跨国并购还是绿地投资:基于外资安全审查的视角

Cross-border Merger&Acquisition or Greenfield Investment:From the Perspective of National Security Review

文章探讨东道国国家安全审查对中国企业对外直接投资选择跨国并购还是绿地投资设立模式的影响。基于2005~2020年OECD地区的国家安全审查和企业投资数据,运用多期双重差分模型发现:与绿地投资相比,国家安全审查使中国跨国投资企业相对不愿意采取并购的设立模式;当东道国有较高的法治水平、制定不透明的国家安全标准、双边政治关系变差,则国家安全审查的这种负影响更强;在影响机制方面,国家安全审查通过并购交易不确定性提高和合法性降低来影响跨国投资设立模式的选择。

This paper explores the influence of national security review of the host country on the choices for OFDI entry mode of China's enterprises between cross-border merger and acquisition(M&A)and greenfield investment.Based on the data of national security review and the investment data of the enterprises in OECD from 2005 to 2020 and with a multi-period DID model,the paper reveals that:compared with greenfield investment,national security review makes China's MNEs relatively unwilling to adopt M&A as the entry mode;when the host country has high level of rule of law and sets unclear national security standards,and bilateral political relationship gets worse,the negative influence of national security review will be stronger;in terms of influencing mechanism,national security review affects the choice for the mode of cross-border investment through increasing the uncertainty and reducing the legitimacy of M&A transactions.