领导人访问与中国企业在“一带一路”沿线国家的海外并购

Visits by Heads of State and the Overseas Merger and Acquisition of Chinese Enterprises in the Countries along the Belt and Road

采用2002～2013年面板数据,考察双边国家领导人访问对中国企业在"一带一路"沿线国家进行海外并购的影响作用。实证结果发现:双边国家领导人访问显著提高中国企业海外并购的成功案例数量,且中国国家主席与国务院总理出访的促进作用大于外国元首来访的促进作用。东道国市场规模状况显著影响中国企业海外并购成功案例数量,而政府运行状况则对其无显著影响。中国企业在市场规模"顺梯度"并购中成功更多,但领导人访问促进中国企业海外并购效应在市场规模"顺梯度并购"中会减弱。与此相比,政府效能"顺梯度"与否并不影响中国企业海外并购的成功案例数量,也不影响领导人访问促进中国企业海外并购效应。

Under the new circumstances, China actively conducts political and diplomatic activities, which will have a profound impact on China and even world economy. This paper adopts panel data from 2002 to 2013 to study the influence of bilateral visits by heads of state on Chinese enterprises＇ overseas merger and acquisition in the countries along the Belt and Road. The empirical results show that bilateral visits by heads of state increases the number of successful cases of Chinese enterprises＇ overseas merger and ac- quisition. Moreover, the visits by Chinese president and premier to other countries improve the situation more than the visits by foreign countries＇ leaders to China. Market size of host countries obviously impacts the number of successful cases, while government efficiency does not have obvious impact. Chinese enterprises are more successful in market size downgradient merger and acquisition, but leaders＇ visits have less promoting impact on that. In comparison, government efficiency downgradient neither affects the number of successful cases of Chinese enterprises＇ overseas merger and acquisition nor influences the effect of leaders＇ visits in pushing forward Chinese enterprises＇ overseas merger and acquisition.