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    东道国数字基础设施与中国企业跨国并购
郭颖, 綦建红
山东大学 经济学院,山东 济南 250100
    Host Country’s Digital Infrastructure and Chinese Enterprises’ Cross-Border M&A
    GUO Ying, QI Jianhong
School of Economics, Shandong University, Jinan 250100, China
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摘要 采用熵权-Topsis方法定量测度东道国数字基础设施水平,并利用2010—2021年上市公司数据考察东道国数字基础设施对中国企业跨国并购规模的影响。研究发现:(1)东道国数字基础设施显著提升了中国企业跨国并购规模,成为吸引中国企业跨国并购的新区位优势。(2)机制分析表明,东道国数字基础设施通过扩展信息获取和稳定供应关系发挥提升作用。(3)进一步分析表明,在并购动机方面,“自驱型”企业的创新能力和自身经验显著强化东道国数字基础设施的并购提升效应;在并购区位方面,中国企业的跨国并购具有从“数字荒漠”向“数字绿洲”转移的区位偏好;在并购策略方面,相比于“挖掘式”并购,“探索式”并购策略更能适应数字化竞争环境的要求。研究拓展了跨国公司区位优势理论的分析视角,对优化中国企业投资布局提供了新启示。
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郭颖
綦建红
关键词： 数字基础设施   跨国并购   “数字绿洲”   “探索式”并购   熵权-Topsis     
Abstract： Based on listed firm data from 2010 to 2021, this study employs the entropy weight-Topsis method to quantitatively measure the level of digital infrastructure in host countries and investigates its impact on the scale of cross-border mergers and acquisitions (M&A) by Chinese enterprises. There are following findings: (1) The host country’s digital infrastructure has significantly enhanced the scale of cross-border M&A of China enterprises and become a new location advantage to attract China’s cross-border M&A. (2) Mechanism analysis shows that the host country’s digital infrastructure plays an enhancing role by expanding information access and stabilizing supply relationships. (3) Further analysis indicates that regarding M&A motives, the innovation capacity and experience of “ self-driven ” enterprises significantly enhance the positive effects of mergers and acquisitions on the digital infrastructure of the host country. In terms of M&A locations, Chinese enterprises show a preference for shifting their cross-border mergers and acquisitions from “ digital deserts ” to “ digital oases ”. As for M&A strategies, compared to “ exploitative ” mergers and acquisitions, “ exploratory ” strategies are better suited to the demands of the digital competitive environment. The conclusions provide new insights into the theoretical framework of location advantages for multinational enterprises, and offer practical implications for optimizing the geographic distribution of Chinese investments in the digital era.
Keywords： Digital Infrastructure   Cross-border M&A   “ Digital Oases ”   Exploratory M&A   Topsis Method     
收稿日期 2024-08-14; 接受日期 ;
基金资助:国家社会科学基金重大项目(24ZDA057);山东省自然科学基金面上项目(ZR2024MG051);山东大学人文社科重大项目(23RWZD12)
通讯作者 綦建红(1971— ),女,山东平度人,博士,教授,博士生导师,主要从事人工智能与出口升级、国际直接投资研究   
作者简介: 郭颖(1992— ),女,山东青岛人,博士研究生,主要从事国际直接投资研究。
引用本文:   
郭颖, 綦建红.东道国数字基础设施与中国企业跨国并购[J].  经济经纬, 2025,4: 76-91
GUO Ying, QI Jianhong.Host Country’s Digital Infrastructure and Chinese Enterprises’ Cross-Border M&A[J]  Economic Survey, 2025,V42(4): 76-91
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http://www.jjjw.org.cn/CN/     或     http://www.jjjw.org.cn/CN/Y2025/V42/I4/76
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