报告主题：High-tech Cooperation Plan and High-tech Cross-border M&A

报告人： 张 弛 助理教授

时间：12月22日 14:30

地点：腾讯会议（ID：130-647-999）

主办单位：7163银河主站线路检测、7163银河主站线路检测金融开放与资产管理研究中心、广州华南财富管理中心研究基地

内容摘要

We evaluate the impact of the High-tech Cooperation Plan between China and other Belt and Road countries on high-tech outbound cross-border M&A deals initiated by Chinese enterprises. In our empirical work, we use transaction-level high-tech M&A data from 2014 to 2018 to evaluate the impact of the High-tech Cooperation Plan on the number of transactions and the total volume of M&A activity. Our estimates suggest that the total number and total volume of high-tech M&A deals flowing into target Belt and Road countries increase after the High-tech Cooperation Plan began. We find that the impacts are driven by M&A transactions initiated by both Chinese state-owned enterprises and non-state-owned companies. Further, our empirical results imply that the High-tech Cooperation Plan has had the highest positive impact on outbound cross-border M&A activity for targets in the high-tech manufacture industries. Finally, economic incentives are part of the High-tech Cooperation Plan rather than firms simply following moral suasion from the government.

报告人简介

张弛 助理教授

张弛，男，中山大学国际7163银河主站线路检测助理教授，中山大学“百人计划”引进人才，公司金融方向硕士生导师。主要研究方向为公司金融，具体研究问题包括跨国并购等。本科期间曾赴美国哥伦比亚大学访问，曾参与香港 SPPR 项目“粤港澳大湾区背景下香港绿色金融中心建设的制度分析与政策设计”，以第一作者的身份在《Journal of Corporate Finance》等 SSCI 检索杂志发表论文多篇。

图文 | 湛彩华

编辑 | 顾哲喻 湛彩华

初审 | 顾哲瑜

复审 | 张  浩

终审 | 徐昶斌