| Employment is the basis of people’s livelihood,and the economic development situation under the new pneumonia epidemic is under greater pressure,leading to further severe employment problems,so "stable employment" is a key concern of China,but also need to solve the problem.With the deepening of economic globalization,the introduction of foreign investment is an important measure of China’s opening-up,and the proportion of foreign direct investment is becoming heavier and heavier,promoting the rapid improvement of China’s resource allocation efficiency and rapid economic growth.Foreign M＆A in China may transfer advanced technology and management experience,and the target enterprise may improve its productivity after absorption.How will it affect the employment level of Chinese enterprises?Compared with domestic M＆A,does foreign M＆A have the same impact on Chinese enterprises’ employment? To address the above questions,this thesis has conducted a systematic study through theoretical research and empirical analysis,which is important for China to promote the implementation of the task of "sound employment impact assessment mechanism" in the 14 th Five-Year Plan,and to better utilize foreign capital effectively,stabilize employment levels and maintain stable economic and social development.It is important for China to promote the implementation of the "sound employment impact assessment mechanism" in the National 14 th Five-Year Plan,better utilize foreign investment effectively,stabilize employment level and maintain stable economic and social development.Firstly,this paper summarises and reviews the relevant literature on foreign M＆A and employment studied by scholars at home and abroad.Secondly,the theoretical part of this paper sorts out the mechanism of the impact of foreign-owned M＆A in China on employment in Chinese enterprises.Again,in the empirical analysis part,based on the M＆A events of listed companies in the CSMAR database and the BVD database from 1999 to 2020,the propensity score matching method is used to find control group companies with similar characteristics for the foreign-owned M＆A companies by year,combined with the double difference method to explore the impact of foreign-owned M＆A in China on employment in Chinese companies,and replace the matching method and constructing the instrumental variable of probability of being merged and acquired to conduct robustness tests on the empirical results.Further,this thesis conducts a heterogeneity test of the subsample according to the nature of the firm,the region to which the firm belongs,and the nature of the industry to which the firm belongs.In addition,this paper replaced the control group and the experimental group to further explore the difference between the impact of foreign M＆A and domestic M＆A on the employment level of Chinese enterprises.Finally,according to the above theories and empirical analysis results,countermeasures are proposed at the government level,enterprise level,and worker level to more effectively utilize foreign investment to promote employment stability and domestic economic development.Through theoretical and empirical studies,the following conclusions are obtained: Firstly,foreign M＆As in China can significantly increase the employment level of the acquired enterprises both in the year of M＆As and three years after M＆As;Secondly,foreign M＆As in China can significantly promote the employment level of export enterprises,but have no significant effect on purely domestic enterprises;Thirdly,foreign M＆As in China have the greatest impact on the employment of enterprises in the central region,followed by the eastern region,but have no significant effect on the employment of enterprises in the western region.Fourthly,The impact of foreign M＆As in China on the employment of technology R＆D and resource-seeking enterprises is significantly positive,while it has no significant effect on the employment of market development enterprises;Fifthly,The impact of foreign M＆As and domestic M＆As on the employment of Chinese enterprises is different,in the first year after the M＆As,the promotion effect of foreign characteristics on employment is about eight times that of domestic M＆As,and in the second and third years after the M＆As The promotion effect of foreign capital characteristics on employment is about 5 times that of domestic M＆A.Based on the above findings,this thesis argues that the government should formulate and improve relevant labor security policies and systems,create a favorable foreign investment environment,and maintain good international political relations enterprises should increase their research efforts;enterprises should improve their employee growth system and pay attention to the cultivation of talents;workers should actively seek positions that match their abilities and strive to improve their skills and quality. |
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