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论文编号：	12611
作者编号：	2120192816
上传时间：	2021/6/16 20:47:22
中文题目：	中美贸易摩擦对中国企业并购的影响研究
英文题目：	A Study on the Influence of China-US trade dispute on M&A of Chinese Enterprises
指导老师：	姚颐
中文关键字：	中美贸易摩擦；并购；并购绩效
英文关键字：	China-US trade dispute；Mergers and Acquisitions；M&A performance
中文摘要：	2017年8月，美国总统特朗普签署行政备忘录，对中国发起贸易调查，2018年中美贸易摩擦达到白热化阶段。事实上，从1995年起，截至2020年12月31日，美国累计对华发起贸易调查336起，是历史上对华发起贸易调查数量最多的国家，中美贸易战对中国经济产生了重要的影响，国内学者多聚焦于宏观视角进行研究，探究贸易战的成因和对中国宏观经济的影响。而本文将宏观贸易战与微观企业联系在一起，研究中美贸易战与上市公司并购之间的关系，利用2006-2016年上市公司的数据进行大样本回归，探究受到贸易摩擦影响的企业是否更倾向于发生并购行为以及受到贸易摩擦影响的企业并购绩效如何。 根据文章的实证结果：受到贸易摩擦影响的企业更有可能发生并购行为，并且并购绩效与受到贸易摩擦影响之间有着显著的正相关关系，说明通过受到贸易摩擦影响的企业并购能够带来绩效的显著提高。文章对上述结果进行了稳健性检验，将被解释变量并购的发生替换为当年并购发生的次数以及将受到贸易摩擦进行精细化定义以后，该结果依然稳健。文章进行了分组回归，分组回归的结果显示，在非国有企业、融资约束水平低的企业和处于高竞争行业的企业并购绩效与受到贸易摩擦影响之间的关系更加显著，这一发现对于异质性企业如何结合自身特点抵御贸易摩擦具有一定的参考价值。文章的实证结果说明并购确实是中国企业应对贸易摩擦的方式和手段之一，并且通过这种方式绩效能够得到显著的提高。文章的结论将会给相关企业的战略选择提供一定的理论和数据支撑，促进中国企业更好抵御贸易摩擦的风险。
英文摘要：	On August 14, 2017, US President Donald Trump signed an executive memorandum and launched a trade investigation into China. The trade war between China and the US reached a fever stage in 2018. In fact, since 1995, as of December 31, 2020, the United States launched a trade investigation on China 336, is a trade investigation on China the largest number of countries, a trade war with China has important influence on the Chinese economy, many domestic scholars study focused on the macro perspective, to explore the cause of a trade war and its influence on China's macro economy. And this paper links the macro and micro enterprise trade war, a trade war with China and the relationship between the listed company merger and acquisition, using the data of listed companies from 2006 to 2016 large sample regression, investigate whether enterprises under the influence of trade friction is more prone to m&a and m&a performance under the influence of trade friction. According to the empirical results of the paper, enterprises affected by trade friction are more likely to conduct M&A, and there is a significant positive correlation between M&A performance and the impact of trade friction, indicating that enterprises affected by trade friction can significantly improve their performance through M&A. This paper tests the robustness of the above results, replacing the occurrence of M&A as the explanatory variable with the occurrence of M&A in the current year and the refined definition of trade friction, the results are still robust. The results of grouping regression show that the relationship between M&A performance and the impact of trade friction is more significant in non-state-owned enterprises and enterprises with low level of financing constraint. This finding has certain reference value for heterogeneous enterprises to resist trade friction in combination with their own characteristics. The empirical results of this paper show that M&A is indeed one of the ways and means for Chinese enterprises to deal with trade frictions, and through this way, their performance can be significantly improved. The conclusion of this paper will provide some theoretical and data support for the strategic choice of relevant enterprises, and promote Chinese enterprises to better resist the risk of trade friction.
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