海外并购: 政治归属，基于“一带一路”倡议的公平性

doi:10.3969/j.issn.1000-5641.202092104

华东师范大学学报（自然科学版） ›› 2020, Vol. 2020 ›› Issue (S1): 15-23.doi: 10.3969/j.issn.1000-5641.202092104

• 海上丝绸之路与跨区域文明交融 • 上一篇下一篇

海外并购: 政治归属，基于“一带一路”倡议的公平性

FEROZE Nazia¹, 程同顺¹, FAROOQ Muhammad Sabil^2,*(), 袁同凯²

1. 南开大学周恩来政府管理学院政治学系，天津　300071，中国
2. 南开大学周恩来政府管理学院社会学系，天津　300071，中国

收稿日期:2020-04-21 出版日期:2020-12-25 发布日期:2021-01-22
通讯作者: FAROOQ Muhammad Sabil E-mail:sabilfarooq@hotmail.com

Overseas mergers and acquisitions: Political affiliation and equitable nature based on Belt and Road Initiative

Nazia FEROZE¹, Tongshun CHENG¹, Muhammad Sabil FAROOQ^2,*(), Tongkai YUAN²

1. Department of Political Science, Zhou Enlai School of Government, Nankai University, Tianjin　300071, China
2. Department of Sociology, Zhou Enlai School of Government, Nankai University, Tianjin　300071, China

Received:2020-04-21 Online:2020-12-25 Published:2021-01-22
Contact: Muhammad Sabil FAROOQ E-mail:sabilfarooq@hotmail.com

摘要/Abstract

摘要：

以“一带一路”倡议为研究视角，选择2009年至2017年中国上市公司的海外并购作为研究样本，探究其权力的性质、政治联系及其对海外并购的影响. 研究表明，政治并没有加强企业“一带一路”倡议的并购意愿，但会影响并购交易的规模. 国有股的性质对收购意愿和并购规模没有重大影响. “一带一路”沿线的海外并购中，政治关联企业的海外并购规模大于非政治关联企业的海外并购规模，政治联系的深度和广度与并购规模呈正相关. 中国企业可以通过“一带一路”倡议的实施来促进海外并购，同时注重企业自身的经济利益，实现国家、市场和企业的多赢.

关键词: “一带一路”倡议, 海外并购, 政治联系, 公平性

Key words: Belt and Road Initiative (BRI), overseas mergers and acquisitions, political connection, equitable nature

中图分类号:

D033

FEROZE Nazia, 程同顺, FAROOQ Muhammad Sabil, 袁同凯. 海外并购: 政治归属，基于“一带一路”倡议的公平性[J]. 华东师范大学学报（自然科学版）, 2020, 2020(S1): 15-23.

Nazia FEROZE, Tongshun CHENG, Muhammad Sabil FAROOQ, Tongkai YUAN. Overseas mergers and acquisitions: Political affiliation and equitable nature based on Belt and Road Initiative[J]. Journal of East China Normal University(Natural Science), 2020, 2020(S1): 15-23.

图/表 3

Table 1

Table 2

Table 3

参考文献 17

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Variable name	Variable symbol	#samples	Average	Stnd. Deviation	Minimum	Maximum
“Belt and Road”	BR	347	0.1354	0.3427	0	1
Political Connection	Political	347	0.8329	0.3736	0	1
Political connection breadth	Polwidth	347	0.1551	0.1242	0	0.5
Political relevance depth	Poldepth	347	1.6455	2.2446	0	2
Nature of the company	State	347	0.3333	0.4721	0	1
M&A asset size	Firmsize	347	22.6924	1.6998	20.0696	28.1356
Cash flow	OCF	347	0.0532	0.0747	–0.2148	0.2758
Asset-liability ratio leverage	Lever	347	0.4429	0.2024	0.0203	0.8768
Return on equity	ROE	347	0.1047	0.0896	–0.1603	0.3394
Income growth rate	Growh	347	0.2509	0.5827	–0.6085	3.6403
M&A transaction size	MAsize	347	0.0660	0.2328	0.0001	1.7059
Transaction payment method	Paymethod	347	0.9510	0.2162	0	1
Inter-bank acquisition	Horizontal	347	0.4640	0.4994	0	1

	(1)	(2)	(3)	(4)	(5)
Political		0.1448(0.774)	–0.1731(0.912)		0.0645(0.901)
Polwidth				0.0596(0.810)
Poldepth					0.1501(0.737)
State×Political		–0.0971(0.825)	–0.0591(0.895)	–0.0955(0.829)
State
Firmsize	0.0856(0.455)	0.0970(0.446)	0.1018(0.433)	0.0974(0.444)	0.0642(0.612)
OCF	–0.5310(0.840)	–0.5051(0.850)	–0.5544(0.835)	–0.4960(0.853)	–0.6634(0.803)
Leverage	1.4619(0.142)	1.4881(0.138)	1.4564(0.149)	1.4853(0.139)	1.4231(0.158)
ROE	–1.4210(0.518)	–1.6487(0.469)	–1.5897(0.485)	–1.6435(0.471)	–1.2556(0.578)
Growth	0.3918(0.110)	0.3907(0.112)	0.3878(0.116)	0.3926(0.111)	0.3863(0.115)
MAsize	4.1701(0.000)	4.1502(0.000)	4.1878(0.000)	4.1536(0.000)	4.1244(0.000)
Aymethod	0.3924(0.635)	0.3424(0.686)	0.4143(0.622)	0.3521(0.677)	0.3449(0.684)
Horizontal	0.2937(0.414)	0.3155(0.385)	0.3217(0.377)	0.3178(0.382)	0.2780(0.442)
Constant term	–5.3198(0.042)	–5.6137(0.048)	–5.6494(0.050)	–5.6099(0.048)	–4.8726(0.091)
Number of samples	347	347	347	347	347
PseudoR²	0.1492	0.1499	0.1497	0.1499	0.1498

	(1)	(2)	(3)	(4)	(5)	(6)
BR	0.2217	0.2227	0.2216	0.0684	0.1369	0.0527
	(0.000)	(0.000)	(0.000)	(0.408)	(0.005)	(0.509)
	0.0656
Political	(0.024)
Political		0.2249
Polwidth		(0.016)
			0.0336
Poldepth			(0.019)
Poldepth				0.1835
				(0.033)
					0.5494
BR×Polwidth					(0.016)
BR×Polwidth						0.1011
BR×Poldepth						(0.019)
State	–0.0011	–0.0071	–0.0030	–0.0038	–0.0014	–0.0024
	(0.967)	(0.799)	(0.911)	(0.888)	(0.957)	(0.927)
	–0.0254	–0.0281	–0.0253	–0.0255	–0.0239	–0.0256
Firmsize	(0.002)	(0.001)	(0.002)	(0.002)	(0.003)	(0.002)
OCF	0.2355	0.2294	0.2454	0.2706	0.2441	0.2769
	(0.165)	(0.175)	(0.148)	(0.114)	(0.150)	(0.105)
	–0.0236	–0.0162	–0.0232	–0.0202	–0.0279	–0.0194
Leverage	(0.699)	(0.791)	(0.703)	(0.739)	(0.647)	(0.751)
Leverage	–0.1583	–0.1697	–0.1615	–0.1675	–0.1730	–0.1663
ROE	(0.272)	(0.240)	(0.263)	(0.229)	(0.231)	(0.249)
ROE	–0.0245	–0.0222	–0.0236	–0.0268	–0.0247	–0.0268
Growh	(0.189)	(0.235)	(0.208)	(0.151)	(0.185)	(0.152)
Growh	–0.4100	–0.4061	–0.4098	–0.3860	–0.3926	–0.3839
Paymethod	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Paymethod	–0.0008	–0.0005	–0.0005	–0.0026	–0.0031	0.0026
Horizontal	(0.968)	(0.981)	(0.981)	(0.900)	(0.884)	(0.902)
Constant term	0.9700	1.0466	0.9661	0.9844	0.9782	1.0012
Constant term	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Number of samples	347	347	347	347	347	347
Pseudo R2	0.3174	0.3189	0.3379	0.3354	0.3385	0.3380

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海外并购: 政治归属，基于“一带一路”倡议的公平性

Overseas mergers and acquisitions: Political affiliation and equitable nature based on Belt and Road Initiative

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