本文对目标市场负向需求冲击对中国企业跨国并购的影响进行了理论和实证分析。研究发现:第一,目标市场负向需求冲击与跨国并购发生的概率呈正相关关系;第二,目标企业的选择要么是生产成本最高的企业,要么是生产成本最低的企业。最后,本文依据核心结论提出政策建议。
This paper empirical and theoretical analyzes on the impact of negative demand shock of target market on Chinese's cross-border M~A. The results are as following: Firstly, the negative demand shock has positive effect on the probability of cross-border M~A. Secondly, the target is either the lest cost target firm or the highest cost target firm. Finally, according to the conclusion, put forward the sug- gestion.