润滑效应抑或摩擦效应:东道国腐败控制对中国企业海外并购的影响研究

Lubricant or Stumbling Block:Corruption Control of the Host Country and Overseas Mergers and Acquisitions of China's Enterprises

东道国政府腐败控制水平是影响中国企业“走出去”的重要因素。文章在严谨衡量各国历年腐败控制水平的基础上,分析了东道国腐败控制对中国企业海外并购的影响效应。研究发现:东道国腐败控制水平越高,越有利于中国企业海外并购。在制度质量约束下,东道国腐败控制对中国企业海外并购的影响呈非线性关系:随着东道国法治水平和监管质量的提高,腐败控制的影响由抑制转向促进;政府效率的提高强化了腐败控制的促进作用;随着公民权利的提升,腐败控制的促进作用亦逐步增强。

The corruption control level of the host government is an important factor that affects the“going out”of China's enterprises.Based on the rigorous measurement of the corruption control level of various countries over the years,this paper analyzes the impact of corruption control of the host country on overseas mergers and acquisitions(M&As)of China's enterprises.The research shows that the higher the corruption control level of the host country,the more conducive to overseas M&As of China's enterprises.Under the constraints of institutional quality,the impact of corruption control of the host country on overseas M&As of China's enterprises presents a non-linear relationship:with the improvement of the level of rule of law and regulatory quality of the host country,the impact of corruption control shifts from inhibition to promotion;the improvement of government effectiveness strengthens the promotion effect of corruption control;with the improvement of voice and accountability,the promotion effect of corruption control is also gradually enhanced.