Crisis or opportunity:heterogeneous trade barriers and overseas mergers and acquisitions
Since the initiation of the Sino-US trade friction,how do trade barriers affect overseas mergers and acquisitions of Chinese firms,and then affect the"dual circulation"strategy?There are few studies on the heterogeneity of trade barriers.This paper divides the trade barriers imposed by the United States against China into tariff barriers and technological embargoes.The study employs a sample of A-share listed manufacturing companies from 2011 to 2021 and finds that tariff barriers"crowd out"enterprises'overseas mergers and acquisitions while the technological embargoes"back-force"their overseas mergers and acquisitions.That is,risks and opportunities coexist for enterprises'overseas mergers and acquisitions.The conclusion remains robust after excluding the interfering factors and controlling for endogeneity.The crowding-out effect of tariff barriers is mainly reflected in cost constraints and opportunism,while the back-forcing effect of the technological embargoes are mainly reflected in pressure driving and transfer advantages.Heterogeneity analysis shows that these two effects are notably present in private enterprises.Regional trade agreements can not only alleviate the crowding-out effect of tariff barriers,but also promote the back-forcing effect of technological embargoes.This paper considers micro-enterprises overseas mergers and acquisitions and finds that the different types of trade barriers have opposite effects,which provides empirical support for fostering a new development pattern of domestic and international dual circulation under the background of anti-globalization.
万方数据
维普
