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Cross-Border M&As by Chinese Companies in Advanced Countries: Antecedents and Implications

机译：发达国家中的中国公司进行跨国并购的前提和意义

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摘要

Theoretically grounded in the ownership, location, and internalization (Oil) paradigm and institutional theory, this article investigates major macro-level factors that determine cross-border mergers and acquisitions (CBMAs) by Chinese firms in developed markets. Using panel data of Chinese CBMA deals in developed markets from 1996 to 2012, we found that market size, natural resources, and strategic assets of host advanced economies positively affected the number of Chinese CBMAs in the developed markets. With regard to institutional variables, the overall economic freedom of host countries positively affected Chinese CBMAs, whereas the host government effectiveness negatively influenced the number of Chinese CBMAs. Furthermore, the above hypothesized effects were significantly strengthened by the home country's government involvement mainly through ownership. Finally, we found that significant factors to explain Chinese overall outward foreign direct investment (OFDI) are not necessarily applicable to explain Chinese CBMAs.
机译：从理论上基于所有权，位置和内部化（Oil）范式和制度理论，本文研究了决定中国公司在发达市场中进行跨国并购（CBMA）的主要宏观因素。使用1996年至2012年发达市场中中国CBMA交易的面板数据，我们发现东道国发达经济体的市场规模，自然资源和战略资产对发达市场中中国CBMA的数量产生了积极影响。关于制度变量，东道国的总体经济自由对中国的CBMA产生了积极影响，而东道国政府的效力对中国的CBMA数量产生了负面影响。此外，母国政府主要通过所有权参与，大大增强了上述假设的效果。最后，我们发现解释中国总体对外直接投资（OFDI）的重要因素不一定适用于解释中国的CBMA。

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