区域贸易自由化与中国企业的跨国并购——基于企业微观并购数据的研究  

Regional Trade Liberalization and Cross-border Mergers and Acquisitions of Chinese Enterprises: An Analysis Based on Micro Data of Enterprises

作　　者：谢建国[1] 周雨婷 Xie Jianguo;Zhou Yuting(Department of International Economics and Trade,Nanjing University)

机构地区：[1]南京大学国际经济贸易系

出　　处：《经济评论》2019年第5期123-141,共19页Economic Review

基　　金：国家社科基金重大研究专项“推动‘一带一路’贸易和投资自由化便利化研究:量化评价与推进战略”(项目编号:18VDL014);国家自然科学基金项目“强制性生育政策、低生育陷阱与中国经济的长期增长:微观机理与实证检验”(项目编号:71473118);教育部重点研究基地重大项目“长江三角洲全面建设小康社会中的开放发展研究”(项目编号:16JJD790025)的资助

摘　　要：采用2000-2017年中国企业对116个国家与地区的跨国并购数据,本文研究了区域贸易协定的签署与贸易自由化对中国企业实施跨国并购意图的影响。结果显示,中国与贸易伙伴签订的自由贸易协定存在"缔约效应",将增加中国企业对该缔约方110%的并购交易。但是,缔约效应的持续性效果呈逐年减弱趋势,且在劳动密集型企业和非国有企业中效果更为显著。文章的结果同时显示,新协约成员的加入具有"溢出效应",但其作用效果较为有限,仅增加原投资东道国(地区) 2%的交易。进一步的实证研究表明,缔约方与中国签订的自由贸易协定对中国企业与非协议签订方和现自由贸易协定的其他成员的跨国并购交易存在抑制效应。由此可见,贸易自由化便利了中国企业的跨国并购活动,是中国企业走出去的重要影响因素与途径之一。Using the cross-border mergers and acquisitions data of Chinese enterprises among 116 countries and regions from 2000 to 2017, this paper studies the impacts of regional trade agreements and trade liberalization on the intentions of Chinese enterprises to conduct cross-border mergers and acquisitions. The study finds that the free trade agreements signed between China and trade partners has "contracting effect ", which would increase the number of mergers and acquisitions of Chinese enterprises by 110%. However,the continuous effect of such effect is decreasing year by year and is more significant among the labor-intensive and non-state enterprises. The study also shows that the free trade agreements have an "overflow effect"brought by the newcomers of the treaty. But its effect is limited, which will increase mergers and acquisitions in the original contracting states just 2%. Further empirical study shows that the free trade agreements restrain the cross-border mergers and acquisitions between Chinese enterprises and non-signatories as well as other contracting states. In conclusion, trade liberalization facilitates cross-border mergers and acquisitions of Chinese enterprises and is one of the most important influencing factors and approaches for Chinese enterprises’ globalization.

关 键 词：跨国并购 贸易自由化 自由贸易协定 缔约效应 

分 类 号：F14[经济管理—世界经济] F15