The Impact Of Industrial Agglomeration On Foreign Mergers And Acquisitions Of Chinese Foreign Joint Ventures

In recent years,the investment of foreign capital in the form of Chinese market in favor of sole proprietorship,a large number of foreign joint ventures even early Chinese market "market for technology" and the introduction is also proved a "instability","foreign alliances" often through various channels mergers and joint ventures,wholly owned foreign investment for the process of adding a thick and heavy in colours.In the Sino foreign joint ventures "instability" in the study of predecessors,from the joint venture,the internal point of view,the research of Sino foreign joint venture equity control behavior and non equity control behavior on the foreign mergers and acquisitions,identify the alliance enterprise conspiracy means to prevent Chinese enterprises accumulated over the years to be destroyed on one day.The behavior of the enterprise not only depends on the internal activities of the enterprise,but also has a significant impact on the external environment.Taking into account the Sino foreign joint ventures in the location choice of industrial cluster as an important external factor,and China's foreign economic agglomeration around the environment,resulting in industrial agglomeration have a negligible impact on the development of foreign-funded enterprises.This paper focuses on the industrial agglomeration,based on the industrial agglomeration effect and the mechanism of the survival of the enterprise,external effect analysis of industrial agglomeration of joint ventures through foreign acquisitions of foreign investment behavior to achieve the effect,and from the specialized agglomeration(on the same industry)and variety agglomeration(between different industries)two forms were discussed impact strength.At the same time,the technology spillover effect of industrial agglomeration is an important aspect of the alliance enterprise's consideration for the purpose of acquiring technology.So will the alliance enterprise technology absorption capacity as regulating scalar joined the study model,the alliance enterprise access to resources,information and technology from external differences from the absorption ability differences lead to further analysis,the same industry cluster environment in Sino foreign joint ventures of foreign mergers and acquisitions for sex differences.Through the three dimensions of the industry,and will China year provinces of industrial enterprises database,China Industrial Economic Statistical Yearbook,China database and database used in the study until two yuan,and use the Logit model to examine the research hypothesis.Empirical evidence shows that industry agglomeration of foreign mergers and acquisitions of joint ventures are affected,specialization agglomeration of Sino foreign joint venture foreign mergers and acquisitions behavior showed a positive correlation,and diversified agglomeration of joint ventures by foreign M & A presents "U" type nonlinear relationship.The joint venture's absorptive capacity can weaken the effect of industrial agglomeration on the foreign mergers and acquisitions,the absorptive capacity of negative regulation of specialized agglomeration and diversified agglomeration effect on Sino foreign joint venture foreign mergers and acquisitions.The empirical results show that Chinese formed foreign markets around the cluster environment,did not achieve the original purpose of "science and technology",but to a certain extent,industrial agglomeration is not conducive to the stable development of alliance enterprises,largely resulting in more foreign alliance China assets annexation.Finally,from the perspective of government and enterprises,the paper puts forward the corresponding countermeasures to promote the stable development of alliance enterprises,and to prevent the Sino foreign joint ventures from being wholly owned by the foreign countries by means of M & A.