The Analysis On The Import Trade Effect Of Overseas Mergers And Acquisitions In China's Petroleum Industry

China's outward foreign direct investment(OFDI)is also expanding with the pace of global economic globalization.As an indispensable part of OFDI,overseas M&A has also achieved new heights in scale in recent years.As the economy continues to grow,our dependence on oil is also increasing.In 2017,China has become the world's largest oil importer,and the annual increase in oil imports and the decline in oil production make China's oil dependence increase year after year.In this period,it is of great significance to study the impact of overseas mergers and acquisitions of China's oil industry on China's oil import trade.This article first classifies the literature at home and abroad according to the current situation and motivation of China's energy FDI,the factors affecting oil import and the impact of resource-acquired FDI on trade and then analyses the location characteristics of overseas mergers and acquisitions of China's petroleum industry.We find that the location distribution of Chinese enterprises in the field of cross-border mergers and acquisitions of petroleum industry is not balanced,mainly concentrated in Europe,North America and some Asian countries.Then the motivation of resourcebased overseas mergers and acquisitions in China is theoretically analyzed and the corresponding inferences are drawn.In theory,foreign direct investment to host countries with abundant natural resources will increase the import of abundant natural resources to host countries,promoting bilateral trade.In the empirical test,this paper selects 39 countries where Chinese enterprises invested during the period from 2000 to 2016,including 23 countries where overseas mergers and acquisitions occurred and 18 cases where the amount of mergers and acquisitions was disclosed.The impact of crossborder mergers and acquisitions in China's petroleum industry on China's petroleum imports is empirically studied by using generalized moment estimation.At the same time,the two-stage least squares method is used as a robust test.Empirical analysis of the whole sample shows that the short-term stability of crude oil imports has been significantly improved by mergers and acquisitions in countries with large number of foreign mergers and acquisitions projects.But at the same time,it will bring the risk of rising oil import prices,especially after the financial crisis in 2008;the import prices of countries with larger foreign M&A amount or scale tend to decline,but the impact is not significant.The more abundant local petroleum resources,the smaller the scale effect of import trade brought by local M&A investment,but the lower the possibility of increasing import price.Based on the research conclusion,this paper holds that China's petroleum security can be guaranteed to a certain extent through foreign mergers and acquisitions of China's oil industry.In the context of China's energy security situation which is still grim,China should further strengthen cross-border mergers and acquisitions of energy,and closely link the countries associated with“one belt and one road”.At the same time,close attention should be paid to complex and constantly changing international investment market,decentralize and reduce investment risks.This study provides experience and reference for the location selection of Chinese petroleum enterprises in overseas mergers and acquisitions.These resources seek transnational and play an important role in stabilizing our foreign ministry's energy supply and ensuring energy security.