On Location Choice Of China's Inward Cross-border Mergers And Acquisitions And Its Impact On Regional Economic Development

Since the 1990s, the cross-border mergers and acquisitions (M&A) mainly conducted by multinational companies have become the most prominent feature of economic globalization. Meanwhile, China as a rising power, with its progressive improvement in laws and regulations in the area of M&A, and continuous optimization of M&A environment, multinational companies have been participating in substantial M&A activities in China.However, a fact that cannot be ignored is the M&A activities conducted by multinational companies are unevenly distributed in China, and the regional concentricity of this kind of investment is very obvious, namely, the East China is the high growth area and hot spot for inward cross-border M&A, but the central and west China have a relatively small amount. Therefore, exploring the deep reasons for regional distribution structure of China's inward cross-border M&A and internal connection between cross-border M&A and regional economic development has significant realistic meanings, and it is the fundamental problem this thesis will try to discuss and solve.Focusing on this problem, the thesis takes deeply analysis from five aspects: first of all, the thesis combs relevant researches initiated by domestic and overseas scholars based on the main literature concerning cross-border M&A. Secondly, this thesis elaborates the theoretical foundations of location choice of cross-border M&A in China on the basis of relevant theories of geographical potential in Economic Geography and increasing returns, spatial agglomeration and path dependence in New Economic Geography. Thirdly, the thesis studies the influencing mechanism of the difference in spatial distribution of China's inward cross-border M&A on nation's regional economic development from the three perspectives, i.e. regional enterprises, regional industrial structure and regional urbanization Level. Followingly, in view of the reality of China, the thesis dissects the status quo of location distribution of China's inward cross-border M&A and analyzes the deep reason for this phenomenon using the qualitative-quantitative method. Firstly, the thesis generalizes that the M&A activities initiated by multinational companies are mainly concentrated in the East China and points out that, the multinational companies will take the cost of M&A, the level of regional economic development and the degree of regional openness as consideration factors and choose the optimum targets for M&A with comprehensive...