跨国并购、人民币汇率波动与企业经营风险  

Cross-border Mergers and Acquisitions,RMB Exchange Rate Fluctuations and Business Risk

作　　者：李胜旗[1] 赵鑫钰 Li Shengqi;Zhao Xinyu(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：《技术经济》2023年第4期147-159,共13页Journal of Technology Economics

基　　金：新《外商投资法》下北京CBD扩大开放路径与营商环境优化研究(北京市社科基金项目批号:19JDYJB025);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资助(QNTD202206)。

摘　　要：本文基于新冠疫情爆发后跨国并购规模不断扩大的背景下,利用全球并购数据以及国泰安数据库中的上市公司财务数据,将每家企业的跨国并购事件作为准自然实验,采用多期双重差分模型研究企业跨国并购对经营风险的影响,研究发现:跨国并购显著降低了企业经营风险,为了解决偏误性问题,本文还对其进行了双重差分倾向得分匹配检验。进一步影响机制表明,跨国并购通过“人力资本效应”提高了企业管理效率以及通过“技术进步效应”解决了企业在核心技术方面“卡脖子”的问题,进而降低经营风险。从异质性上看,跨国并购对降低技术密集型企业和大规模企业的经营风险效果更强。同时,本文还发现人民币汇率大幅度波动会加大跨国企业经营风险。因此,研究跨国并购对企业经营风险的影响,对企业长期高质量发展与提高国际竞争力具有现实意义。Based on the expanding scale of cross-border mergers and acquisitions after the outbreak of the novel coronavirus,the global mergers and acquisitions data and the financial data of listed companies in the CSMAR were used as a quasi-natural experiment to study the impact of cross-border mergers and acquisitions on business risk by using a multi-period differential model.The findings are as follows.Transnational mergers and acquisitions significantly reduce business risks,in order to solve the problem of bias,differentially inclined score matching test was conducted.The further influence mechanism shows that cross-border merger and acquisition improves the management efficiency of enterprises through the“human capital effect”and solves the problem of“bottleneck”in core technology through the“technological progress effect”,thus reducing the operational risk.From the perspective of heterogeneity,cross-border mergers and acquisitions are more effective in reducing the operational risks of technology-intensive enterprises and large-scale enterprises.At the same time,the RMB exchange rate fluctuations will increase the risk of multinational enterprises.Therefore,it is of practical significance to study the impact of cross-border mergers and acquisitions on business risks for enterprises’long-term high-quality development and improvement of international competitiveness.

关 键 词：跨国并购 企业经营风险 人民币汇率波动 多期双重差分模型 

分 类 号：F125[经济管理—世界经济]