国有资本参股和民营企业国际化——倒U型关系形成机理及其检验

State-Owned Capital Participation and Private Enterprises Internationalize—Formation Mechanism and Testing of the Inverted U-Shaped Relationship

摘要: 本文选取2008~2022年沪深A股民营上市公司跨国并购事件为样本，使用情感分析技术对并购过程中的新闻报道进行文本分析，以构建组织合法性指标，探讨国有资本参股对跨国并购成功率的影响。研究发现，国有资本参股与民营企业跨国并购成功率之间呈现倒U型曲线关系，在国际化过程中发挥“双刃剑”效应。机制分析表明，随着国有资本持股比例的增加，其带来的资源优势和合法性劣势是企业跨国并购成功率呈U型变动的主要原因。调节效应表明，区域制度环境正向调节国有资本参股与民营企业跨国并购成功率之间的倒U型关系，而企业技术能力负向调节这种关系。

Abstract: This study selects cross-border merger and acquisition events of privately-owned listed companies on the Shanghai and Shenzhen Stock Exchanges from 2008 to 2022 as samples. By employing web scraping techniques and sentiment analysis, we construct an organizational legitimacy index to investigate the impact of state-owned capital participation on the success rate of cross-border M&As. The findings reveal an inverted U-shaped relationship between state-owned capital participation and the success rate of cross-border M&As in private enterprises, demonstrating a “double-edged sword” effect during the internationalization process. The mechanism analysis indicates that as the proportion of state-owned capital shareholding increases, the resource advantages and legitimacy disadvantages brought by it are the main reasons for the U-shaped change in the success rate of cross-border mergers and acquisitions by enterprises. Moderating effects suggest that the regional institutional environment positively moderates the inverted U-shaped relationship between state-owned capital participation and the success rate of cross-border M&As in private enterprises, whereas firm technological capabilities negatively moderate this relationship.