“一带一路”沿线国家制度环境对中国企业海外并购区位选择的影响研究

Institutional Quality of Host Countries along "The Belt and Road" and Location Choice of Cross-border M&A by Chinese Multinationals

文章利用2000~2016年间中国企业在38个"一带一路"沿线国家完成的371笔海外并购交易数据检验东道国制度环境对中国企业海外并购区位选择的影响。研究结果表明,东道国综合制度环境的改善会促进中国企业到该国并购投资,具体来说,监管质量的改善和政府效率的提高对中国企业海外并购区位选择的促进作用最为明显,而政治民主度并不会影响中国企业的并购区位选择。基于细分企业所有制的分样本检验结果表明,东道国制度环境的改善会显著促进民营企业的跨境并购,但对国有企业的跨境并购区位选择没有影响。据此,文章建议及时更新东道国制度环境相关信息,构建"一带一路"沿线国家风险预警体系,积极与沿线国家建立互信互助机制,加强对投资企业的保护力度,同时拓宽企业融资渠道,为企业"走出去"提供可靠的资金支持。

Based on 371 cross-border M&A transactions completed by Chinese multinationals in 38 host countries along the Belt and Road in the period of 2000 to 2016,this paper examines the relationship between host-country’s institutional quality and the location choice of Chinese multinationals when conducting cross-border M&As.The results show that host-country comprehensive institutional quality has significant effect on the location choice of Chinese multinationals.The improvement of host-country’s institutional quality helps to attract Chinese investment.Specifically,regulatory quality and government effectiveness have significant positive effect of Chinese cross-border M&As,while we find that voice and accountability in host countries is not a major concern of the cross-border M&As.In addition,we find that host-country institutional quality affects the location choice of private multinationals positively,but has no effect on the location choice of state-owned multinationals.Accordingly,we propose the recommendations to update the relevant information of host-country institutional quality timely,build a system monitoring national risk of countries along the Belt and Road,sign up or upgrade the bilateral investment treaty,strengthen the protection for multinationals,expand financing channels and provide reliable financial support for multinationals.