新建投资、企业并购与投资环境关系的实证分析

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1、万方数据j匕塞銮通盔堂会i±亟±堂僮迨塞△旦墨!壁△￡!ABSTRACTNewinvestmentandM&A81"ethetwomostimportantwaysforenterpriseswhencomestodirectinvestment．Inrecentyears，M&Ashaveachievedarapidgrowthbothinnumberandsize，makingoutstandingcontributionstotherealeconomy．However,whencomparedwi廿lotherc

2、ountries，thereisstillroomfordevelopment．Thereisnobetterorworsebetweenthesetwoinvestmentmethods．Enterprisesshouldmakethemostappropriateinvestmentstrategyaccordingtotheirrealsituations．Atpresent，enterprisespaymoreattentionontheirinternaloperationsandlong—termstrate

3、gywhenmakinginvestmentdecisions．Theyhaveobviouslyignoredthesignificanceofexternalinvestmentenvironment．Therefore，onthebasis．ofresource-basedtheory,life-cycletheory,transactioncosttheoryandindustrialorganizationtheory,thispapertriestofindouttherelationshipbetweeni

4、nvestmentmethodsandexternalinvestmentenvironment．Tomaketheinvestmentenvironmentmorespecific，thispaperdividesitintotwoperspectives，industryandregion,whichareevendetailedintowhetherinveststoanewindustry,theindustry’Smarketgrowth，industryconcentration，whetherinvests

5、toanewregion，andthemarketizationoftheplaceinthemodel．ThesamplesofthispaperaretheA-sharelistedcompanies，whichhadmadeaninvestmentin2012．WithLogisticregressionmethod，thisstudygetsthefmalresults．Throughtheabovestudy，thisthesisfindsthatnewinvestmentisstillthemaininves

6、tmentmethodinChina,anditlcadsM&Abothinnumberandsize．VV'hencompaniesmakeinvestmentdecisions，theexternalenvironmenthasasignificantimpactonthefinalinvestmentmethod．Fromtheimpactoftheinvestmentindustry,ifacompanyinvestsintoanewindustry,ortheindustryhasalowermarketgro

7、wth，itmaytendtoinvestthroughM&A．Judgingfromtheimpactoftheinvestmentarea，ifacompanyinvestsintoanewarea，orthemarketizationoftheregiongetsahigherscore，itmaypreferM&Atonewinvestment．Finally,accordingtotheconclusion，thispapergivesrecommendationstotheenterprisesandloca

8、lgovernment．KEYWORDS：New；Mergers；InvestmentEnvironment；InvestmentDecision-making．1V万方数据目录中文摘要⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．iiiABSTRACT⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯