For Enterprises:systems,tax Bearing,exchange Rate,market Potential And Determinants Of Location Choices Of Cross-border M&A

With the development of economic globalization,cross-border M & A has become an important way to optimize the allocation or strategic investment of resources,China as the world's third largest economy,playing an increasingly important role in the sixth wave of mergers and acquisitions.For the acquisition of national companies,the choice of acquisition targets directly affect the merger after the companies face economic,political,and cultural environment and competitive advantage and profitability is obtained,is an important decision-making M & A process conducted for mergers and acquisitions State enterprises of great significance.In this paper,analyzed by selecting M samples between 2005 and 2015 occurred in China,Germany and the United States,based on the conditions of use Logit model to study in China,Germany and the US M & A process in the target countries institutional factors,taxes,exchange rates and market its potential impact of cross-border mergers and acquisitions generated when selecting the location and comparative analysis will help promote understanding and developing countries,select the location of the similarities and differences when Eastern countries and Western countries mergers and acquisitions,cross-border mergers and acquisitions help companies location selection of development and practice of theory.The results show,China,Germany and the United States multinational enterprise M & A location selected,with the same determinants,there are different determinants.All three countries are more inclined to close geographical distance,better quality of national state system acquisitions.But China obvious avoidance behavior,reaction to the German tax factor is not significant,and the United States prefer a relatively high-tax countries national mergers and acquisitions.China's response to the exchange rate is not significant,while Germany and the United States are more willing to go to the devaluation of the national currency relative to mergers and acquisitions.Institutional factors in each dimension measure,the rule of law with respect to the acquisition of national level and control of corruption,China's right to speak on the target State and Accountability,Political Stability and Absence of Violence / Terrorism,Government Effectiveness,Regulatory Quality more care.Germany's higher degree of democracy,high efficiency and strict government regulation of the country are more interested in quality,and more US companies to pursue high degree of democracy and strict regulatory quality,rule of law and high levels of corruption in good control of countries and regions.