The Impact and Its Mechanism of China's Foreign Aid on Cross-border M&amp;A of Chinese Enterprises

HAN Yong-hui; WANG Xian-bin; WEI Dong-ming; OU YANG Shuai

Volume 37 Issue 6

Nov. 2022

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2022 > 37(6): 62-75

HAN Yong-hui, WANG Xian-bin, WEI Dong-ming, OU YANG Shuai. The Impact and Its Mechanism of China's Foreign Aid on Cross-border M&A of Chinese Enterprises[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(6): 62-75.

Citation:

HAN Yong-hui, WANG Xian-bin, WEI Dong-ming, OU YANG Shuai. The Impact and Its Mechanism of China's Foreign Aid on Cross-border M&A of Chinese Enterprises[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(6): 62-75.

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The Impact and Its Mechanism of China's Foreign Aid on Cross-border M&A of Chinese Enterprises

1.
Guangdong Institute for International Strategies, Guangdong University of Foreign Studies, Guangzhou 510420
2.
School of Economics, Jinan University, Guangzhou 510632
3.
School of Economics, Peking University, Beijing 100097, China

Received Date: 2022-07-16
Available Online: 2023-01-13
Publish Date: 2022-11-28

Abstract

Abstract

China has transformed from an outsider to a participant in global development governance, strengthened the foundation of South-South cooperation with pragmatic international aid, and gradually formed a new model of "aid-development-investment" to empower Chinese enterprises to "go global". Based on the panel data of 134 destinations of China's foreign aid and cross-border M & A from 2005 to 2014, this paper examines the impact of China's foreign aid on cross-border M & A of Chinese enterprises. The results show that China's foreign aid has a significant role in promoting cross-border M & A of Chinese enterprises, which not only promotes M & A intention, but also increases the number of successful M & A. The heterogeneity test shows that the promotion effect of China's foreign aid is particularly significant in the social infrastructure sector of the host country, stronger in cross-border M & A, while mainly from official development assistance. The expansibility test indicates that China's foreign aid promotes cross-border M&A of Chinese enterprises through risk effect, signal effect and infrastructure construction effect. This paper provides solid experience and inspiration for China to use foreign aid as a starting point to upgrade all-round cooperation with foreign countries, strengthen bilateral cooperation and mutual trust, and improve the effectiveness of building a community with a shared future for mankind.
- China's foreign aid,
- cross-border M & A,
- Chinese enterprise,
- global development governance,
- going global

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References(32)

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