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论文编号：	12607
作者编号：	2120192812
上传时间：	2021/6/16 20:19:33
中文题目：	双边经济政策不确定性与海外并购
英文题目：	Bilateral economic policy uncertainty and overseas mergers and acquisitions
指导老师：	周宝源
中文关键字：	经济政策不确定性 海外并购 制度环境 双边政治关系
英文关键字：	Economic policy uncertainty; overseas mergers and acquisitions; institutional quality; bilateral relations
中文摘要：	改革开放以来，中国经济不断增长，中国企业“走出去”的步伐不断加快。在政府政策的大力支持下，中国企业海外并购也发展迅猛。根据中国商务部公布的对外投资数据，2003年后中国海外并购有了大幅提升，2013年后进入井喷式发展时期。与中国企业海外并购蓬勃发展形成鲜明对比的是，中国企业面临的国内外不确定性在明显增强。金融危机爆发后，世界各国为了稳定经济，纷纷颁布各项经济政策，使得全球经济不确定性不断上升。 目前学者的研究大都集中在单边经济政策不确定性对国内投资或对外直接投资的影响。一方面，OFDI可分为海外并购和绿地投资，与前者相比，海外并购最高效地帮助企业迅速进入国际市场。另一方面，在如今经济全球化的背景下，企业在进行海外并购投资决策时，并非单一地受到国内经济环境的影响。企业会综合考虑国内外形势以作出更为理性的投资决策，因而在分析经济政策不确定性对海外并购的影响时同时考虑本国和东道国是有必要的。因此本文从母国与东道国的视角出发，研究双边经济政策不确定性对海外并购的影响。 本文通过对2006至2019年中国A股上市公司的海外并购数据研究发现：（1）母国经济政策不确定性对企业的海外并购具有显著的促进作用，而东道国经济政策不确定性对企业海外并购具有显著的抑制作用。当母国经济政策不确定性大于东道国经济政策不确定性时，东道国经济政策不确定的抑制作用失效，双边经济政策不确定性对海外并购整体起促进作用。反之起抑制作用。（2）双边经济政策不确定性差异下，东道国经济政策不确定性对非国有企业的抑制作用更为显著。（3）在进行海外并购决策时，较好的东道国的制度环境与较好的双边政治关系能有效降低其经济政策不确定对企业海外并购的抑制作用。在全球经济政策不确定性上升的背景下，本文的发现对如何推动我国对海外并购以形成对外开放新格局具有重要的意义。
英文摘要：	Since opening-door to the outside, China's economy has continued to grow. China has sped up the pace of "going out". According to the foreign investment data, China's overseas M&A have enhanced greatly after 2003, and after 2013, it has entered a period of blowout development. In stark contrast to the vigorous development of Chinese companies' overseas M&A, the domestic and foreign uncertainties faced by Chinese companies have also increased significantly. . At present, scholars' research mostly focuses on the impact of unilateral economic policy uncertainty on domestic investment or foreign direct investment. On the one hand, foreign investment is divided into overseas M&A and greenfield investment. They should be discussed separately. On the other hand, in the context of today’s economic globalization, overseas M&A of companies may not only be affected by the stability of domestic economic policies, but are also closely related to the economic policy stability of potential host countries. It is necessary to consider both the home country and the host country when considering the impact of overseas mergers and acquisitions. Therefore, from the perspective of home country and host country, this article studies the impact of bilateral economic policy uncertainty on overseas mergers and acquisitions. The research found in this paper: The domestic economic policy uncertainty can greatly help company in overseas mergers and acquisitions.while the host one makes a significant negative effect on overseas M&A. When the economic policy uncertainty of the home country is greater than the economic policy uncertainty of the host country, the inhibitory effect of the host country's economic policy uncertainty will fail, and the bilateral economic policy uncertainty will promote overseas mergers and acquisitions as a whole. Under the uncertainty of the bilateral economic policy, the domestic one has a greater negative effect on non-state-owned companies.When making overseas merger and acquisition decisions, a better host country’s institutional environment and better bilateral political relations can effectively reduce the inhibitory effect of its economic policy uncertainty on companies’ overseas mergers and acquisitions. The findings of this article may make important significance in promoting our country's overseas mergers and acquisitions to develop a different pattern of opening-door to the outside under the background of rising global economic policy uncertainty.
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