Determinants of cross-border M&As in Latin America

This article analyzes the determinants of cross-border M&As in the Latin American region during the period 1998-2004. Using a unique dataset of 868 Mergers and Acquisitions (M&A) events, the study focuses attention on the effect of macroeconomic and investor protection conditions in the countries where the companies reside over the likelihood of these companies participating in a cross-border M&A transaction. The study considers the effect of company-specific variables in the likelihood of going cross-border. Univariate analysis and logistic regressions strongly support the idea that better economic and business-friendly conditions in the countries where the target operates, increase the likelihood of cross-border merger. Results show that not only is the business environment in the target country important but also in the bidder country. Lower levels of property rights protection in the acquirer country negatively affect the likelihood of a cross-border deal. Finally, the likelihood of a cross-border merger increases when the target faces higher cost of funding than the acquirer's.     

基于Theil指数的中国区域间税负差异分析

本文用Theil指数对我国四大地区1994～2008年宏观税负差异现状进行了计量分析。结果显示,我国地区税负总差异和区际差异具有强烈的同向性,均呈现出与区域经济发展水平背离的扩张趋势,而区内差异在大部分年份里与总差异呈现反向变化。进一步的分解分析发现,近年来区际税负差异的扩张是地区税负总差异形成的最主要原因,区内税负差异的缩小减缓了地区宏观税负差异进一步扩大,缩小地区税负差异的重点应放在地区之间税负差异的降低上。     

Cross-border acquisitions by Indian multinationals: Asset exploitation or asset augmentation?

This paper examines cross-border acquisitions by Indian multinationals and places them in the context of Emerging Country Multinationals. It tests hypotheses based on internalisation theory and the resource based view to ask if these firms are asset exploiting or asset augmenting in their takeover behaviour. Internal financial and technological resources are found to be important explanatory variables, as is asset seeking; of brands, technology and market access. The home environment in India allows firms to amass profits, to manage in a culturally diverse setting and to develop asset bundling skills. All these factors are significant in determining cross-border acquisitions.     

Explaining the trends in the UK cross-border mergers & acquisitions: An analysis of macro-economic factors

Most of the growth in international production over the past decades has been via cross-border mergers and acquisitions (CBM&As). Yet prior studies examining the trajectory of cross-border M&A activities as an entry mode of FDI have focused on industry and firm level factors. Dunning (2009) emphasised the importance of macroeconomic variables which may explain foreign direct investment and called for more research to improve our understanding on the effects of macroeconomic variables. Building on prior studies, this study attempts to investigate the role of macroeconomic influences on CBM&As activities in the UK over the 1987–2006 period. This study finds that GDP, exchange rate, interest rate and share prices have significant impact on the level of outward UK CBM&As. On the other hand, GDP, money supply and share price have statistically significant impact on the UK CBM&As inflows.     

黑龙江省与俄罗斯远东地区旅游合作基础与路径

黑龙江省与俄罗斯远东地区具有旅游合作基础:良好的国家关系、独特的区位优势、丰富的旅游资源、特色的旅游项目,以及互为客源市场且市场潜力巨大。在此基础上,黑龙江省与俄罗斯远东地区深化跨境旅游合作,应合作开发精品跨境旅游线路,联合开发、生产、销售地域特色突出的旅游纪念品,构建网络型旅游合作空间模式。     

What drives capital flows? The case of cross-border M&A activity and financial deepening

What key roles do macroeconomic and financial variables play in the foreign direct investment (FDI) decision of firms? This question is addressed in this paper using a large panel data set of cross-border Merger & Acquisition (M&A) deals for the period 1990-1999. Various econometric specifications are built around the simple “gravity model” commonly used in the trade literature. Interestingly, financial variables and other institutional factors seem to play a significant role in M&A flows. In particular, the size of financial markets, as measured by the stock market capitalization to GDP ratio, has a strong positive association with domestic firms investing abroad. This result points to the importance of domestic financial conditions in stimulating international investment during the boom years of 1990s, and accords with the significant drop in cross-border M&As in recent years.     

The geography of trade in goods and asset holdings

Gravity models have been widely used to describe bilateral trade in goods. Portes and Rey [Portes, R., Rey, H., 2005. The Determinants of Cross-Border Equity Flows. Journal of International Economics, 65(2), 269-296.] applied this framework to cross-border equity flows and found that distance, which proxies information asymmetries, is a surprisingly very large barrier to cross-border asset trade. We adopt a different point of view and explore the complementarity between bilateral trade in goods and bilateral asset holdings in a simultaneous gravity equations framework. Providing different instruments for both endogenous variables, we show that a 10% increase in bilateral trade raises bilateral asset holdings by 6% to 7%. The reverse causality is also significant, albeit smaller. Controlling for trade, the impact of distance on asset holdings is drastically reduced.     

中美贸易战背景下福州跨境电商进口贸易研究

通过中美贸易战背景下福州跨境电商进口特征分析,构建福州跨境电商进口贸易引力模型,结果发现中美贸易战对福州跨境电商进口的抑制作用有限,其中人民币汇率每上升1个百分点,福州跨境电商进口额下降1.29个百分点;福州实际利用外商投资额与福州跨境电商进口额正相关。福州应加快推进跨境电商综试区建设,形成跨境电商产业集聚;升级跨境电商物流模式,提升跨境电商物流效率;提高监督服务水平,维护跨境电商市场稳定;培养跨境电商专业人才,增强跨境电商服务创新能力。     

美元周期性波动对我国跨境资本流动的非对称效应研究

有效应对和防范跨境资本流动冲击，维护外汇市场稳定是贯彻落实习总书记“打好防范化解重大风险攻坚战”的重要举措。目前，美元已进入强周期，我国正面临着由强势美元引发的货币贬值、资本外流等风险，当前背景下研究美元周期性波动特征、区制划分及其对跨境资本流动的影响具有重要的理论和现实意义。本文基于2006年10月至2018年6月的月度数据，运用理论模型和MSVAR模型分析美元周期性波动对我国跨境资本流动的非对称效应。研究表明，中美利差对跨境资本流动的影响存在非对称效应，当投资者不存在恐慌避险情绪时，利差的变化将不会引起大规模的跨国资本流动。美元指数对跨境资本流动的冲击效应具有一定的时滞性，美元升值将引发跨境资本流出，且冲击效应持续时间明显长于利差冲击。VIX指数和人民币汇率对跨境资本流动影响较弱，但呈现非对称性特征。加息和缩表后美元升值对资本外流的推动作用明显强于加息和缩表前，表明第三轮强周期下美元升值对我国跨境资本流动的影响更大。     

基于文本挖掘的中国跨境电商政策量化研究

跨境电商政策中蕴含着大量引导跨境电商发展的重要信息,这些信息对地方政府和企业规划跨境电商发展具有重要意义。文章采用文本挖掘的方法开展跨境电商政策的量化分析和研究,通过从跨境电商政策文本中提取特征,再进一步使用聚类算法对特征进行聚类,基于聚类结果分析了跨境电商政策关注和聚焦的重点内容,主要包括知识产权、税收、产品等方面。此外,还通过语义网络分析和展示了政策重点内容之间的关联关系。     

基于移动互联网的跨境电子商务商业模式研究

基于移动互联网的跨境电子商务是移动互联网与国际贸易的全新组合,是突破当前国际贸易形势低迷现状的新途径。基于移动互联网的跨境电子商务的商业模式,将现有的商业模式归纳为跨境大额B2B、跨境垂直B2C以及跨境C2C等3种模式,比较分析了不同模式的运行机制,发现物流仓储与质量控制是制约移动跨境电商发展的主要因素。由于跨境大额B2B和跨境垂直B2C有较为完善的物流和售后解决方案,因此二者将成为未来移动跨境电商发展的主要模式,而跨境C2C将通过提供差异化商品与服务以填补二者之间存在的商业空隙。移动跨境电商既是传统国际贸易在互联网时代的变革,又是电子商务进一步发展的必然趋势。     

广西跨境电商物流发展趋势与策略 ——以西部陆海新通道为背景

跨境物流是跨境电商发展不可或缺的一部分,这两者已形成了协同共生的关系。随着“互联网+”及大数据的快速发展,近年来广西跨境电商发展势头强劲,同时西部陆海新通道建设为广西跨境电商物流的发展带来重大机遇。然而广西跨境物流并不适应跨境电商快速发展的步伐,存在跨境物流体系不完善、区域信息化程度不高、物流模式单一、缺乏专业人才等问题。论文在阐述广西跨境电商发展现状的基础上,分析了广西跨境电商物流存在的问题,并提出了未来发展策略,旨在为广西跨境电商物流的发展提供一定的参考。     

银行跨国并购对效率影响:理论研究与欧洲实践

银行跨国并购成为第五次并购浪潮的热点。通过研究可以发现 ,尽管银行跨国并购具有产生巨大效率收益的潜力 ,但并购后的业绩提高却是有限的。通过对欧洲银行跨国并购的研究 ,发现利润效率得到了局部的有限提高 ,但成本效率却没有表现出什么明显的提高 ,     

海峡两岸贸易人民币结算及其制度构想

2010年9月中旬,跨境贸易人民币结算的境外试点地区由东盟和港澳扩大到所有国家和地区,两岸贸易初步具备了由美元转向以人民币结算的条件。海峡两岸贸易人民币结算有别于大陆与其他国家或地区贸易人民币结算的若干特性,实现两岸贸易人民币结算必须解决国际市场用以结算的人民币来源,台湾企业持有的人民币自由兑换与再投资,多样的两岸贸易人民币结算渠道等问题。     

跨境电商综合试验区演化动力与创新实现机制研究

中国跨境电子商务综合试验区建设的本质是通过制度创新促进跨境电商产业集群的发展，文章基于制度创新、产业集群等相关理论，结合中国跨境电商综合试验区发展实际，从创新演化阶段和阶段动力作用机制两个角度出发，探析跨境电商综合试验区多阶段创新演化机理。研究结果表明，中国跨境电商综合试验区发展经历了创新培育、创新突破、创新深化和创新扩散四个阶段；产业发展与制度环境的冲突是推动跨境电商综合试验区创新演化的重要动力；在各不同阶段，主体通过构成行动集团来推动跨境电商综合试验区的创新演化。     

基于区块链技术服务贸易畅通探讨

当今全球贸易数字化程度不断提高,随着"一带一路"的不断推进,单纯依靠中心化的大数据技术难于适应国家之间平等合作的需要,考虑到国际贸易总体风险水平相对较高,因此急需能够在部分信任、非信任环境下建立数字信任关系,简化跨境交易流程、提高交易效率,充分体现跨境各方平等参与。本文以中国海关试点项目为基础,探讨"一带一路"背景下基于区块链技术建设新型国际贸易支撑体系,从"自证"向"他证"转变前后对国际贸易活动的影响[1],重点就国际贸易规则和法律法规智能合约化、全球国际贸易联网监管中主链和支链设计等问题进行剖析。本文对参与"一带一路"工作的政策设计者、信息化决策者及实施人员具有一定参考意义,对于区块链技术相关研究课题具有一定借鉴作用。     

金融危机下的中国企业跨国并购

由于目前金融危机的国际经济环境特点,我国企业在跨国并购过程中要注意存在的问题和障碍,特别是金融危机所带来的更为严重的跨国并购风险：政治法律风险、战略决策风险和资本筹集风险。为防止风险,跨国并购要分析东道国的政治法律环境,选好目标企业,发挥行业协会和中介机构的作用,作好人力资源、技术文化整合等。     

跨境电商对中小企业发展带来的机遇与挑战

在全球化背景下,跨境电商作为一种贸易新业态,为中小企业走向国际市场带来良好的发展机遇。全球化布局的常态化为中小企业发展跨境电商铺平了道路,其中新兴市场的崛起开辟了巨大的市场空间,平台服务生态的改善提供了重要支撑,新技术主导则为其提供了“弯道超车”的机会,持续政策支持也为中小企业打通跨境电商市场提供保障。然而机遇的背后存在着巨大的挑战,中小企业在发展跨境电商时,应积极布局,从策略创新入手,选择好市场的突破口;立足于管理创新,不断提升跨境物流效率,并且重视人才支持体系建设,更好地促进中小企业跨境电商的发展。     

Impact of the female board members and gaps in linguistic gender marking on cross-border M&A

This research focuses on how the gender composition of a multinational board and linguistic gender marking gaps between home and host countries impact the extent of cross-border M&A activity. We argue, both theoretically and empirically, that the presence of female directors impacts cross-border M&As. Using an instrumental variable approach, we demonstrate that this effect is causal. Innovatively, we measure gaps in linguistic gender marking between home and host countries, and find that larger gaps also reduce cross-border M&As. Finally, we show that small gaps in linguistic gender marking moderate the effect of female presence in boardroom on cross-border M&As. ‎     

南通打造苏中跨境电子商务核心区路径研究

南通作为苏中地区唯一获批设立跨境电商综试区的城市,必将成为苏中地区跨境电商发展的重要引擎,对地区间跨境电商联动式发展具有重要的现实意义。分析南通跨境电商发展现状与发展趋势,收集相关资料并运用扎根理论构建起南通打造苏中"跨境电子商务核心区"的影响因素模型,进而归纳出影响因素模型主要包含宏观环境、微观环境、跨境平台、综合竞争力等四个范畴。最后,对影响因素模型进行逐层分析,并阐明南通打造苏中"跨境电子商务核心区"的具体路径。