摘要
双边投资协定旨在为企业跨境投资活动提供制度性保障作用,在双边国际投资中扮演着重要角色。文章以双边投资协定的签订与实施作为一项准自然实验,采用2004-2018年140个国家的国别面板数据,基于渐进型双重差分模型,考察双边投资协定对中国企业海外并购的影响效应。研究发现:(1)双边投资协定显著促进了中国企业的意愿并购,并提升了并购成功数量。(2)在动态效应上,双边投资协定的促进效应具有长期性,且促进幅度逐步提升。(3)双边投资协定的促进效应具有显著异质性,双边投资协定的促进效应在亚洲和非洲地区更为显著,对高制度质量国家和发达国家的促进效应更强,且对非国有企业的促进作用更强。(4)拓展性检验发现,双边投资协定的文本质量对中国海外并购具有显著促进效应。(5)内在机制检验发现,通过对投资协定具体条款进行分解和量化后,"投资定义与范畴""公平公正待遇"和"最惠国待遇"是影响双边投资协定促进中国海外并购的关键性条款。文章丰富了双边投资协定与海外并购关系领域的理论研究,并为中国企业海外并购及新一轮双边投资协定实践提供了政策启示,为全球经济治理贡献了中国智慧。
As an important legal document signed between two countries to promote and protect investment,bilateral investment treaties play an important role in bilateral international investment.This paper intends to answer the following questions:What is the impact of bilateral investment treaties on Chinese companies’overseas mergers and acquisitions(M&A)?What is the impact mechanism?How should Chinese companies take advantage of the effect of bilateral investment treaties on overseas M&A,so as to expand the scale and scope of overseas M&A while promoting the success of M&A?Based on the progressive difference-in-difference model,this paper delves into the theoretical mechanism and impact of bilateral investment treaties on Chinese companies’overseas M&A by using bilateral investment treaties as a quasi-natural experiment with the country panel data of 140 countries from 2004 to2018.It comes to the following conclusions:Firstly,compared with countries that have not signed bilateral investment treaties,bilateral investment treaties have a significant positive effect on Chinese companies’willingness to acquire overseas and successful M&A.Secondly,in terms of dynamic effects,bilateral investment treaties have a long-term effect on the promotion of Chinese companies’overseas M&A,and their volatility has increased.Thirdly,the promotion effect of bilateral investment treaties is significantly heterogeneous.The promotion effect of bilateral investment treaties is more significant in Asia and Africa,stronger in high-quality countries and developed countries,and stronger in non-state-owned companies.Fourthly,the expansibility test shows that the quality of the text of bilateral investment treaties have a significant promoting effect on China’s overseas M&A.Fifthly,through the decomposition and quantification of the specific provisions of investment treaties,"Definition and Scope of Investment""Fair and Equitable Treatment"and"Most Favored Nation Treatment"are the key provisions that affect the promotion of China’s overseas M&A in bilateral investment treaties.This paper enriches the research theory in the field of bilateral investment treaties and overseas M&A relations,provides policy revelations for Chinese companies’overseas M&A and the new round of bilateral investment treaty practices,and contributes Chinese wisdom to global economic governance.In short,this paper contributes to the existing research in the following three perspectives:Firstly,it specifically examines the impact of bilateral investment treaties on the number of Chinese companies’M&A cases and successful M&A cases in a more in-depth way.Secondly,it uses bilateral investment treaties as a quasinatural experiment,and conducts an empirical research based on the progressive difference-in-difference model.It also explores the impact of the text quality of investment treaties,and examines the internal mechanism of bilateral investment treaties from the dimensions of investment definition and scope,fair and equitable treatment,national treatment,most-favored-nation treatment,expropriation compensation,umbrellas,and investment dispute settlement based on the specific terms of investment treaties.Lastly,it lays an important empirical foundation for deepening bilateral investment treaties and promoting overseas M&A by Chinese companies,as well as for building a scientific and reasonable bilateral investment treaty system and promoting the formation of a new pattern of comprehensive opening.
作者
韩永辉
王贤彬
韦东明
况丽文
Han Yonghui;Wang Xianbin;Wei Dongming;Kuang Liwen(GIIS,Guangdong University of Foreign Studies,Guangzhou 510420,China;Institute of World Economics and Politics,Chinese Academy of Social Sciences,Beijing 100732,China;School of Economics,Jinan University,Guangzhou 510632,China;Institute of Industrial Economics,Jinan University,Guangzhou 510632,China;School of Economics and Trade,Guangdong University of Foreign Studies,Guangzhou 510420,China)
出处
《财经研究》
CSSCI
北大核心
2021年第4期33-48,共16页
Journal of Finance and Economics
基金
国家自然科学基金项目(71873041)
国家自然科学基金项目(72073037)
国家自然科学基金项目(71603060)
广东省软科学研究计划项目(2019A101002100)
关键词
双边投资协定
中国企业海外并购
双重差分模型
bilateral investment treaties
overseas M&A
difference-in difference model
作者简介
韩永辉(1986−),男,广东佛山人,广东外语外贸大学广东国际战略研究院教授、博导,中国社会科学院世界经济与政治研究所博士后;通讯作者:王贤彬(1982−),男,广东肇庆人,暨南大学经济学院副教授、博导;韦东明(1993−),男,广东广州人,暨南大学产业经济研究院博士研究生;况丽文(1994−),女,江西宜春人,广东外语外贸大学经济贸易学院硕士。
