贸易网络地位影响企业跨国并购吗?:基于中国上市公司的实证检验  

Does the Position of Trade Network Affect the Cross-border Mergers and Acquisitions of Enterprises?Based on the Empirical Test of Listed Companies in China

作　　者：闫海洲[1] 张桁国 YAN Haizhou;ZHANG Hengguo

机构地区：[1]上海对外经贸大学金融管理学院

出　　处：《世界经济研究》2023年第9期62-72,M0003,共12页World Economy Studies

基　　金：国家社会科学基金重大项目“国内国际双循环测度与评价的理论、方法及应用研究”(项目编号:22&ZD160);国家社会科学基金一般项目“公司创业投资提升企业自主创新能力的机理、效应与政策研究”(项目编号:22BJL128);教育部人文社会科学研究规划基金“非金融企业的金融化研究:影子银行与系统性金融风险”(项目编号:20YJA790080);上海市金融学会2023年重点课题“金融赋能科技,加快构建长三角一体化示范区创新生态系统”(项目编号:46)。

摘　　要：文章利用2000~2020年CEPII-BACI数据库中的双边贸易数据和各国GDP数据,构建了220个国家(地区)的贸易网络地位指标并与Zephyr全球并购交易数据库进行匹配,分析中国贸易网络地位的提升对中国企业跨国并购成败的影响。结果发现,中国贸易网络地位提升能够显著促进企业跨国并购成功率;中国贸易网络地位提升对并购成功率的促进作用对国有企业、东部企业、劳动密集型企业更为明显;贸易网络地位通过提升中国金融地位、建立合法性以及缩短制度距离促进其对跨国并购成功的影响。文章的贡献在于言明了跨国并购等金融投资活动的开展需要符合产品市场的客观条件,从而实现金融支持实体经济的发展。通过提升中国在全球贸易网络中的地位,可以加快中国迈入投资强国行列的步伐。Under the background of globalization,the increasingly frequent trade activities make the enterprises of various countries need to constantly carry out mergers and acquisitions to enhance their international competitiveness.The rising status of China's trade network gives enterprises a new opportunity to cultivate the advantages of cross-border mergers and acquisitions.Based on bilateral trade data and GDP data of various countries in the CEPII-BACI database from 2000 to 2020,this paper constructs trade network status indicators of 220 countries(or regions)and matches them with the Zephyr global M&A transaction database to analyze the impact of the promotion of China's trade network status on the success or failure of cross-border M&A of Chinese enterprises.The results show that,first,the promotion of China's trade network status can significantly promote the success rate of cross-border mergers and acquisitions;second,the promotion of China's trade network status on the success rate of M&A is more obvious for state-owned enterprises,eastern enterprises,labor-intensive enterprises;finally,the promotion of trade network status promotes its impact on the success of cross-border mergers and acquisitions by enhancing China's financial status,establishing legitimacy and shortening institutional distance.The contribution of this paper is to show that the development of financial investment activities such as cross-border mergers and acquisitions needs to conform to the objective conditions of the product market,so as to achieve financial support for the development of the real economy.By elevating our position in the global trade network,we can accelerate the pace of entering the ranks of investment powers.

关 键 词：贸易网络 跨国并购 中国企业 

分 类 号：F279.2[经济管理—企业管理] F271[经济管理—国民经济] F752.6F832.51