东道国交通设施如何影响中国企业海外并购——基于“一带一路”倡议真实效应的研究  

How Does the Transportation Facilities of the Host Countries Affect the Cross-Border Mergers and Acquisitions by Chinese Enterprises? Research Based on the Real Effect of the Belt and Road Initiative

作　　者：周丽萍 张毓卿[2] ZHOU Li-ping;ZHANG Yu-qing(Zhongnan University of Economics and Law,Wuhan 430073;Jiangxi Normal University,Nanchang 330022,China)

机构地区：[1]中南财经政法大学经济学院,湖北武汉430073 [2]江西师范大学财政金融学院,江西南昌330022

出　　处：《当代财经》2019年第11期14-24,共11页Contemporary Finance and Economics

基　　金：国家社会科学基金项目“‘一带一路’倡议下中国贸易便利化水平测度与提升路径研究”(16CJL044);中国博士后科学基金项目“中国与‘一带一路’沿线国家双边贸易成本研究”(2017M622092);江西省博士后基金项目“中国与‘一带一路’沿线国家贸易便利化水平测度与提升路径研究”(2017KY28)

摘　　要：东道国交通设施的异质性和各类交通设施的发达程度,在"一带一路"倡议的作用下是如何影响中国企业海外并购的成功率?为此,选择带趋势的双重差分法和面板负二项的计量模型,剖析了"一带一路"倡议下东道国交通设施对海外并购的影响。研究结果表明:东道国交通设施越完善,对中国企业海外并购的吸引力越大。具体而言,各类交通设施的影响程度存在一定的差异,其效应大小依次为水运、铁路及航运设施;另外,"一带一路"倡议对海外并购的即刻效应明显大于长期效应,这表明中国企业海外并购的长期发展轨迹并未因"一带一路"倡议而改变。可见,企业不能仅依赖于倡议效应,更有必要深入了解东道国的基本特征,尤其是交通设施的发达程度。How does the heterogeneity of transportation facilities in the host countries and the development of various types of transportation facilities affect the success rate of cross-border mergers and acquisitions by Chinese enterprises under the influence of the Belt and Road Initiative? To this end, this paper chooses the double difference method with trend and the measurement model of panel negative binomial to analyze the impact of the host countries’ transportation facilities on cross-border M&As under the Belt and Road Initiative. The research results show that the more perfect the transportation facilities in the host countries, the greater the attraction to the cross-border M&Gs by Chinese enterprises. Specifically, the degree of influence of various types of transportation facilities is different to a certain extent, and the effect size is in the descending order of waterway, railway and shipping facilities. In addition, the immediate effect of the Belt and Road Initiative on cross-border mergers and acquisitions is significantly greater than the long-term effect, indicating that the long-term development trajectory of cross-border mergers and acquisitions by Chinese companies has not changed due to the Belt and Road Initiative. It can be seen that enterprises cannot rely solely on the initiative effect, and it is necessary for them to have a deep understanding of the basic characteristics of the host countries, especially the development degree of the transportation facilities.

关 键 词：一带一路 交通设施 海外并购 双重差分法 

分 类 号：F125[经济管理—世界经济]