Shen Yalan, Yang Mengqi, An Hongyu, Li Kailun
University of International Business and Economics, Beijing, 100029, China.
School of Finance, Anhui University of Finance and Economics, Bengbu, 233030, China.
Sci Rep. 2023 Sep 27;13(1):16162. doi: 10.1038/s41598-023-43445-8.
This study explored the potential links between Chinese industrial policy and cross-border mergers and acquisitions by Chinese firms from 2009 to 2019. Based on describing China's industrial strategy and evaluating the then-current situation of Chinese enterprises' cross-border mergers and acquisitions, this empirical study constructed a two-way fixed-effect panel model and an intermediate effect model to assess the mechanism of industrial policy's influence on Chinese enterprises' cross-border mergers and acquisitions decisions. The findings were as follows: (1) Industrial policy could promote the implementation of cross-border mergers and acquisitions of Chinese enterprises; (2) By easing financial restrictions, industrial policy could improve firms' access to capital and encourage cross-border mergers and acquisitions. (3) Industrial policies could promote the high political relevance of state-owned enterprises, thus promoting the success of transnational mergers and acquisitions of enterprises. Therefore, it was significant to promote the transformation of industrial policy from subsidy-oriented to performance-oriented and rationally evaluate the risks and benefits of M&A for enterprises to complete cross-border M&A.
本研究探讨了2009年至2019年中国产业政策与中国企业跨境并购之间的潜在联系。在描述中国产业战略并评估中国企业跨境并购现状的基础上，本实证研究构建了双向固定效应面板模型和中介效应模型，以评估产业政策对中国企业跨境并购决策的影响机制。研究结果如下：（1）产业政策能够促进中国企业跨境并购的实施；（2）通过放宽金融限制，产业政策可以改善企业的融资渠道并鼓励跨境并购。（3）产业政策能够提升国有企业的高政治关联度，从而促进企业跨国并购的成功。因此，推动产业政策从补贴导向型向绩效导向型转变，并合理评估企业跨境并购的风险与收益，对于企业完成跨境并购具有重要意义。
