稳健外交关系驱动中国企业走出去——来自双边联合声明公报签订的证据

How do Stable Diplomatic Relations Affect China s Enterprises Cross border Mergers and Acquisitions:Based on the Perspective of Bilateral Joint Statement Communique

中国企业走出去需国家提供国际性公共服务保障,其中稳健外交关系是一种重要的政治性制度保障。文章从双边外交关系切入,匹配2004~2018年双边联合声明公报数据和中国企业海外并购数据构建面板数据回归模型,考察双边外交关系对中国企业跨国并购的影响。研究表明:双边外交关系的增进对于中国企业跨国并购的意愿和成功率提高均有显著的促进效应。具体地,外访签订的联合声明公报促进效应大于来访签订的联合声明公报;随着时间推进,双边外交关系促进效应逐渐增强;相较于联合声明和联合新闻公报,联合公报对企业并购意愿的促进效应更强,且外交等级的提升对海外并购具有显著促进作用。本研究为稳健外交关系的企业跨国并购促进效应提供了新的系统性证据。

As an important diplomatic activity of a country,bilateral joint statement communique is conducive to maintaining and promoting the development of bilateral economic and trade liberalization.From the perspective of bilateral diplomatic relations,this paper constructs a panel data regression model to investigate the impact of bilateral diplomatic relations on cross-border mergers and acquisitions(M&As)of China’s enterprises by matching the data of bilateral joint statement communique and the data of overseas M&As of China’s enterprises from 2004 to 2018.The research shows that the improvement of bilateral diplomatic relations has a significant promotion effect on the willingness and success rate of cross-border M&As of China’s enterprises.Specifically,the promotion effect of joint statement communique signed through the visits to foreign countries by Chinese leaders is greater than that of joint statement communique signed through the visits to China by foreign leaders;with the advance of time,the promotion effect of bilateral diplomatic relations gradually strengthens;compared with joint statement and joint press communique,joint communique has a stronger promotion effect on the willingness of M&As of the enterprises,and the improvement of diplomatic level exerts a significant promotion effect on overseas M&As.This paper provides new systematic evidences for the promotion effect of cross-border M&As of the enterprises with stable diplomatic relations.