我国上市公司跨区域并购复杂网络研究

摘要

跨区域并购活动在一定程度上反映了产业的重组及转移规律。以1999～2014年我国上市公司跨区域并购事件为样本，通过建立跨区域并购复杂网络，实证分析网络的拓扑结构特征，挖掘网络背后所蕴含的区域资源转移及产业重组规律。研究发现：并购网络具有小世界性；网络节点的度数及点强度分布具有显著的幂律分布特征；并购关系呈现出明显的经济水平等级特征；经济发展水平较高的省市具有较大的中间中心度和接近中心度，它们在网络的资源转移及产业重组中，承担较重要的中介作用但其独立性较弱；各省市在网络中呈现明显的“中心———边缘”结构。最后从跨区域并购、相关产业政策及法律法规的制定方面，提出了相关的政策建议。%〔Abstract〕 The cross -region mergers and acquisitions (CRMA ) , in a manner , reflect the rules of industrial restructuring and transferring . Sampled by cross-regional mergers and acquisitions of Chinese listed companies from 1999 to 2014 , this paper constructs the complex network of CRMA and analyzes network topology structures , which aims to investigate the inclusive rules of regional resources transferring and industrial restructuring and transferring . The empirical results demonstrate that the CRMA network is small world . The node degree and node strength degree distributions obey significant power -law rules . The CRMA relationships have characteristics of econ-omy hierarchy . The provinces of higher economy level have larger betweenness centrality and closeness centrality . These provinces play important intermediation roles in the network resource transferring and industrial reconstructing , but there independences are relatively weak . The provinces demonstrate significant “core-fringe” structure in the network . At last , some policy suggestions are proposed .