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'Made in China 2025' and China's cross-border strategic M&As in OECD countries

机译:“在中国2025年”和中国的跨境战略M&和经合组织国家

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摘要

This article focuses on the highly debated 'Made in China 2025' program and its effects on Chinese M&As in OECD countries. Difference-in-differences as well as difference-in-difference-in-differences statistical techniques are employed to calculate to what extent 'Made in China 2025' has shaped both sector composition and location choice of Chinese M&As in the OECD, and to estimate effects and limits of national policies on cross-border M&As. Based on statistical results we can argue that 'Made in China 2025' has induced a new 'troika' model, of which the significance is moderated by firm-specific characteristics, such as ownership structure, and the firm's home country embeddedness level. However, while we observe location diversification of Chinese M&As in the OECD at the aggregate level, hosting countries' FDI screening mechanisms have no significant impact on containing China's M&As that target more sensitive sectors.
机译:本文重点介绍了“中国2025年”计划的高辩论及其对经合组织国家的影响。差异差异以及差异差异差异差异统计技术被用来计算在中国2025年制造的程度,以塑造中国M&和经合组织在经合组织中的扇区成分和位置选择,并估算跨境M&AS国家政策的影响与限制。根据统计结果,我们可以争辩说“在中国制造2025”诱导了一个新的“三驾马马”模式,其中通过公司特定特征,如所有权结构,以及公司的本国嵌入性水平,这一重要性受到严重程度。然而,虽然我们在聚合水平观察中国M&中的中国M&中的位置多样化,但托管国家的外国直接投资筛查机制对含有更多敏感部门的举办目标没有显着影响。

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