摘要：本文基于FDI溢出效应理论和制度理论，运用2001—2021年全球59个国家的非平衡面板数据，实证检验了中国企业跨国并购对东道国创业的影响及其具体机制和异质性。研究发现，中国企业跨国并购通过影响东道国的创业意愿，进而对东道国创业产生倒U形效应，且东道国的规范环境强化了该倒U形效应。异质性分析表明，中国企业跨国并购对发达国家的创业存在倒U形效应，对发展中国家的创业存在线性正向影响；中国企业投资于第二产业而不是第三产业的跨国并购对东道国创业存在倒U形效应；不同于中国上市企业，只有非上市企业的跨国并购对东道国创业存在倒U形效应。本文的研究结论可为中国企业开展跨国并购和东道国利用跨国并购提供决策参考，并为回击“中国威胁论”等不实言论提供理论依据。

Abstract: Based on FDI spillover theory and institutional theory, this paper empirically examines the impact, its mechanism and heterogeneity of China's cross-border mergers and acquisitions on host countries' entrepreneurship by using non-equilibrium panel data of 59 countries from 2001 to 2021. It shows that China's cross-border mergers and acquisitions have an inverted U effect on host countries' entrepreneurship through affecting host countries' entrepreneurial intention. Furthermore, host countries' normative environment positively moderates this inverted U effect. Heterogeneity analysis shows that China's cross-border mergers and acquisitions have inverted U effect on entrepreneurship in developed countries while have positive effect on entrepreneurship in developing countries. Meanwhile, China's cross-border mergers and acquisitions which occur in manufacturing rather than service have inverted U effect on host countries' entrepreneurship. Moreover, China's cross-border mergers and acquisitions which conducted by non-listed rather than listed corporations have inverted U effect on host countries'entrepreneurship. Accordingly, this paper provides a policy reference for China to carry out cross-border mergers and acquisitions and the use of cross-border mergers and acquisitions by host countries,and provides an academic evidence for fighting against false statements such as "China threat argument".