“一带一路”倡议与企业跨区域并购

The“Belt and Road”Initiative and cross-regional mergers and acquisitions

十九大将推进“一带一路”建设等内容写入党章,充分体现了国家对“一带一路”建设的重视程度.由于不同的功能和作用,“一带一路”重点省份对倡议实施负有更大的责任和义务,同时也享有更多的政策优惠和资源倾斜,形成不同省份之间比较优势的外生差异.以公司并购决策作为获取比较优势的工具,本文考察“一带一路”倡议对公司跨区域并购决策的影响.研究发现由“一带一路”倡议实施带来的比较优势提高了重点省份公司作为并购目标方的吸引力.机制检验表明“一带一路”倡议显著提高了重点省份公司的融资能力和对外直接投资水平,当地具有这些比较优势的公司被其他省份公司并购的可能性显著提高,并且并购后公司的融资和“走出去”能力显著提升.进一步研究发现目标方比较优势对于融资约束程度较高以及全要素生产率较低的收购方具有更强的吸引力.本文研究结果为拓展企业边界来获取政策优惠和资源支持的并购决策提供了新的理解,对评价“一带一路”倡议的实施效果及其后续改革具有一定的启示意义.

The 19th National Congress of the Communist Party of China included the promotion of the“Belt and Road”Initiative into the party constitution,which fully reflects the importance to the construction of the“Belt and Road”.Due to the different functions and roles,the key provinces of the“Belt and Road”have greater responsibilities and obligations for the implementation of the initiative,and also enjoy more policy and resource preferences,forming exogenous differences in the comparative advantages of different provinces.Taking corporate M&A decisions as a tool to obtain comparative advantages,this paper examines the impact of the“Belt and Road”Initiative on corporate cross-regional M&A decisions.The study finds that the comparative advantages brought about by the implementation of the“Belt and Road”Initiative have increased the attractiveness of companies in key provinces as M&A targets.The mechanism test shows that the“Belt and Road”Initiative significantly improves the corporate financing ability and outward foreign direct investment in key provinces:local firms with these comparative advantages are more likely to be acquired by firms in other provinces,and the financing and“going out”ability of acquirers are significantly improved after the mergers and acquisitions.Further research finds that the target’s comparative advantage is more attractive to the acquirer with a higher degree of financing constraints and lower total factor productivity.The research results provide a new understanding of mergers and acquisitions decision by expanding company boundaries to obtain policy preferences and resource support,and have certain enlightening significance for evaluating the implementation effects of the“Belt and Road”Initiative and its subsequent reforms.