摘要
作为各国文化交流和经贸往来的重要纽带,国际友好城市的建立为中资企业"走出去"创造了良好条件。本文通过匹配2008—2019年国际友好城市结对数据和Zephyr全球并购分析交易库,实证检验了国际友好城市的建立对中资企业跨国并购金额、并购次数和并购成功率的影响。研究发现,国际友好城市的建立显著提高了中资企业跨国并购的总金额和并购次数,而对并购成功率的影响并不显著。通过对并购东道国和并购企业的特征考察发现,国际友好城市的积极影响对不具有儒家文化背景的国家更为明显,对非国有企业和服务型企业跨国并购的促进作用更强。机制检验表明,国际友好城市的建立可以通过加强中国与东道国间的信息交流、提高东道国对中国的文化认同感、降低两国间贸易成本这三条途径,对中资企业跨国并购产生促进作用。因此,在我国加快构建全面对外开放新格局的背景下,必须高度重视并充分发挥国际友好城市的积极作用。
As an important link for international cultural and trade exchanges,the bonds of international sister cities drive Chinese firms to“go global”.Based on the data on cross-border M&As from Zephyr Database and data on international sister cities from 2008 to 2019,this paper empirically examines the impact of China’s international sister cities on cross-border M&As’deal value,frequency and success rate,and uses geographic distance as an instrumental variable to effectively mitigate the potential endogeneity problem.Our study finds that sister-city bonds can actively improve the total deal value and frequency of Chinese firms’cross-border M&As,without any significant effect on the success rate.Through the investigation of the characteristics of the host country and the acquiring firms,this paper finds that the positive influence is more significant in countries without Confucian cultural background,and in non-state-owned enterprises and service-oriented enterprises.The mechanism of action test shows that the sister-city bonds can promote M&As by strengthening bilateral information exchanges,enhancing the host country’s embrace of Chinese culture,and reducing the trade costs.Therefore as China accelerates to open up in all respects,we should attach great importance to and give full play to the positive role of international sister-city programs.
作者
连增
李超
胡慧杰
LIAN Zeng;LI Chao;HU Huijie(Beijing Foreign Studies University,100089;Chinese Academy of Social Sciences,100006;Nankai University,300071)
出处
《财贸经济》
CSSCI
北大核心
2021年第10期147-164,共18页
Finance & Trade Economics
基金
北京外国语大学二十国集团研究中心资助项目“中国对外直接投资对非洲出口贸易结构的影响——基于语言、文化与制度的视角”(G2020202002)
中央高校基本科研业务费专项资金项目“中国投资对非洲国家经济贡献研究”(2020JJ029)
国家社会科学基金“中国企业海外并购的生产率效应研究”(18BJL109)。
关键词
国际友好城市
中资企业
跨国并购
International Sister Cities
Chinese Firms
Cross-Border M&As
