外资并购与目标企业海外市场扩张

Foreign Acquisition and the Overseas Market Expansion of Target Enterprises

外商直接投资对目标企业参与国际循环发挥了重要作用。本文基于中国工业企业数据库和海关数据库,以中国企业被外资并购为准自然实验,结合广义精确匹配法和双重差分法进行实证分析,探究了外资并购对目标企业海外市场扩张的影响。研究发现:外资并购增加了目标企业的出口倾向和进口倾向,促进了目标企业的海外市场调整,企业出口市场和进口市场的数量均增加,且能够和地理距离更远的经济体进行贸易;进一步研究表明,外资并购促进了目标企业集约边际和扩展边际的增长,表现为企业进出口规模的扩大以及企业进出口产品种类的增加;外资并购对目标企业会产生差异化的“总部效应”,来自非中国港澳台地区的外资并购对目标企业海外市场扩张的作用更强。本研究对外资如何促进中国企业的海外市场扩张,推动企业参与国际循环提供了解释,对于更好利用外资具有一定的政策启示。

Foreign direct investment(FDI)plays an important role in the integration of target enterprises into the international circulation.This paper uses data from Chinese Industrial Enterprise Database and China Customs Database,employing a combination of generalized exact matching and difference-in-differences methods for empirical analysis.Our research evaluates the effects of foreign acquisition on the overseas market expansion of target firms.Findings indicate that foreign acquisition enhances the target firms'propensity towards both exports and imports,promotes their overseas market adjustment,broadens their export destination and import source markets,and facilitates trade with geographically distant countries.Further analysis reveals that foreign acquisition promotes target firms'trade through both intensive and extensive margins,as demonstrated by an expansion of the value of exports and imports,as well as an increase in the variety of export and import products.Additionally,this study uncovers a differentiated“headquarters effect”,showing that foreign acquisition from regions beyond Hong Kong,Macao,and Taiwan of China has a more pronounced impact on the target firms'overseas market expansion.This study elucidates the role of FDI in fostering firms'overseas market expansion and integration into the international circulation,and provides policy implications for optimizing the utilization of FDI.