“一带一路”倡议对跨国并购绩效的影响研究——基于国家顶层战略的一项准自然实验检验  

The impact of the“Belt and Road Initiative”on cross-border M&A performance:A quasi-natural experiment based on national top-level strategy

作　　者：张琦 吴超鹏[2] 李奥[3] 吴世农[2] ZHANG Qi;WU Chao-peng;LI Ao;WU Shi-nong(School of Management,Shandong University,Jinan 250100,China;School of Management,Xiamen University,Xiamen 361005,China;School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,China)

机构地区：[1]山东大学管理学院,济南250100 [2]厦门大学管理学院,厦门361005 [3]中南财经政法大学金融学院,武汉430073

出　　处：《管理科学学报》2024年第5期93-121,共29页Journal of Management Sciences in China

基　　金：国家社会科学基金资助重大项目(22ZDA047);国家自然科学基金资助青年项目(72302134);山东省自然科学基金资助青年项目(ZR2023QG063);泰山学者工程专项经费资助项目(tsqn202306058);中南财经政法大学中央高校基本科研业务费资助专项资金(2722022BQ013);数字技术与现代金融学科引智基地资助项目(B21038)。

摘　　要：国家顶层战略如何影响微观企业跨国并购的财务和创新绩效?虽然这一问题的研究既有理论价值又有实践意义,但长期以来,人们对这一问题研究甚少.本研究以“一带一路”倡议这一国家顶层战略的提出来构建准自然实验,运用双重差分模型来检验该倡议对我国上市公司跨国并购财务和创新绩效的影响.结果表明:在倡议提出后,相比于在非“一带一路”沿线国家的并购,我国上市公司在“一带一路”沿线国家开展并购可以更大幅度地提升并购后公司的股票市场表现、创新产出和生产效率.进一步研究“一带一路”倡议的影响机制还发现,“一带一路”倡议主要通过提升我国与“一带一路”沿线国家的政治互信与文化交流、优化东道国投资环境、出台投资优惠政策等途径来降低跨国并购中的信息沟通成本和政策不确定性,从而提升跨国并购的财务和创新绩效.本研究不仅从国家顶层战略这一崭新的视角深化和拓展了跨国并购领域的研究,而且为政府进一步推动“一带一路”建设提供了科学决策的理论依据.How does national top-level strategy affect firms'cross-border M&A performance?Although this question is important both theoretically and practically,there has been lttle research on it for a long time.The announcement of the"Belt and Road Initiative"provides an opportunity to construct quasi-natural experiment based on national top-level strategy to explore how this initiative affects firms'cross-border M&A performance.Empirical results from a Difference-in-Difference approach show that after the announcement of the“Belt and Road Initiative”,the M&As made by Chinese listed firms in the countries along the Belt and Road can improve the acquiring firms'stock market performance,their innovation output,and productivity to a larger extent,compared to mergers and M&As in countries not along the Belt and Road.The mechanism research shows that the initiative leads to the enhance of mutual trust and cultural communication between China and the B&R countries,the optimization of investment environment,and the formulation of preferential investment policies,which help to reduce the cost of communication and policy uncertainty and improve cross-border M&A performance.This study deepens the literature on cross-border M&A from the perspective of national top-level strategy and provides theoretical evidence for further construction of the Belt and Road.

关 键 词：“一带一路”倡议 跨国并购 股票市场表现 企业创新 生产效率 

分 类 号：F27[经济管理—企业管理]