国际海底光缆、双边信息流与中国跨境并购  

International Submarine Optical Cables,Bilateral Information Flow and ChineseCross-Border M&A

作　　者：马述忠[1] 吴鹏 房超 Ma Shuzhong;Wu Peng;Fang Chao

机构地区：[1]浙江大学中国数字贸易研究院 [2]浙江财经大学经济学院,310018 [3]浙江工商大学经济学院

出　　处：《世界经济》2024年第4期3-30,共28页The Journal of World Economy

基　　金：国家社会科学基金(23&ZD084);国家自然科学基金(72373130)的资助。

摘　　要：海底光缆是信息跨境流动最主要的载体,在数字经济时代具有重要战略意义。本文以亚非欧1号海底光缆开通为例,基于2009-2021年证券数据公司跨境并购数据,使用双重差分法从双边信息流视角考察了国际海底光缆建设对中国跨境并购的影响。研究发现,亚非欧1号海底光缆的开通显著促进了中国企业对直连国家的跨境并购。机制分析表明,亚非欧1号海底光缆通过增加中国与直连国家间的双边信息流动促进了企业的跨境经济活动。此外,海底光缆的促进作用对初始数字基础设施更差和网络自由度更高的国家更强,主要促进了高技术行业的并购。总之,中国主导建设的数字基础设施能弥合数字鸿沟,推动中国的高新技术“走出去”。Submarine optical cables are the most important carrier of cross-border information,and they are of strategic significance in the digital economy era.This paper takes the Asia-Africa-Europe-1(AAE-1)submarine optical cable as an example to examine the impact of international submarine optical cable construction on China's cross-border M&A from a bilateral information flow perspective.Using SDC cross-border M&A data from 2009 to 2021 and the difference-in-differences(DID)technique,it finds that the opening of the AAE-1 submarine optical cable significantly boosts cross-border M&A by Chinese firms in directly connected countries.The mechanism analysis reveals that the AAE-1 submarine cable facilitates the cross-border economic activities of firms by increasing bilateral information flows between China and the respective countries.It is also observed that the promoting effect of submarine optical cables is stronger in countries with poorer initial digital infrastructure and greater network freedom,and that it mainly facilitates mergers and acquisitions in high-technology industries.Besides,the AAE-1 submarine cable has a strong spillover effect,which can lead to cross-border M&A in countries bordering the landing points.In conclusion,China-led construction of digital infrastructure can bridge the digital divide and promote China's high-tech go global.

关 键 词：跨境并购 信息不对称 海底光缆 

分 类 号：F271[经济管理—企业管理]