| With the continuous development of economic globalization,the production and business activities gradually integrate into the global value chain production service network system,the global value chain becomes more and more significant in the world economy,which marks the world economy has opened a new era of global value chain.In the global value chain network,win-win cooperation between countries has been improved,and economic interdependence has steadily improved.However,there is a big gap in the level of interest gained by each country through the value chain.This is mainly because of all the enterprises in the global value chain in different place,most of the enterprises in developed countries by virtue of its capital,technology and other advantages in the high-end value chain links,and enterprises in developing countries due to the late start,lack of competition advantages in the low-end value chain links,which leads to the distribution of benefits of global value chain the unbalanced.And Chinese enterprises as an important participant in the global value chain,has been in the low-end value chain links,in order to get rid of this unfavorable situation,in recent years China enterprises actively through cross-border mergers and acquisitions investment way to obtain new advantages in international competition,realize the upgrading of enterprises and enhance global value chain,global value chain system for self driven layout.Especially after the 2008 financial crisis,China's cross-border mergers and acquisitions have made great breakthroughs in both quantity and scale.Therefore,in this context,through the research and analysis of the current situation and characteristics of China enterprises cross-border merger can further analyze the global value chain layout features Chinese enterprises and the factors of China enterprise global value chain layout.This paper from the perspective of document analysis,research of cross-border mergers and acquisitions and global value chain layout factors and other related theories;secondly elaborated on Chinese enterprises cross-border mergers and acquisitions and the global value chain of the status quo,and through empirical analysis combined with theory of evidence;finally,according to the research conclusion,put forward relevant suggestions for further development Chinese enterprise global value chain layout.For the study of the global value chain layout by Chinese enterprises through cross-border mergers and acquisitions,the existing literature often starts from the macro level and ignores the important factors of the enterprise's own production and operation characteristics.Through the BVD analysis of global mergers and acquisitions mergers and acquisitions database from 2006 to 2016 enterprise combing the overseas value chain layout type China enterprises are classified into three categories(Marketing type manufacturing value chain,value chain,value chain,research and development)and the multiomial logit model to explore the overseas enterprise value chain layout decision China,and the main factors affecting the value chain mode.Our findings show that:first,in terms of corporate characteristics,factors such as firm size,operating efficiency,R&D intensity,and capital intensity have a significant impact on the global value chain layout.The enterprise scale and layout of manufacturing value chain and marketing value chain are positively related,namely the acquiring companies with larger scale,the probability of cross-border mergers and acquisitions in terms of production and marketing distribution of value chain is bigger.And enterprise scale and enterprise layout research and development.The value chain is negative correlation,which is consistent with the existing research results.It shows that the expansion of enterprise scale has crowding out effect on R&D expenditure.The efficiency of enterprise is positively related to enterprise layout,manufacturing model and market operation value chain,and negatively related to enterprise layout research and opening value chain.R&D intensity is positively related to enterprise layout research and opening value chain,that is to say,the higher the R&D expenditure,the more likely to realize the internationalization of R&D,and study the global value chain in the global layout.The enterprises in developing countries,through reverse investment,acquire long-term strategic resources,usually at the expense of profits.Therefore,the higher the R&D expenditure,the lower the probability of the enterprise's layout,manufacturing and market operation value chain.Capital intensive enterprises and the layout of the market operation value chain is positively correlated,and the layout of manufacturing and Research on hair showed a negative correlation value,indicates that the enterprise capital more abundant,the probability of the layout of the market value chain operation is also higher.The main reason is that many large state-owned enterprises invest in stabilizing the supply of resources and raw materials,and investing in mineral resources.Second,the host country characteristics,in addition to the variable influence of natural resources to the enterprise value chain layout is not significant,market size,labor cost and strategic resource abundance and other factors have significant influence on the enterprise value chain layout.Among them,the enterprise layout and manufacturing value chain are positively related to the market size of the host country,the abundance of natural resources and the abundance of strategic resources,but negatively related to labor costs.The conclusion shows that Chinese enterprises are more inclined to layout manufacturing value chains in countries with large market capacity and rich resources.In addition,the layout of enterprise research and development and marketing value chain with a host of strategic resource abundance showed positive correlation,shows that the host country innovation resources,marketing channels and brand resources richer,the probability value chain of these two types of enterprises layout is also higher.Third,taking into account the differences in the level of economic development between the host country and the region,this paper divides the data of cross-border mergers and acquisitions of China's enterprises into two sub samples of developing countries and developed countries,and makes empirical analysis respectively.It is found that the factors such as firm size,R&D intensity and strategic resource intensity are better than those of developing countries in the context of developed countries. |
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