双循环新发展格局下外交访问与中国企业海外并购

Diplomatic Visits and Chinese Firms'Overseas M&A under the New Development Paradigm of“Dual Circulation”

本文基于2000~2019年中国企业海外并购数据,系统地研究了外交访问对中国企业海外并购的影响及其潜在的影响渠道。本文的研究表明:外交访问不仅能够促进中国企业海外并购,而且有助于拓展企业并购的深度和广度;此外,从影响渠道来看,企业间商务信息交流分享和社会网络构建、母国与东道国文化壁垒以及东道国投资不确定性的下降均有助于中国对受访国开展海外并购。本文的进一步分析显示,中国领导人的外交访问活动展现了周边外交和大国外交协同推进的战略布局,周边外交和小国外交对企业海外并购的促进效应更大。本文的研究不但有助于揭示双循环新发展格局下中国企业海外并购的驱动因素,而且对于利用全球创新资源促进中国企业海外并购可持续平稳发展具有重要意义。

This paper examines the impact of diplomatic visits on overseas M&As and potential mechanism using Chinese firms'overseas M&As data from 2000 to 2019.The research in this article indicates that diplomatic visits can significantly promote Chinese firms'overseas M&A and expand the depth and breadth of M&A;in addition,from the perspective of influencing channels,the exchange and sharing of business information between enterprises,the construction of social networks,cultural barries between home and host countries,and the decrease in investment uncertainty in host countries all contribute to China's overseas mergers and acquirsitions with the host country.Further analysis of this article shows that diplomatic visits of Chinese leaders reveal the basic patterm of coordinated promotion of peripheral diplomacy and big country diplomacy.The positive effect of diplomatic visits is more pronounced in peripheral diplomacy and small country diplomacy.Our research helps to reveal the driving factors of Chinese firms'overseas M&A under the new development paradigm of double circulation.And it is important for Chinese firms to utilize global innovation resources to promote the sustainable and stable development of Chinese overseas M&A.