对外援助对中国企业跨国并购的影响与机制  

The Impact and Its Mechanism of China’s Foreign Aid on Cross-border M&A of Chinese Enterprises

作　　者：韩永辉 王贤彬[2] 韦东明 欧阳帅 HAN Yong-hui;WANG Xian-bin;WEI Dong-ming;OU YANG Shuai(Guangdong Institute for International Strategies,Guangdong University of Foreign Studies,Guangzhou 510420;School of Economics,Jinan University,Guangzhou 510632;School of Economics,Peking University,Beijing 100097,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,北京100097

出　　处：《广东财经大学学报》2022年第6期62-75,共14页Journal of Guangdong University of Finance & Economics

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)。

摘　　要：中国从全球发展治理的局外者向参与者转变,通过夯实国际援助强化南南合作根基,逐步形成“援助—发展—投资”新模式,赋能中国企业“走出去”。基于2005-2014年中国对外援助的134个国家和地区的面板数据,实证检验对外援助对中国企业跨国并购的影响效应。研究得出:对外援助对中国企业跨国并购的意愿和成功数量均具有显著的促进作用;异质性检验发现,对外援助的促进效应在东道国社会基础设施部门尤为显著,对国有企业跨国并购的促进作用更强,且其促进效应的产生主要来源于官方发展援助;影响机制检验发现,对外援助通过风险效应、信号效应和基础设施建设效应促进中国企业跨国并购。本研究为中国在百年未有之大变局下以对外援助为抓手,升级对外全方位合作,强化双边合作互信程度,提升人类命运共同体建设成效等方面提供了一定的经验启示。China has transformed from an outsider to a participant in global development governance,strengthened the foundation of South-South cooperation with pragmatic international aid,and gradually formed a new model of“aid-development-investment”to empower Chinese enterprises to“go global”.Based on the panel data of 134 destinations of China’s foreign aid and cross-border M&A from 2005 to 2014,this paper examines the impact of China’s foreign aid on cross-border M&A of Chinese enterprises.The results show that China’s foreign aid has a significant role in promoting cross-border M&A of Chinese enterprises,which not only promotes M&A intention,but also increases the number of successful M&A.The heterogeneity test shows that the promotion effect of China’s foreign aid is particularly significant in the social infrastructure sector of the host country,stronger in cross-border M&A,while mainly from official development assistance.The expansibility test indicates that China’s foreign aid promotes cross-border M&A of Chinese enterprises through risk effect,signal effect and infrastructure construction effect.This paper provides solid experience and inspiration for China to use foreign aid as a starting point to upgrade all-round cooperation with foreign countries,strengthen bilateral cooperation and mutual trust,and improve the effectiveness of building a community with a shared future for mankind.

关 键 词：对外援助 跨国并购 中国企业 全球发展治理 走出去 

分 类 号：F114.43[经济管理—国际贸易] F125.5[经济管理—世界经济]