跨国并购、人民币汇率波动与企业经营风险

Cross-border Mergers and Acquisitions, RMB Exchange Rate Fluctuation and Enterprise Management Risk

摘要:

本文基于新冠疫情爆发后跨国并购规模不断扩大的背景下，利用全球并购数据以及国泰安数据库中的上市公司财务数据，将每家企业的跨国并购事件作为准自然实验，采用多期双重差分模型研究企业跨国并购对经营风险的影响，研究发现：跨国并购显著降低了企业经营风险，为了解决偏误性问题，本文还对其进行了PSM-DID检验。进一步影响机制表明，跨国并购通过“人力资本效应”提高了企业管理效率以及通过“技术进步效应”解决了企业在核心技术方面“卡脖子”的问题，进而降低经营风险。从异质性上看，跨国并购对降低技术密集型企业、大规模企业、监管程度高的企业以及东中部地区企业的经营风险效果更强。同时，本文还发现人民币汇率大幅度波动会加大跨国企业经营风险。因此，研究跨国并购对企业经营风险的影响，对企业长期高质量发展与提高国际竞争力具有现实意义。

Abstract:

This article is based on the new champions league after the outbreak scale expands unceasingly under the background of transnational merger and acquisition, using global mergers and acquisitions in taian database data, as well as countries financial data of listed companies, each enterprise''s cross-border m&a events as a natural experiment, using multiple phase double difference model to study the effect of operating risk of transnational merger and acquisition enterprise, the study found that: Cross-border mergers and acquisitions significantly reduce the business risks of enterprises. In order to solve the problem of bias, this paper also carries out PSM-DID test. The further influence mechanism shows that transnational M&A improves the management efficiency of enterprises through the "human capital effect" and solves the "bottleneck" problem of enterprises in core technology through the "technological progress effect", so as to reduce the business risk. From the perspective of heterogeneity, cross-border mergers and acquisitions have a stronger effect on reducing business risks in technology-intensive enterprises, large-scale enterprises, enterprises with a high degree of supervision, and enterprises in the east and central regions. At the same time, this paper also found that the large fluctuation of RMB exchange rate will increase the risk of multinational enterprises. Therefore, it is of practical significance to study the impact of cross-border mergers and acquisitions on the business risks of enterprises for long-term high-quality development and improvement of international competitiveness of enterprises.