财务共享、丝路联结与“一带一路”跨国并购绩效  

Financial Sharing,the Silk Connection and the“Belt and Road”Cross-border M&A Performance

作　　者：周婷婷[1] 王舒婷 ZHOU Tingting;WANG Shuting(Business School,Beijing International Studies University,Beijing 100024,China)

机构地区：[1]北京第二外国语学院商学院,北京100024

出　　处：《南京审计大学学报》2021年第3期102-111,共10页Journal of Nanjing Audit University

基　　金：教育部人文社会科学研究规划基金项目(20YJA630099);国家自然科学基金面上项目(71572053)。

摘　　要：立足于财务共享服务中心,从股权投资、高管背景视角度量公司利用联结关系与"一带一路"沿线国家的公司所建立的社会资本网络,综合考量传导机制与政策效应问题,实证探讨中国上市公司的财务共享、丝路联结与"一带一路"跨国并购绩效之间的关系。研究发现:中国上市公司建立财务共享中心后,运营效率得到持续改善,"一带一路"跨国并购绩效也显著提升。中国公司通过股权资本、高管人脉与"一带一路"沿线国家的公司所建立的丝路联结对"一带一路"跨国并购绩效具有积极影响。特质风险是丝路联结影响"一带一路"跨国并购绩效的可能传导路径。"一带一路"倡议具有显著的政策效应。中国上市公司在"一带一路"沿线国家的跨国并购绩效在"一带一路"倡议提出后显著提升。实践表明,"一带一路"倡议在中国政府的大力支持下,仍需中国公司完善内部财务组织,构建"一带一路"社会资本,为公司在"一带一路"沿线国家跨国并购战略的成功实施奠定基础。Based on the Financial Shared Service Center,from the perspective of equity investment and executive background,this paper measures the social capital network established by the company and the companies in countries along the"Belt and Road"by using connection relationship,and comprehensively considers the transmission mechanism and policy effect.On this basis,this paper empirically explores the relationship among the financial sharing,the silk connection of Chinese listed companies and the performance of the"Belt and Road"cross-border M&A performance.The results show that after the establishment of financially shared service center in Chinese listed companies,the operational efficiency has been continuously improved,which in turn has promoted the company’s performance in the"Belt and Road"cross-border M&A.The silk connection established by Chinese companies through equity capital ties and executive networks have significant positive impacts on the company’s cross-border M&A performance in countries along the"Belt and Road".Idiosyncratic risk is the possible transmission path of silk connection affecting the performance of the"Belt and Road"cross-border M&A.The Belt and Road initiative has significant policy effects.Practice shows that with the"Belt and Road"initiative strongly supported by the Chinese government,it is still necessary for Chinese companies to improve their internal financial organization and build social capital for the"Belt and Road",so as to lay the foundation for the successful implementation of cross-border M&A strategy in countries along the belt and road.

关 键 词：一带一路 财务共享 丝路联结 跨国并购绩效 股权投资 高管背景 特质风险 企业国际化 

分 类 号：F270[经济管理—企业管理]