看不见的数字屏障:数字服务贸易壁垒与全球跨国并购  

Digital Wall:Digital Service Trade Barriers and Cross-Border M&As

作　　者：彭晴 高凡 李杰 PENG Qing;GAO Fan;LI Jie(School of Economics,Guangxi University;Institute of Industrial Economics,Jinan University)

机构地区：[1]广西大学经济学院 [2]暨南大学产业经济研究院 [3]暨南大学产业组织与规制研究所

出　　处：《中国工业经济》2024年第9期43-61,共19页China Industrial Economics

基　　金：国家社会科学基金青年项目“比较优势视角下我国制造业空间错配的量化识别与优化对策研究”(批准号23CJL034)。

摘　　要：跨国并购是企业跨越传统贸易壁垒寻求海外市场扩张的关键方式之一。在数字经济时代,出于技术和数据的安全考虑,各国纷纷实施跨境数字监管条例,形成了新型的数字服务贸易壁垒。但是,跨国并购可以跨越这种新型贸易壁垒吗?本文利用2014—2021年OECD数据库与Zephyr全球并购交易库的合并数据,考察了数字服务贸易壁垒对全球跨国并购的影响。研究结果表明,东道国的数字服务贸易壁垒通过数据孤岛效应、算法逆向披露风险与双重技术门槛三个渠道抑制了企业跨国并购。其中,数字服务贸易壁垒对算法和数据的特殊要求是其区别于传统贸易壁垒的新机制。并且,数字服务贸易壁垒将传统的单一技术门槛拓展到包含常规技术与数字技术的双重技术门槛。进一步研究发现,在兼顾跨境数据安全的前提下,制度型开放应以协调为重心,即通过缩小数字监管规则差异或签订区域贸易协定来增强跨境制度协调,可在一定程度上削弱数字服务贸易壁垒对跨国并购的不利影响。此外,增强人际沟通、文本沟通和语言沟通的替代信息传递渠道是针对数字服务贸易壁垒的另一种应对之策。最后,本文从对接国际高标准经贸规则、共建“中式模版”和加入区域贸易协定三方面为中国从流动型开放向制度型开放转变提供了经验启示。As digitalization and globalization progress,the demand for cross-border flows of data and technology has grown,but this brings risks related to data leakage.In response to data security concerns,many countries have introduced various digital services trade restrictions,creating a new type of digital services trade barrier.Existing literature suggests that these new barriers suppress firms’product exports.However,another way for firms to expand into international markets is through crossborder mergers and acquisitions(M&As).Besides,previous papers have found that higher tariff barriers encourage firms to use M&As to circumvent conventional trade barriers.This raises an important question:can cross-border M&As overcome these new trade barriers?Currently,there is limited literature examining how digital services trade barriers impact cross-border M&As.This paper develops an oligopolistic competition game model to explore the theoretical mechanisms by which digital services trade barriers affect corporate cross-border M&As.Furthermore,this paper empirically examines the impact of digital services trade barriers on cross-border M&As using merged data from the OECD database and the Zephyr global M&A transactions database from 2014 to 2021.The main conclusions are as follows.Firstly,the digital services trade barriers imposed by host countries significantly suppress cross-border M&As,whereas those imposed by acquiring countries have an insignificant impact.Secondly,the digital services trade barriers in host countries affect cross-border M&As through three channels:the data isolation effect,increased risks of algorithm leakage,and heightened dual technical thresholds.In contrast,conventional trade barriers do not affect cross-border M&As through data and algorithm channels and can only exert a negative effect through a single technical threshold.Thirdly,enhancing cross-border institutional coordination by narrowing differences in digital regulatory rules or signing regional trade agreements can mitigate the adverse e

关 键 词：数字服务贸易壁垒 跨国并购 跨境制度协调 

分 类 号：F125[经济管理—世界经济]