Abstract: This paper explores the impact of USA technology blockade on China's technical cross-border mergers and acquisitions (M&A) from third-party economies by using the difference-in-difference (DID) model based on the SDC M&A database. We find that USA technology blockade against China has increased China's efforts to implement technological cross-border M&A in third-party economies. The mechanism analysis shows that this is the result of the combination of demonstration effect decreasing China's technological M&A and substitution effect which encouraged that in third-party economies highly alternative or closely linked to China's high-tech sector. In addition, the political and economic relationship between the host country and USA is not a key factor of the effect we interested. Heterogeneity analysis finds that the medical and telecommunications and software service fields are positively stimulated by the USA technology blockade, but the energy fields are the opposite.

摘要： 本文基于SDC M&A数据库，运用双重差分法（DID）探究美国技术封锁对中国向第三方经济体技术型跨境并购的影响。研究发现：美国对华技术封锁总体上促进了中国向第三方经济体实施技术型跨境并购，这一结论在变换识别策略、变换样本、伪证检验等一系列稳健性检验后以然成立。机制分析表明，美国技术封锁刺激了中国投资者向高可替代性或与中国高技术部门联系密切的经济体的技术型跨境并购，因此可以认为技术封锁带来的替代效应大于消极示范效应。此外，东道国与美国的政治经济关系并不构成美国技术封锁影响中国向第三方经济体技术型并购的重要因素。异质性分析发现，美国技术封锁对中国企业在能源领域的技术型跨境并购产生了抑制作用，但未阻碍医疗和电信软件领域的对外技术型并购。