
外资并购效应：价值俘获还是价值创造？
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李逸飞, 梁婷, 楚尔鸣. 外资并购效应：价值俘获还是价值创造？[J]. 财经研究, 2024, 50(5): 154-168.
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