海外移民网络与中国企业跨国并购

Overseas Migration Network and Corporate Cross-Border Mergers&Acquisitions

海外移民网络对企业跨国并购具有十分重要的影响。通过构建中国海外移民网络以及微观企业跨国并购的多重指标,对二者间的影响与作用机制进行多种实证估计后发现,中国海外移民网络对企业跨国并购存在显著的正向促进效应,并且这种影响呈现东道国制度环境和文化距离的显著异质性,即双边文化距离越小、东道国制度环境越好,移民网络对企业跨国并购的促进效应越强。进一步地,通过中介效应检验发现,移民网络能够通过增强华商关系网、降低两国价值观差异促进企业跨国并购,移民过程中逐渐形成的互联互通的华商网络,能够改善跨国并购的信息不对称性,降低跨国并购交易成本,进而促进跨国并购。由此,要增强海外移民网络建设,进而增进我国企业与海外华商之间的往来,尤其要注重发挥“一带一路”沿线国家中移民网络的作用,同时推动移民管理和跨国并购相关管理政策的贯通融合,从而促进我国高水平对外开放。

Overseas migration network has a very important impact on corporate cross-border M&A.This paper empirically examines the impact and mechanism of the effect between Chinese overseas migration network and micro-firm cross-border M&A(Mergers&Acquisitions)by constructing multiple indicators of both.It finds that there is a significant positive promotion effect of Chinese overseas migration network on cross-border M&A,and this effect shows significant heterogeneity in the institutional environment and cultural distance of the host country.Further,through the mediating effect model,this paper finds that immigration networks can promote cross-border M&A by enhancing Chinese business networks and reducing the differences in values between the two countries.Therefore,besides facilitating the fusion of policies concerning migration administration and cross-border M&A,it is necessary to strengthen the overseas migration network and enhance the interaction between Chinese enterprises and overseas Chinese businessmen,especially the role of the migration network in the countries along the Belt and Road to promote China′s internationalized export-oriented economic growth.