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The Motiviation and Location Choice Determinants of Chinese Enterprises’ Cross-border Merge and Acquisitions

Author: ZhangYuanZuo
Tutor: LiHongJie
School: Fujian Agriculture and Forestry University
Course: Regional Economics
Keywords: Cross-border Merger and Acquisition Motivation Location choice
CLC: F271
Type: Master's thesis
Year: 2013
Downloads: 83
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Abstract


Cross-border merger and acquisition (M&A) is one of the most important ways of foreign direct investment, since China’s reform and opening up, it has a great development in both China’s economic strength and opening degree, more and more Chinese enterprises are in the emergence of cross-border merger and acquisition stage. The Chinese enterprises have an amazing performance in the global M&A market both in M&A numbers and amounts. Since the world financial crisis and European debt crisis, Chinese enterprises hope to optimize enterprise assets and promote enterprise’s product well-knowingness and the core competitive power through the form of cross-border mergers and acquisitions, so the motivations of Chinese enterprises M&A and the location choice have an important study significance.This paper firstly analyzes the Chinese enterprises M&A external motivation and internal motivation through the classical and modern M&A theory, and then analyzes the Chinese enterprises M&A characteristics, development trends and problems in the M&A process combined with some specific cases, and puts forward some reasonable suggestions. Secondly, this paper uses panel discrete data model (Poisson model and negative binomial model) and takes M&A cases and human development index as the main variables to analyze the determinants of Chinese enterprises transnational M&A location selection via the data from year2010and2011.we get the following conclusions:(1) The development level of economy and society has a big influence on Chinese enterprises transnational M&A location selection. The HDI increases one unit will make M&A cases increased by6.97%in that country.(2) The geographical position has a big influence on Chinese enterprises transnational M&A location selection. M&A in the Asian countries is1.75%higher than other parts of the world.(3) The Government behavior has a significant effect on Chinese enterprises transnational M&A location selection. The average The Government behavior increases each unitr will make China M&A cases increased by0.03%in that country.(4) The environmental performance level has a small effect on Chinese enterprises transnational M&A location selection. The environmental performance level improve a unit will make Chinese M&A cases increased by0.017%in the country.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise system
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