研究兴趣
国际贸易, 环境政策, 跨国并购
科研成果
工作论文
Abstract: Real manufacturing output increased rapidly in China from 2000 to 2012 while SO2 pollution emissions grew at a much lower rate. The reduced-form evidence shows that this is partly because economies of scale reduce pollution intensity along with trade liberalization, environmental regulations and higher productivity. I then decompose pollution emissions and find that the change is primarily driven by within-sector firm heterogeneities rather than industry structure. Further quantitative analysis reveals that environmental regulations play a major role in reducing pollution and implicit pollution tax faced by firms grew substantially over the period. In addition, tariff cuts due to trade liberalization also drove down variable costs of trade that allow firms to abate pollution.
Abstract: Cross-border M&A is a major form of foreign direct investment (FDI). In contrast to many developed countries, the majority of China's cross-border M&As are vertical rather than horizontal. I study the difference in the reaction to tariff of horizontal and vertical M&A subsidiary sales. The baseline OLS regressions show that as tariff cost increases, cross-border M&A affiliate sales relative to export rises, and the effect mainly comes from vertical investment, especially in downstream subsidiaries. The main results are robust to the Poisson pseudo maximum likelihood (PPML) regressions and an instrumental variable (IV) approach. A simple model is developed to reconcile the empirical findings when horizontal and vertical M&As co-exist in the same market and further tested at both the extensive and intensive margins. The results offer new insights to understanding the performance of M&As from developing economies.
Firms and Manufacturing TFP in China, with Alessandra Bonfiglioli, Rosario Crinò, and Gino Gancia.
Trade Liberalization, Migration, and Firm’s Monopsony Power, with Pengzhan Qian.
发表论文
Cross-Border M&As and the Performance of Chines Acquiring Firms, Wenli Sun and Dan Xie (通讯作者) .
The World Economy, 45 (5): 1614-1647, 2022. (SSCI)
Cultural Difference and China's Cross-Border M&As: Language Matters, Zeng Lian, Wenli Sun, Dan Xie (通讯作者) and Jie Zheng.
International Review of Economics and Finance,76: 1205-1218, 2021. (SSCI)
金砖国家国际并购的决定因素及实证分析,任康钰、谢丹、孙文莉
《国际经贸探索》,2018年第6期 (CSSCI)
宏观风险对中国企业海外并购成功率的影响研究,孙文莉、谢丹、李莉文 (导师一作)
《经济学动态》,2016年第11期 (CSSCI)
教学经历
硕士
伦敦大学玛丽王后学院
ECOM 187 国际经济学 (2021)
本科
伦敦大学玛丽王后学院
ECN121 统计学 (2023)
ECN 228 国际贸易 (2023)
ECN 228 国际贸易 (2020, 2021, 2022)
ECN 209 国际金融(2021, 2022)
ECN 111 微观经济学 I(2020)
北京外国语大学 (中文)
经济学原理(2017)
宏观经济学(2015)