摘要
数字贸易逐渐发展成为中国建设贸易强国的新引擎,在促进企业对外投资等方面表现出了强劲的活力。基于2008—2022年中国A股上市公司相关数据,采用Probit模型,实证分析了数字贸易发展与企业跨国并购的关系。研究结果表明,数字贸易的发展能够推动企业跨国并购,并且这一结论在一系列稳健性检验后仍成立;异质性分析结果表明,数字贸易的发展更有利于推动大规模企业、主板上市企业、非两职合一企业及处于成熟期和衰退期的企业进行跨国并购,且对位于中西部地区及市场化程度较低地区的企业跨国并购促进作用更强;机制检验结果表明,数字贸易的发展能够通过促进企业创新水平的提高,降低企业的融资约束水平来促进企业跨国并购。
Digital trade has gradually developed into a new engine for China to build a major trading nation,and has shown strong vitality in promoting foreign investment by enterprises.Based on the relevant data of China’s A-share listed companies from 2008 to 2022,this paper uses the Probit model to empirically analyze the relationship between the development of digital trade and cross-border mergers and acquisitions of enterprises.The results show that the development of digital trade can promote cross-border mergers and acquisitions of enterprises,and this conclusion is still valid after a series of robustness tests.The results of heterogeneity analysis show that the development of digital trade is more conducive to promoting cross-border mergers and acquisitions of large-scale enterprises,listed enterprises on the main board,enterprises whose two positions of director and manager are not held by one person and enterprises in the mature and declining stages,and has a stronger role in promoting cross-border mergers and acquisitions of enterprises located in the central and western regions and areas with lower marketization degree.The mechanism test results indicate that the development of digital trade can promote cross-border mergers and acquisitions by promoting the improvement of enterprise innovation and reducing the financing constraints of enterprises.
作者
马兆良
朱梦洁
MA Zhao-liang;ZHU Meng-jie(School of Economics,Anhui University,Hefei,Anhui 230601)
出处
《价格月刊》
北大核心
2024年第9期47-59,共13页
基金
安徽省社会科学创新发展研究课题“数字赋能安徽制造业绿色转型的机制与路径优化研究”(编号:2023CX029)。
关键词
数字贸易
跨国并购
技术创新
融资约束
digital trade
cross-border mergers and acquisitions
technological innovation
financing constraints
作者简介
马兆良,安徽大学经济学院副教授,主要研究方向为高水平开放与绿色低碳发展;朱梦洁,安徽大学经济学院硕士研究生,主要研究方向为对外贸易。
