| The implementation of the "going out" strategy from China,as one of the important ways of foreign investment,Chinese companies' overseas mergers and acquisitions have become increasingly active.As of the end of 2018,more than27,000 domestic investors in China had set up 43,000 foreign direct investment enterprises in 188 countries or regions around the world.The stock of foreign direct investment reached US $ 1.98 trillion,and the total foreign investment absorption in the same year was approximately US $ 134.97 billion.However,given the obvious cultural diversity of each country,respecting each other's cultural difference is the key that bilateral companies seeking common while shelving differences,consolidating investment and merger activities through cultural exchanges and achieving win-win cooperation to get the success of cross-border M&A for both.Based on this,the increasingly severe national cultural distance and barriers to cultural integration in corporate M&A transactions have attracted widespread attention from scholars.Chinese students studying abroad have promoted Chinese culture and spread Chinese voices since ancient times.They are also the largest group of cultural exchanges and integration in the world.It has effectively promoted the cultural integration between China and other countries,and enhanced the cultural identity of both sides.sense.Can foreign students therefore reduce the transaction costs and transaction risks of Chinese companies in cross-border mergers and acquisitions due to cultural distance,and increase the willingness and success rate of mergers and acquisitions? In this regard,this article is based on panel data on cross-border mergers and acquisitions between China and 188 countries worldwide from 2004 to 2018,combined with existing research,through mixed effect models,fixed effect models,random effect models,and a series of robustness tests.The results are as follows:(1)Chinese overseas students have a significant positive effect on the number and success rate of cross-border M&A events of Chinese enterprises.(2)Compared with Asian countries,Chinese overseas students have a stronger role in promoting the M&A willingness and success events of Chinese enterprises in European countries.(3)Chinese enterprises' cross-border M&A does not have a reverse causal relationship with Chinese overseas students,that is,cross-border M&A of Chinese enterprises does not have a significant impact on promoting Chinese students to study abroad.This paper innovatively adopts the group of Chinese overseas students,empirically tests its significant promoting effect on Chinese enterprises' cross-border M&A,and also provides a new perspective for exploring the influence of cultural distance on cross-border M&A.In order to give full play to the positive role of Chinese overseas students,this paper also puts forward corresponding policy suggestions from the government,enterprises and universities to promote the international training and application of talents.At present,in the process of "going out",Chinese enterprises still face the problems of national culture shock,cultural integration obstacles,ideological differences and the shortage of international talents,which seriously restrict the ability of international development.In the future,China should continue to expand and standardize international talent training channels,build a rich platform for overseas people to people and cultural exchanges,provide full employment consulting services for returned students,improve the matching degree between corporate posts and overseas students,and drive the return of "value of studying abroad",so as to improve the ability of cross-cultural communication and integration of investment elements of enterprises,so as to continuously promote cross-border M&A of Chinese enterprises The occurrence of the event and the successful transaction. |
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