地理学报

地理学报 ›› 2021, Vol. 76 ›› Issue (10): 2536-2550.doi: 10.11821/dlxb202110014

• 城市与区域发展 • 上一篇    下一篇

全球跨境并购网络的空间格局演化及形成机制

黄晓东1,2,3(), 杜德斌1,2,3(), 刘承良1,2,3   

  1. 1.华东师范大学全球创新与发展研究院,上海 200062
    2.华东师范大学世界地理与地缘战略研究中心,上海 200062
    3.华东师范大学城市与区域科学学院,上海 200241
  • 收稿日期:2020-07-15 修回日期:2021-05-05 出版日期:2021-10-25 发布日期:2021-12-25
  • 通讯作者: 杜德斌(1963-), 男, 湖北宜昌人, 教授, 博导, 研究方向为世界地理与科技创新政策。E-mail: dbdu@re.ecnu.edu.cn
  • 作者简介:黄晓东(1993-), 男, 河南安阳人, 博士生, 研究方向为区域发展与全球创新。E-mail: 498325802@qq.com
  • 基金资助:
    国家社会科学基金重大项目(19ZDA087)

The evolution process and growth mechanism of global cross-border M&A network

HUANG Xiaodong1,2,3(), DU Debin1,2,3(), LIU Chengliang1,2,3   

  1. 1. Institute for Global Innovation and Development, East China Normal University, Shanghai 200062, China
    2. Center for World Geography and Geo-Strategic Studies, East China Normal University, Shanghai 200062,China
    3. School of Urban and Regional Science, East China Normal University, Shanghai 200241, China
  • Received:2020-07-15 Revised:2021-05-05 Published:2021-10-25 Online:2021-12-25
  • Supported by:
    Major Projects of National Social Science Foundation of China(19ZDA087)

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摘要：

跨境并购是企业实施全球化战略的重要途径,对世界经济地理格局演化具有重大影响。本文基于2001—2017年全球跨境并购交易记录数据建构网络,借助复杂网络分析、GIS空间技术以及引力模型等方法,对全球跨境并购网络的空间格局演化及其形成机制进行探讨。研究发现：① 全球跨境并购网络的规模、密度、范围均有小幅度增长,并存有去中心化趋势。② 全球跨境并购方和标的方的空间分布重心出现由西（欧美）向东（亚太）转移的迹象,其首要推动者为中国,但中国跨境并购联系的出入口依赖于中国香港、英属维京群岛、开曼群岛等地区。③ 全球跨境并购网络社团的空间组织范围总体与世界大区的范围保持吻合,其中全球最大的社团由英美主导但其凝聚范围出现收缩,中国主导的亚太社团凝聚范围得到扩大,德法主导的社团对欧洲进一步整合。④ 研究期内国家（地区）科技发展水平和离岸金融中心等属性要素,以及国家（地区）间地理、语言以及历史的邻近性要素始终是驱动网络形成的重要动力,而自然资源禀赋、经济市场规模指标在2009—2017年对跨境并购联系的形成只产生了单向（接收或发出）影响,经济邻近性作用失效。

关键词: 跨境并购, 对外投资, 全球网络, 世界经济地理, 百年未有之大变局

Abstract:

Cross-border M&A (mergers and acquisitions) is an important way for enterprises to carry out overseas strategic layout, which has a significant impact on the pattern evolution of world economic geography. Based on record data of global cross-border M&A transactions from 2001 to 2017, a national-based network for the global scales is established to explore the evolution process and growth mechanism of global cross-border M&A network via the complex network analysis, the GIS method, and the spatial gravity model. Several conclusions can be drawn as follows. (1) The scale, density, and scope of the global cross-border M&A network have increased slightly, while there exists a trend of decentralization. (2) There is a sign that the center of gravity has been shifting from Western Europe and North America to the Asia-Pacific region for global cross-border M&A network, which is mainly driven by China. However, Chinese import and export of cross-border M&A largely rely on Hong Kong, British Virgin Islands, Cayman Islands and so on. (3) There is a process of division and integration for condensing subgroup of global cross-border M&A network. Among them, the scope of condensing subgroup led by the UK and the US has been narrowed, while that led by China has been expanded, and the European condensing subgroup has been further integrated. (4) The evolution of global cross-border M&A network to varying degrees was influenced by the indicator attributes for each country (region), which was in turn related to the science and technology level, offshore financial center, as well as proximity indicators, which were related to geographical conditions, language and history. However, natural resource endowment and economic market size for cross-border M&A linkages only have one-way (receiving or output) effect, and economic proximity index is not significant in 2009 to 2017.

Key words: cross-border M&A, foreign investment, global network, world economic geography, global shift