摘要
数字技术的迅猛发展在重塑全球贸易格局的同时,也深刻改变了跨国投资的动力机制。基于2000—2023年全球52个国家间的双边跨境并购数据,构建了数字贸易规则量化指标体系,实证检验了区域贸易协定(RTA)中数字贸易规则对跨境并购的异质性影响及作用渠道。研究发现,RTA中的数字贸易规则整体上显著促进了跨境并购活动,其作用机制主要体现在降低信息不对称成本、推动数字技术扩散与融合,以及增强双边规制协同等方面,同时表现出显著的异质性效应:第一,在“一带一路”沿线国家(地区)等新兴市场间,规则的促进效应更强,凸显了市场开放红利;第二,双边政治互信能够强化规则对并购的积极影响,表明数据主权议题下的合作依赖于国家间信任;第三,规则条款本身存在异质性,其中电子商务、新兴数据政策及交叉条款是主要驱动力量,而直接涉及数据主权核心的数据流动与知识产权条款影响相对有限,反映了各国在市场开放与主权维护间的谨慎权衡。
The rapid development of digital technology has not only reshaped the global trade pattern,but also pro⁃foundly changed the driving mechanism of cross-border investment.Based on the bilateral cross-border merger and acquisition data among 52 countries worldwide from 2000 to 2023,this paper constructs a quantitative index system of digital trade rules to empirically examine the heterogeneous impact and channels of action of digital trade rules in regional trade agreements(RTA)on cross-border mergers and acquisitions.The research has found that the digital trade rules in RTA have significantly promoted cross-border merger and acquisition activities as a whole,and their mechanism is mainly reflected in reducing the cost of information asymmetry,promoting the diffu⁃sion and integration of digital technology,and enhancing the coordination of bilateral regulations.At the same time,it shows significant heterogeneity effects:first,among emerging markets such as countries(regions)along the Belt and Road,the promoting effect of rules is stronger,highlighting the dividends of market opening;Second,bilat⁃eral political mutual trust can enhance the positive impact of rules on mergers and acquisitions,indicating that co⁃operation under the issue of data sovereignty relies on trust among countries;Thirdly,there is heterogeneity in the rules and provisions themselves,with e-commerce,emerging data policies,and cross-clauses being the main driv⁃ing forces,while the impact of data flow and intellectual property provisions directly related to the core of data sov⁃ereignty is relatively limited,reflecting the cautious balance made by various countries between market opening and sovereignty protection.
作者
周东林
陈晓
Zhou Donglin;Chen Xiao(School of Economics and Management,Xinjiang University,Urumqi,Xinjiang 830046;Xinjiang Macroeconomic High-Quality Development Center,Urumqi,Xinjiang 830046)
出处
《价格月刊》
北大核心
2026年第2期43-52,共10页
基金
国家社会科学基金重大项目“全球人工智能治理及中国应对战略研究”(编号:24AGJ004)
教育部哲学社会科学研究重大课题攻关项目“亚太自贸区建设与中国国际战略研究”(编号:15JZD037)
新疆大学优秀研究生创新项目“人工智能对中国数字贸易的影响研究”(编号:XJDX2025YJS016)。
关键词
数字贸易规则
跨境并购
区域贸易协定
信息成本
规制融合
digital trade rules
cross-border mergers and acquisitions
regional trade agreements
information cost
regulation integration
