政府资助对企业“一带一路”投资并购影响的研究

Research on the Influence of Government Funding on Enterprises’Investment and M&A in the Belt and Road Initiative

研究分析了政府资助对企业“一带一路”投资并购的影响,并采用2000-2017年投资并购数据实证研究。研究表明政府资助会促进企业“一带一路”投资并购,并提升并购经营水平。“一带一路”政策出台后,企业通过获得政府资助,能够促进“一带一路”投资并购。同时,并购方在“一带一路”国家并购了标的企业后能够有较为良好的营商环境,导致并购后的经营水平更高。就行业而言,投资并购更倾向于资源型、基建型行业,而非高科技行业,这主要是与“一带一路”国家的高新技术发展还不够成熟有关,企业更倾向于到“一带一路”国家并购具有当地比较优势的行业,特别是在自然资源和基础建设领域创造更大协同效应,这发挥了中国和“一带一路”沿线国家双方的比较优势,实现了双方国家的合作共赢。据此,建议加大政府资助力度,推动中国企业“一带一路”投资并购,并建立“互惠互利”的合作机制。

This paper analyzes the impact of government funding on enterprises’investment and M&A in the Belt and Road Initiative,and uses investment and M&A data from 2000 to 2017 for empirical research.The empirical research shows that government funding will promote enterprises’investment and M&A in the Belt and Road Initiative and improve the operation level of M&A.After the introduction of the Belt and Road Initiative,enterprises can promote the investment and M&A in the Belt and Road Initiative by obtaining government funding.At the same time,the M&A parties in the countries joining the Belt and Road Initiative can have a better business environment after the merger and acquisition of the target enterprise,resulting in a higher level of operation after the M&A.In terms of industries,investment and M&A tend to be in resource-based and infrastructural industries rather than high-tech industries.This is mainly due to the fact that the development of high-tech in countries joining the Belt and Road Initiative is not mature enough,and enterprises tend to merge and acquire industries with local comparative advantages in countries joining the Belt and Road Initiative,especially in the fields of natural resources and infrastructure to create greater synergy effects.This gives play to the comparative advantages of both China and countries joining the Belt and Road Initiative and achieves win-win cooperation between the two countries.Accordingly,it is recommended to increase government funding to promote Chinese enterprises’investment and M&A in the Belt and Road Initiative,and to establish a“mutually beneficial”cooperation mechanism.