跨城市并购交易网络的层级性特征与企业控制权流动规律研究——基于336个城市间动态有向加权网络的分析

财经论丛 ›› 2019, Vol. 35 ›› Issue (6): 12-20.

跨城市并购交易网络的层级性特征与企业控制权流动规律研究——基于336个城市间动态有向加权网络的分析

汪传江

华东师范大学经济与管理学部,上海 200062

收稿日期:2018-05-21 出版日期:2019-06-10 发布日期:2019-06-13
作者简介:汪传江(1988-),男,安徽桐城人,华东师范大学经济与管理学部博士生。
基金资助:
国家社会科学基金重大项目(15ZDC035);国家社会科学基金资助项目(16CGL068)

Study on the Hierarchical Characteristics of Cross-city Merger and AcquisitionNetwork and the Law of Corporate Control's Flow——Empirical Analysis Based on Dynamic Directed Weighted Network among 336 Cities

WANG Chuanjiang

Faculty of Economics and Management,East China Normal University,Shanghai 200062,China

Received:2018-05-21 Online:2019-06-10 Published:2019-06-13

摘要/Abstract

摘要： 本文以城市作为企业并购活动的地理节点,将企业间的并购交易投射为城市间的链接,基于2011~2016年中国大陆境内所有并购交易事件,构建动态有向加权网络,探讨并购交易网络的层级性特征和企业控制权流动规律。研究结果发现,企业并购是“少数城市间的游戏”,节点交易强度差异显著,等级分化严重;交易联系具有层级性特征,跨等级并购存在障碍并形成三级网络,“核心-边缘”结构愈加突出;并购过程中企业控制权流动并非随机的,具有明显的方向性和层级性特征,由低等级节点向高等级节点、由网络边缘向网络核心不断集聚,进而强化高等级节点和网络核心的对外控制能力。

关键词: 跨城市并购, 并购网络, 层级性特征, 控制权流动

Abstract: With cities as the geographical nodes of merger and acquisitions and the transactions between enterprises as links between cities, this paper constructs a dynamic directed weighted network based on the M&As in Mainland China from 2011 to 2016 to study the hierarchical characteristics of cross-city M&As networks and corporate control's flow. The findings of the research are as follows:(1)M&A is a “game between a few cities”and the transactions intensity has obvious hierarchical differentiation among all nodes. (2)The transaction between cities has hierarchical characteristics with obstacles in cross-level M&As, forming a three-level network, with the “core-periphery” structure being more and more prominent. (3)In the M&A process, the flow of corporate control is not random, but directional and hierarchical, agglomerating from low-grade nodes to high-grade ones and from the network periphery to the core, which finally consolidates the power of external control of the high-grade cities.

Key words: Cross-city Network, Merger and Acquisition, Hierarchical Characteristics, Corporate Control's Flow

中图分类号:

F830.91

汪传江. 跨城市并购交易网络的层级性特征与企业控制权流动规律研究——基于336个城市间动态有向加权网络的分析[J]. 财经论丛, 2019, 35(6): 12-20.

WANG Chuanjiang. Study on the Hierarchical Characteristics of Cross-city Merger and AcquisitionNetwork and the Law of Corporate Control's Flow——Empirical Analysis Based on Dynamic Directed Weighted Network among 336 Cities[J]. , 2019, 35(6): 12-20.

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