民间外交的经济价值——来自友好城市缔结与企业对外并购的微观证据  

The Economic Value of Non-Governmental Diplomacy:Evidence from Sister Cities and Overseas Merges and Acquisitions

作　　者：韩永辉 王贤彬[2] 韦东明 Han Yonghui;Wang Xinbin;Wei Dongming(Guangdong Institute for Intermational Strategies,Guangdong University of Foreign Studies;School of Economics,Jinan University;School of Economics,Peking University)

机构地区：[1]广东外语外贸大学广东国际战略研究院 [2]暨南大学经济学院 [3]北京大学经济学院

出　　处：《经济科学》2023年第6期86-105,共20页Economic Science

基　　金：国家社会科学基金重大项目“全球产业链重构对全球经济治理体系的影响及中国应对研究”(项目编号:21&ZD074);国家自然科学基金面上项目“产业政策对参与全球价值链的影响研究:理论机制、实证识别与中国方案”(项目编号:72073037);国家自然科学基金项目“产业政策对全要素生产率的影响研究:理论机制、实证识别与中国经验”(项目编号:71873041)的阶段性成果。

摘　　要：以国际友好城市建立为标志的民间外交日益成为重要的外交形态,对国家间经济合作产生了深刻影响。本文基于国际友好城市与中国企业跨境并购交易的匹配数据,考察民间外交行为对中国企业跨国并购溢价与完成率的影响作用。实证显示:当双方企业所在城市缔结友好城市时,中国企业支付的并购溢价更低,对外并购完成率更高。友好城市缔结有利于降低中国企业对发达国家资源产业以及国有企业的并购溢价,提升对发达国家的并购完成率,且这一民间外交的并购效应在中国加入WTO后更为显著。双边友好城市通过民间互访行为、民间经贸活动、民间文化交流对经济产生影响。民间外交与政府外交具有显著的互补性,政府外交与民间外交均对中国企业对外并购具有促进作用。Non-govermmental diplomaey marked by the establisbment of sister-city rlationkips has increasingly beome an impotant diplomatie form,which has had a profound impact on eco-nomic coperation between countries.Based on the data of sister cities and Chinese enterprses'overseas mergers and acquisitions(M&As),this paper examines the influence of nont-govem-mental diplomacy on Chinese enteprises"owenseas M&As and completio mte.This paper has the folloring findings.(1)When the cities where two enterprises are located become sister eities,the Chinese enteprise pays a lower overseas M&A premium and it has a higher completion mate of overseas M&As.(2)The heterogeneity test finds that sister eities significantly reduce the M&A premium of Chinese enterprises in developed countries and resource industries,and reduce the premium of state-owmed enterprises'overseas M&As.At the same time,sister ceity relationships also increase the completion rnate of M&As in developed countries.The abowe effect is more prominent in state-owned enterprises,and the M&A effect of non-govemmental diplomaey is more signifecant ater China's entry into the WTO.(3)Non-govenmental diplomacy and govemument diplonaey are sgifianly complementary,and the influence of government diplonacy and nom-govemmental diplomacy on Chinese enterprises'overseas M&As proenotes each other.

关 键 词：民间外交 友好城市 对外并购 并购溢价 双边关系 

分 类 号：D822[政治法律—政治学] F114[政治法律—外交学]