外资安全审查对中国海外并购的影响研究:基于OECD国家的经验

A Study on the Impact of the Foreign Capital Security Screening on Chinese Oversea M&A:Evidence from Countries in OECD

东道国对外资安全审查给跨国并购活动带来新的严峻挑战,但对相关经济影响还缺乏系统的实证检验。文章从并购完成的可能性、完成时间、股权水平和交易金额4个方面,利用多元回归方法验证东道国对外资的安全审查对中国企业海外并购的影响。基于1995~2017年期间中国在39个OECD国家开展并购的微观数据,实证发现:外资安全审查没有显著降低中国海外并购完成的可能性;外资安全审查显著延长并购完成的时间,并且降低并购的股权水平和交易金额;收购经验对外资安全审查和海外并购的关系存在调节作用,具体而言,当企业在东道国缺乏收购经验时,外资安全审查更加延长并购完成的时间,并且更加降低并购的股权水平和交易金额。文章丰富了外资安全审查和中国海外并购关系的实证研究。

Foreign capital security screening in host countries generates serious challenge regarding cross-border M&A activities,however,the economic outcome of foreign capital security screening lacks sufficient research.By focusing on the M&A completion likelihood,duration,equity level and transaction value,this study investigates the effect of foreign capital security screening on the cross-border M&A of Chinese firms using multiple regression.Based on the micro-level data of Chinese firms’cross-border M&A in 39 countries in OECD from 1995~2017,our study provides important findings attached below.Firstly,foreign capital security screening does not significantly reduce the M&A completion likelihood.Secondly,foreign capital security screening delays the time to complete the M&A,and it reduces both the equity share and transaction value.Thirdly,experience of firms in host countries moderates the relationship between foreign capital security screening and cross-border M&A.Specifically,as for firms lacking M&A experience in host countries,the foreign capital security screening has greater effect on delaying M&A completion and reducing equity share as well as transaction value.Our study enriches the relationship between foreign capital security screening and Chinese cross-border M&A empirically.