双循环背景下“一带一路”沿线国家投资的协同效应

Research on the Synergy Effect of Chinese Enterprises’Investment in"Belt and Road"Countries under the Double Circulation

本文实证分析了"一带一路"倡议下中国企业赴"一带一路"沿线国家投资协同效应提升的效果与机制。研究发现,中国企业在"一带一路"倡议出台后去往沿线国家的跨国并购能够实现更高的并购绩效,其作用机制在于中国企业的并购提高了标的国经济效益,进而增加了沿线国家后续资本流入;同时,通过宏观制度环境的改善,缩小了两国的政治距离,标的国政府支持力度加大,降低了交易成本。通过异质性检验发现,创新性较强的并购双方、政治相关性与经济相关性更强的跨国并购更能受益于协同效应,获得并购绩效的提升。

This article empirically analyzes the effect and mechanism of Chinese enterprises’investment synergy in the countries along"the Belt and Road"countries under the double circulation.The study found that after the"Belt and Road"policy,Chinese companies’cross-border mergers and acquisitions in countries along"the Belt and Road"can achieve higher M&A performance.The mechanism is that Chinese companies’mergers and acquisitions increase the economic benefits of the target country and increase subsequent capital inflows;At the same time,through the improvement of the macro-institutional environment,the political distance between the two countries has been narrowed,the government support of the target country has been increased,and transaction costs have been reduced.Through the heterogeneity test,it is found that the more innovative parties t,and the cross-border mergers and acquisitions with stronger political and economic relevance can benefit from synergies and improve the performance of mergers and acquisitions.After using the number of Christian churches in the city where the acquirer is located as an instrumental variable to determine whether to acquire in"the Belt and Road"countries,the results are still stable.This research provides direct micro-level evidence for the"Belt and Road"policy to promote long-term cooperation and political friendship between countries,and it also supplements the theoretical explanation for the"Belt and Road"policy to promote domestic and international dual cycles.China’s development achievements through the"One Belt And One Road"platform provide better experience sharing for the"double circulation".