东道国金融自由化与跨国并购——来自全球金融危机后中国企业的经验证据

Financial Liberalization of Host Country and Cross-border M&A:Empirical Evidence from Chinese Enterprises after the Global Financial Crisis

文章采用2008年全球金融危机后中国A股上市企业跨国并购数据,研究了东道国金融自由化对跨国并购二元边际的影响。研究发现:金融自由化具有融资效应,可以提高跨国并购的概率和次数,对扩展边际有显著的正向作用,但未能显著扩大年度并购交易的平均规模和总规模,对集约边际的正向影响非常有限;另外,在扩展边际上,东道国较高的法治水平、腐败控制力度、政府效率和信贷规模均会增强金融自由化的融资效应。东道国经济开放度越高,金融自由化的融资效应越小;就集约边际而言,在腐败程度高的东道国,金融自由化只会恶化融资环境,抑制投资规模。因此,面临融资约束的中国企业应该选择金融自由化程度高,并且制度质量好的东道国进行跨国并购。

This paper analyzes the impacts of host country＇ s financial liberalization on the dual margins of cross -border mergers ＆ acquisitions （M＆A） after the global financial crisis based on the data of Chinese enterprises listed in A-share market. It is found that financial liberalization exerts financing effects which can promote the probabilities and numbers of cross-border M＆A. It has a positive influence on the extensive margin, but fails to increase the yearly M＆A mean values and gross values, which leads to the limited positive impact on the intensive margin. Furthermore, with regards to the extensive margin, the financing effects of financial liberalization will be enhanced by the higher level of rule of law and control of corruption, more efficient government and larger credit of the host country. The higher the economic openness in the host country is, the smaller the financial effect of financial liberalization will be. As for the intensive margin, financial liberalization will only worsen the financing environment and restrain the investment scale in the host country with a high degree of corruption. Therefore, the host country with higher financial liberalization and good institutional quality are better choices for the cross-border M＆A of Chinese enterprises which are faced with financing constraints.