RTAs环境规则深化是否制约中国企业“走出去”:来自企业跨国并购的证据  

Whether the Deepening of RTA Environmental Rules Constrains Chinese Firms from"Going Abroad"?:Evidence from Cross-Border M&A by Enterprises

作　　者：李丹[1] 孟恒宇 崔洛源 LI Dan;MENG Hengyu;CUI Luoyuan

机构地区：[1]辽宁大学金融与贸易学院 [2]中央财经大学保险学院

出　　处：《世界经济研究》2025年第3期93-107,M0003,M0004,共17页World Economy Studies

基　　金：国家社会科学基金国家社会科学基金项目“全球价值链数字化对中国制造业高质量发展的影响机制与推进策略研究”(项目编号:21BJL070)的阶段性成果。

摘　　要：跨国并购布局是全产业链布局的重要形式,面对合作模式区域化与博弈原则更替的国际环境,如何破解RTAs环境目标约束与并购布局间的协同困境成为当下重要的战略问题。文章构筑理论模型并实证研究中国RTAs环境条款深化对企业跨国并购行为的影响,研究发现:环境条款深化明显抑制了中国企业跨国并购频次与规模,该结论通过了多项稳健性检验;机制分析表明,环境条款深化的作用主要通过强化东道国国内环境规制实现,但这种抑制效应会被国际创新合作部分抵消;异质性分析表明,具体并购动机下价值链布局型跨国并购遭到明显遏制,价值投资和价值链攀升型并购受到的影响较小;进一步细分条款类别发现,抑制作用主要源于“环境与贸易/投资”和“环境争端解决”类条款。文章为如何平衡高水平区域协定建设与高质量跨国并购布局提供了宝贵的经验证据与政策参考。Cross-border mergers and acquisitions(M&As)are a crucial form of full industrial chain layout.In an international environment characterized by the regionalization of cooperation models and shifting principles of competition,resolving the synergy dilemma between RTAs(Regional Trade Agreements)and environmental goal constraints in M&A layouts has become an important strategic issue.This paper constructs a theoretical model and empirically studies the impact of deepening environmental clauses in China′s RTAs on corporate cross-border M&A activities.The findings are as follows:(1)the deepening of environmental clauses significantly inhibits the frequency and scale of cross-border M&As by Chinese enterprises,and this conclusion passes multiple robustness tests;(2)mechanism analysis shows that the inhibitory effect of deepening environmental clauses is primarily achieved through the strengthening of environmental regulations in host countries,though this effect is partially mitigated by international innovation cooperation;(3)heterogeneity analysis reveals that,under specific M&A motivations,cross-border M&As aimed at value chain layouts are significantly restrained,while the impact on value investments and value chain climbing M&As is less significant.Further breakdown of clause categories indicates that the inhibitory effect mainly stems from"environmental trade/investment"and"environmental dispute resolution"clauses.This paper provides valuable empirical evidence and policy references for how to balance high-level regional agreement construction with high-quality cross-border M&A layouts.

关 键 词：区域协定 产业布局 环境条款 企业跨国并购 

分 类 号：F27[经济管理—企业管理]