题目：“一带一路”背景下中国企业海外并购绩效影响因素的实证研究——基于政治关联视角(Empirical Study of Factors Influencing Performance of Chinese Enterprises in Overseas Mergers and Acquisitions in Context of Belt and Road Initiative—A Perspective Based on Political Connections)

作者：Lin Ping, 林伯强*, Lin Mengting, Lin Chen

期刊：新兴市场金融和贸易(Emerging Markets Finance and Trade)

详细：56卷，2020年

DOI：https://doi.org/10.1080/1540496X.2019.1676226

文献导读：

自中国实施“走出去”战略以来，许多中国企业走上了跨国经营的道路。根据《中国对外直接投资统计公报》，中国企业海外并购案总金额在2012-2017年从434亿美元增至1196.2亿美元。这些交易涉及56个国家和地区，海外融资规模达到历史最高水平。2013年，中国提出“一带一路”倡议，并将其提升到国家战略层面。同时，亚洲基础设施投资银行等一系列相关政策的出台和融资平台的建立，为中国企业进行海外并购创造了有利条件。根据中国社科院发布的“一带一路”跨境并购研究报告，2000年至2016年，中国企业共涉及海外并购案例2996起。其中，“一带一路”国家并购案件196起，涉及金额442.8亿美元。2017年，中国企业在“一带一路”国家进行的海外并购增长尤为强劲。这种增长不仅有助于改变中国的经济结构和经济增长方式，而且对全球经济格局和投资结构产生了影响。

自中国提出“一带一路”倡议以来，各级地方政府都表现出了在“一带一路”国家推动海外并购的强烈意愿。地方政府以金融支持、税收优惠政策、融资渠道等形式，大力支持并购活动，为企业获取战略资源、开拓国际市场、实现业务多元化创造了更多机会。国有企业和具有较强政治背景的企业往往是海外并购的先行者和关键参与者，可能的原因有：一些国有企业有责任实施国家战略，一些希望晋升的国企高管希望获得更好的经营业绩，一些国企希望掌握重要的战略资源。因此，研究“一带一路”倡议下政治联系对并购绩效的影响，不仅可以为完善现有政策和制定与“一带一路”倡议有关的新政策提供建议，而且可以为中国企业进行跨国并购提供指导，以减少跨国并购的影响。

研究界普遍认为，政府的鼓励和推动是中国企业海外并购案例快速增长的重要因素。“一带一路”背景下，政治关系如何影响海外并购绩效的深入分析，将有助于企业更好地利用与“一带一路”倡议相关的政策和资源，最大限度地发挥政府在中国企业海外并购中的作用。

Abstract：

Based on overseas M&A cases during 2013-2017, this study investigated the factors influencing the performances of Chinese enterprises in overseas M&A within the context of the "Belt and Road Initiative" from the perspective of political connections. The following conclusions were reached: (1) the ownership of a target firm of an M&A in a member country of the "Belt and Road" club has no significant impact on the firm's performance in the short term but has a significant negative impact in the long run; (2) a higher proportion of state-owned shares is conducive to accomplishing overseas M & A; (3) having senior executives with strong political backgrounds would improve the firm's performance in overseas M&A in the short term but may damp in the long run. Chinese enterprises can take advantage of the "Belt and Road Initiative" and government resources to promote overseas M&A. They should carefully select their target firms and make efforts to strengthen integration in order to achieve good synergy between the acquiring and acquired firms. The government should improve the communication and coordination mechanisms between China and other member countries of the "Belt and Road Initiative", provide more supports to achieve win-win scenarios among countries, markets, and enterprises.

Keywords: Belt and road initiative; Overseas M&A; Political connections