摘要
自中美贸易摩擦以来,贸易壁垒如何影响中国企业海外并购,进而影响“双循环”战略?鲜有文献从贸易壁垒异质性角度进行研究。为此,将美对华实施的贸易壁垒分为关税壁垒和技术封锁两类,以2011-2021年A股制造业公司为样本进行考察。研究结果表明,美对华实施的关税壁垒“挤出”了中国企业海外并购,而美对华实施的技术封锁却“倒逼”了中国企业的海外并购,即企业海外并购危和机并存。在排除干扰性因素和控制内生性后,结论仍然稳健。机制检验发现,关税壁垒的“挤出效应”主要体现为成本约束和机会主义的渠道,而技术封锁的“倒逼效应”主要体现为压力驱动和转移优势的渠道。并且,在面临异质性贸易壁垒时,民营企业更为主动地通过国际化资源配置来应对外部贸易政策引致的挑战;区域贸易协定不仅能缓解关税壁垒的“挤出效应”,同时还能促进技术封锁的“倒逼效应”,化危为机。因此,从微观企业海外并购视角发现了不同性质贸易壁垒引致的截然相反的效应,为逆全球化背景下构建国内国际双循环新发展格局提供经验证据。
Since the initiation of the Sino-US trade friction,how do trade barriers affect overseas mergers and acquisitions of Chinese firms,and then affect the"dual circulation"strategy?There are few studies on the heterogeneity of trade barriers.This paper divides the trade barriers imposed by the United States against China into tariff barriers and technological embargoes.The study employs a sample of A-share listed manufacturing companies from 2011 to 2021 and finds that tarff barriers"crowd out"enterprises'overseas mergers and acquisitions while the technological embargoes"back-force"their overseas mergers and acquisitions.That is,risks and opportunities coexist for enterprises'overseas mergers and acquisitions.The conclusion remains robust after excluding the interfering factors and controlling for endogeneity.The crowding-out effect of tariff barriers is mainly reflected in cost constraints and opportunism,while the back-forcing effect of the technological embargoes are mainly reflected in pressure driving and transfer advantages.Heterogeneity analysis shows that these two effects are notably present in private enterprises.Regional trade agreements can not only alleviate the crowding-out effect of tariff barriers,but also promote the back-forcing effect of technological embargoes.This paper considers micro-enterprises overseas mergers and acquisitions and finds that the different types of trade barriers have opposite effects,which provides empirical support for fostering a new development pattern of domestic and international dual circulation under the background of anti-globalization.
作者
孙浛情
程仲鸣
SUN Hanqing;CHENG Zhongming(School of Business,East China University of Science and Technology,Shanghai 200237,China;Financial Research Institute,Wenzhou University,Wenzhou 325035,China;Wenzhounese Economy Research Institute,Wenzhou University,Wenzhou 325035,China)
出处
《产业经济研究》
CSSCI
北大核心
2024年第4期129-142,共14页
Industrial Economics Research
基金
浙江省科技厅软科学研究计划重点项目(2022C25006)
国家社会科学基金一般项目(20BGL048)。
关键词
贸易壁垒
关税壁垒
技术封锁
海外并购
倒逼效应
区域贸易协定
trade barriers
tarff barrier
technological embargo
overseas M&A
back-forcing effect
regional trade agreement
