东道国数据保护是否会抑制中国电商跨境并购  

Does Personal Data Protection Reduce Cross-Border M&A of Chinese E-Commerce

作　　者：马述忠[1] 吴鹏[1] 房超 MA Shu-zhong;WU Peng;FANG Chao(China Academy of Digital Trade,Zhejiang University;School of Economics,Zhejiang Gongshang University)

机构地区：[1]浙江大学中国数字贸易研究院 [2]浙江工商大学经济学院

出　　处：《中国工业经济》2023年第2期93-111,共19页China Industrial Economics

基　　金：国家自然科学基金面上项目“跨境电商推进我国数字贸易强国建设研究”(批准号71973120)。

摘　　要：数字经济时代,大量的经济活动依托数据展开,政府部门的数据管制对企业经营活动,特别是跨区域经营活动产生深远的影响。本文以欧盟《通用数据保护条例》(GDPR)为例,基于SDC数据库2009—2021年中国跨境并购数据,考察个人数据保护对中国电商跨境并购的影响以及潜在机制。研究发现,GDPR显著抑制了中国电商跨境并购,这一结论在考虑一系列可能干扰估计结果的因素后依然成立。动态效应分析发现,GDPR对中国电商跨境并购的影响存在明显的预期效应,GDPR的负面影响始于实施前的3期,从颁布到正式生效,负面影响有所增加。随着对政策的预期趋于稳定,负面影响有所减少,而且GDPR短期的负面效应大于长期的负面效应。基于成本和收益视角的机制分析表明,东道国对数据限制程度和敏感程度越高,东道国电商市场和在线广告业务越发达,GDPR实施对跨境并购的负面冲击越大。这意味着GDPR不仅提高了中国电商企业跨境并购的成本,而且降低了中国电商企业跨境并购能够获得的潜在收益,两方面共同作用下,GDPR显著抑制了中国电商企业的跨境并购。本文的研究丰富了数字经济时代跨境并购的相关理论,为中国数字企业“走出去”提供重要参考。In the era of the digital economy,a large number of business activities depend on data,while the regulation of data by the government can have a profound impact on business activities,especially cross-border business activities. This paper examines whether and how General Data Protection Regulation(GDPR)impacts China’s e-commerce cross-border M&A and explores the impact of data protection regulations on corporate internationalization.This paper constructs a panel dataset of China’s cross-border M&A for the period 2009—2021 and evaluates the impact of GDPR using a difference-in-differences(DID)methodology. The baseline results of this paper indicate that GDPR inhibits China’s e-commerce cross-border M&A. Then,this paper analyzes the dynamic effects of GDPR via the event study method. The results reveal that the negative impact of GDPR on China’s e-commerce cross-border M&A commenced in 2015 and strengthened between its official enactment in 2016 and its official entry into force in 2018. Thereafter,the negative impact of GDPR decreased. This paper argues that the negative effects of GDPR exhibit some volatility possibly representing the uncertainty of entrepreneurs’ and investors’ expectations of GDPR. In further,this paper also shows that GDPR’s short-term negative effects are greater than its long-term negative effects. Finally,this paper also analyzes the mechanism from the perspective of the costs and benefits of cross-border M&A. The results show that the higher the potential costs of GDPR is,the greater the potential revenue decline caused by GDPR will be,and the greater the negative impact of GDPR on crossborder M&A will be.This paper makes several contributions. First,this paper is the first to examine the impact of data regulations on cross-border M&A,expanding the boundaries of research on cross-border M&A in the digital economy. The impact of personal data protection has not been discussed in either the literature examining the influencing factors of cross-border M&A or the literature an

关 键 词：个人数据保护 通用数据保护条例 跨境并购 电子商务 

分 类 号：F260[经济管理—国民经济]