Wei Yanning | Cross - border Mergers and Acquisitions of Chinese Enterprises under Trade Protectioni
December 8th-9th,Initiated by the Center for International Finance and Economics Research (CIFER) of Tsinghua University's PBC School of Finance, hosted by Liaoning University, and co-organized by the Center for International Finance and Economics Research (CIFER) and the School of Finance and Trade of Liaoning University, this event..."2023 International Trade Disputes and Globalization Restructuring Academic Symposium"The meeting was successfully held.
Doctoral student at Shanghai University of Finance and EconomicsWei YaningAttendees included Assistant Professor from the University of International Business and EconomicshighKaiLinHostSub-forum 1:Theory and Practice of International Trade DisputesHe shared his work with collaborators (Bao Xiaohua and Deng Jianpeng) on a project titled "...""Chinese Enterprises' Cross-Border Mergers and Acquisitions under Trade Protectionism: An Analysis of Moving-Share Instrumental Variables Based on the Sino-US Trade Friction"。
Wei Yaning, PhD student at the School of Business, Shanghai University of Finance and Economics.Main researchHis research focuses on trade theory and policy. He has published several articles in journals such as *World Economy*, *Quantitative Economics and Technological Economics Research*, *Journal of Renmin University of China*, *Journal of Zhongnan University of Economics and Law*, and *World Economics and Politics Forum*, three of which have been reprinted in full by Renmin University of China's academic journals. He has led several university-level research projects at the University of International Business and Economics and Shanghai University of Finance and Economics, and participated in the application and completion of several major national social science projects and national natural science projects. He has received honors and awards such as "Active Researcher" and "Outstanding Graduate for Further Studies" from the China WTO Institute of the University of International Business and Economics.
Wei Yaning
When sharing the article, Wei Yaning pointed out that,Against the backdrop of geopolitical conflicts and rising trade protectionism, exploring how Chinese enterprises overcome external risks to "go global" is of great significance for building a new system and development pattern for a higher-level open economy in China. This paper combines data on cross-border mergers and acquisitions (M&A) of Chinese enterprises with Trump tariff data at the HS6-digit product level. By constructing a shift-share instrumental variable (IV), the paper identifies the causal relationship between the phenomenon and the underlying mechanisms of the impact of Trump tariffs, an exogenous shock, on cross-border M&A. The results show that Trump tariffs significantly inhibit cross-border M&A, which is inconsistent with traditional tariff-crossing theory. Furthermore, Trump tariffs reduce cross-border M&A through two mechanisms: inhibiting corporate performance and exerting a signaling effect. The findings of this paper not only provide a more comprehensive assessment of the negative impact of Trump tariffs but also supplement the explanation of the significant decline in Chinese cross-border M&A against the backdrop of Sino-US trade friction from the perspective of cross-border M&A, which traditional tariff-crossing theory cannot explain.
Zhang Ming
Master's student at Shanghai University of Applied TechnologyZhang MingThe review session noted that the article excelled in its choice of research question, data processing, and research methodology.Meanwhile, Zhang Ming believes that the paper's identification of the following two hypotheses—① the impact of Trump's tariffs is randomly distributed, meaning that the imposition of Trump's tariffs on exported products is random and unaffected by other confounding factors or shocks such as exports or cross-border mergers and acquisitions; ② the products impacted by Trump's tariffs must be sufficiently diversified so that the impact cannot be concentrated on a few products—could be supplemented with key content or sensitivity analysis to enhance the applicability of these two hypotheses and improve persuasiveness. Secondly, Zhang Ming points out that the article could appropriately incorporate some background research on the role of ESG in corporate strategy to provide more comprehensive theoretical support.
Zhang Ming noted that while the article offered some policy implications in its policy implications section, these suggestions remained rather broad and thin. He suggested that the author add more specific policy recommendations and better integrate the empirical results to propose more detailed policy implications, particularly those based on the analysis of the two mechanisms, to make the research more comprehensive. Finally, he recommended including a concluding section outlining future research directions, discussing the limitations of this study, and suggesting areas for further investigation. He believes this would lead to better research in the future.landPromote academic development in related fields.