国际教育交流与中国企业海外并购——基于来华留学生的理论分析和实证检验  

International Education Exchanges and Overseas Mergers and Acquisitions of Chinese Firms: Theoretical Analysis and Empirical Evidence from International Students in China

作　　者：韩永辉 王贤彬[2] 韦东明 张帆 Han Yonghui;Wang Xianbin;Wei Dongming;Zhang Fan(GIIS,Guangdong University of Foreign Studies,Guangzhou 510420,China;School ofEconomics,JinanUniversity,Guangzhou510632,China;School of Economics,Peking University,Beijing 100871,China)

机构地区：[1]广东外语外贸大学广东国际战略研究院,广东广州510420 [2]暨南大学经济学院,广东广州510632 [3]北京大学经济学院,北京100871

出　　处：《外国经济与管理》2022年第9期19-34,共16页Foreign Economics & Management

基　　金：国家社会科学基金重大项目(21&ZD074);国家自然科学基金资助项目(71873041,72073037);广东省自然科学基金项目(2021A1515011814,2022B1515020008)。

摘　　要：本文匹配来华留学生数据和中国企业海外并购数据,考察了以来华留学生为载体的国际教育交流所产生的中国企业海外并购效应。研究发现,国际教育交流显著推动中国企业海外并购,表现为明显的“润滑剂效应”,且主要通过促进信息交流、提高文化认同度产生作用。异质性检验发现,以学历生为国际教育交流主体的促进效应更强,且学历生奖学金政策促进效应更强,显现出深层信息交流的经济效应;相较非“一带一路”国家,“一带一路”国家的来华留学生的促进作用更强。进一步检验发现,贸易规模扩大与制度水平提升强化了来华留学生对中国企业海外并购的积极作用,即双边贸易规模越大、东道国制度水平越高,来华留学生的并购促进作用越强。本文研究印证了国际教育交流和国际经贸交流两者的紧密关联,对中国更好地推动全方位扩大对外开放、构建“双循环”新发展格局具有启示意义。With the development of economic globalization and cultural mutual learning, the global network pattern has accelerated and promoted Chinese firms to “go out”. International economic exchanges and cooperation and international cultural exchanges and cooperation affect each other and develop in the same direction. As an important carrier of China’s “bring-in” development strategy,international education exchanges have developed rapidly since entering the 21st century. At present,China has signed intergovernmental education exchange agreements with many countries and regions to support the exchange of students for further study. In this context, it is of great practical significance to study the economic effect of international education exchanges. However, most of the existing literature analyzes China’s international economic and trade exchanges from the perspective of people exchanges and immigration networks, and rarely investigates the motivation and mechanism of overseas mergers and acquisitions(M&A) of Chinese firms from the perspective of international education exchanges.This paper examines the impact of international education exchanges on overseas M&A activities of Chinese firms, and finds that international education exchanges significantly promote overseas M&A,manifesting as an obvious “lubricant effect”, and mainly through promoting information exchange and improving cultural identity. The heterogeneity test finds that the promotion effect of academic students as the main body is stronger, and the promotion effect of the scholarship policy for academic students is stronger, which shows the economic effect of in-depth information exchange;the promotion role of international students in China from the “Belt and Road” countries is stronger. Further research finds that the expansion of trade scale and the improvement of institutional level strengthen the positive role of international students in China in overseas M&A. The moderating effect shows that international students in China pl

关 键 词：国际教育交流 来华留学生 企业海外并购 

分 类 号：F270[经济管理—企业管理]