双边货币互换协议与企业跨境并购完成率  

Bilateral Currency Swap Agreements and Completion of Cross-Border Mergers and Acquisitions

作　　者：栗宇丹 罗炜[2] LI Yudan;LUO Wei(School of Economics and Management,South China Normal University;Guanghua School of Management,Peking University)

机构地区：[1]华南师范大学经济与管理学院,广东广州510006 [2]北京大学光华管理学院,北京100871

出　　处：《金融研究》2024年第10期132-150,共19页Journal of Financial Research

摘　　要：本文从跨境投资交易成本的角度,探究双边货币互换协议与我国企业跨境并购完成率的关系。基于2006—2020年我国企业发起的跨境并购交易样本,研究发现:我国与标的企业所在国(地区)签订双边货币互换协议,可降低双边关系成本、外汇监管成本及汇兑成本,有利于提升我国企业跨境并购交易的完成率。在三种情形下,双边货币互换协议的作用较明显:(1)我国与标的企业所在国(地区)双边合作关系不够紧密;(2)我国外汇储备净流出较多;(3)标的企业所在国(地区)法定货币为非国际通用货币。分组检验表明,对国有企业并购交易、现金支付交易和“一带一路”国家(地区)并购交易,双边货币互换协议作用较大;当交易收购方在境外上市时、标的方处于国家安全敏感行业时,双边货币互换协议作用较小。本文表明,双边货币互换协议对跨境并购交易具有促进作用,对金融服务我国企业“走出去”有一定参考价值。Since 2009,China has signed bilateral currency swap agreements(BCSAs)with more than 40 countries(regions)to promote global trade and international investments.Existing literature mainly focuses on the promotive effects of BCSAs on global trade,but pays little attention to its impact on cross-border investments.As important investment entities,Chinese firms play a key role in China's“going global”process.Crossborder mergers and acquisitions(M&As)are important means for firms to integrate into the international markets,acquire global resources and cultivate international competitiveness.Despite the fact that the number and amount of cross-border M&A transactions by Chinese firms have grown rapidly,the completion rate is disappointingly low.Whether an announced transaction can be completed is the premise of subsequent integration and realization of M&A value.Termination of a transaction not only makes the value of the M&A vanish,but also causes the firm that initiated the deal to lose money,time,reputation,and other resources.Therefore,exploring feasible ways to improve completion rate of cross-border M&A transactions by Chinese firms is an important issue in the process of China's high-level opening-up.Compared with domestic M&As,cross-border M&As face additional transaction costs related to cross-border capital flows,especially given China's unique capital regulation and foreign exchange administration.From the perspective of transaction costs related to cross-border capital flow,this paper explores the impact of BCSAs on the completion rate of crossborder M&A transactions by Chinese firms.Specifically,we believe that BCSAs can lower costs associated with bilateral relations,foreign exchange supervision,and currency exchange,and therefore improve completion rate of cross-border M&As by Chinese firms.Based on the sample of cross-border M&As initiated by Chinese firms between 2006 and 2020 in SDC database,this paper finds that:(1)BCSAs between China and the countries(regions)where the target companies locate sig

关 键 词：双边货币互换协议 跨境并购 交易成本 

分 类 号：F271[经济管理—企业管理] F125[经济管理—国民经济] F279.2