双边政治关系与中国企业海外并购  

Bilateral Political Relations and Chinese Companies’ Overseas M&A

作　　者：陈奉先[1] 段宇云 李娜[1] Chen Fengxian;Duan Yuyun;Li Na(School of Finance,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]首都经济贸易大学金融学院,北京100070

出　　处：《金融经济学研究》2022年第6期84-98,共15页Financial Economics Research

基　　金：国家自然科学基金项目(71873092);北京市社会科学基金项目(20JJB018);首都经济贸易大学北京市属高校基本科研业务费专项资金(QNTD202206)和首都经济贸易大学研究生学术新人计划项目(2022XSXR12)。

摘　　要：基于1997—2021年Zephyr全球并购交易数据库中6833宗并购数据,实证研究双边政治关系对中国企业海外并购成功率的影响,并利用中介效应与调节效应的分析框架厘清双边贸易和投资关系在其中所扮演的角色。研究表明,首先,双边政治关系拉近能够显著提高中国企业海外并购成功率;其次,双边政治关系会以双边贸易为中介,通过为中国企业提供良好外部贸易环境、消除贸易壁垒进而提升中国企业海外并购成功率,而双边投资则在其中发挥着调节作用;此外,双边政治关系更能提高对中高收入经济体、制造业行业、与目标国企业合作以及同行业的并购成功率。鉴于此,在逆全球化和单边主义抬头的背景下,中国应强化与他国的政治互信和价值认同,以双边和多边贸易协定、投资协定为抓手,助推中国企业更好“走出去”。Based on Zephyr’s global M&A transaction database for the period 1997 to 2021,this study empirically investigated the impact of bilateral political relations on Chinese companies’ overseas M&A success rate.The role of bilateral trade and investment relations in this context was also clarified using the framework of mediating and moderating effects.The results showed that closer bilateral political relations can significantly increase the success rate of Chinese firms’ overseas M&A through the mediation of bilateral trade, such as providing a favorable external trade environment and eliminating trade barriers, while bilateral investment plays a moderating role in the process.Additionally, bilateral political relations are more likely to increase the M&A success rate in middle-and high-income economies, manufacturing industries, joint M&A,and same-sector M&A.In view of this, against the background of rising counter-globalization and unilateralism, China should strengthen its political trust and value identification with other countries and fully tap opportunities for bilateral and multilateral trade and investment agreements to help Chinese enterprises successfully “go global.”

关 键 词：双边政治关系 贸易协定 投资协定 海外并购 

分 类 号：F831[经济管理—金融学]