The Empirical Analysis Of Industrial Distribution & Incentives Of Cross-border M&A Hosted By Chinese Enterprises

With the development of globalization and the growth of technology, as a main means of foreign direct investment, cross-border M&A has become one of the most important ways for MNC to achieve their global strategies. As a main host country, China has attracted lots of foreign investment, and meanwhile China's outflow of FDI to the whole world is developing greatly. While the inflow of FDI in China growth, the outflow of FDI begins to increase. A lot of Chinese enterprises with strong comprehensive power, such as Lenovo, TCL, have achieved their transnational operation through cross-border M&A. As a new economic phenomenon, this kind of cross-border M&A will have great influence on the development of Chinese enterprises.We mainly concern with some important subjects of cross-border M&A hosted by Chinese enterprises such as characteristics, industrial distribution, and basic incentives. On the basis of relevant research, we have built an analysis frame of incentives. We collect a great many of cases to do industry analysis so that we can induce the main incentives of main industries. What we did is just a basic research on cross-border M&A. Through the empirical analysis we find that cross-border M&A has happened in many industries. The basic incentives of cross-border M&A are to seek market, resource, and technology. Meanwhile, different industries have different incentives.Based with domestic relevant researches, the innovations of this paper are: first, we list main incentives of cross-border M&A; second, we find industrial distribution of cross-border M&A hosted by Chinese enterprises; third, we find basic incentive of different industry in cross-border M&A hosted by Chinese enterprises.