Research On The Effect Of Overseas M&A Promoting The Upgrading Of China's Industrial Structure

Since China's accession to the WTO in 2001,the pattern of opening to the outside world has gradually expanded.Both the intensity of foreign investment introduction and the scale of outbound investment have been increasing.Especially after the subprime crisis,the speed of OFDI expansion in China has become faster.In this context,the academic community's research on OFDI has gradually increased;at the same time,with the continuous changes in the problems and contradictions in China's economic development,how to promote the upgrading of industrial structure has become another focus of academic research,many of them Based on traditional economic theory,the effect of OFDI on the upgrading of the industrial structure of the home country was studied.This article is based on the previous research,combined with the development of overseas mergers and acquisitions of OFDI components in recent years in China,trying to analyze the role of overseas mergers and acquisitions to promote the upgrading of industrial structure.This article begins with five chapters.The first chapter is the introduction.It mainly discusses the research background,the research significance,the research ideas,the thesis structure and the literature review of this article.It also explains the related concepts that appear in the research of this paper.The second chapter is divided into two parts.It analyzes theoretically the effects of overseas mergers and acquisitions to promote the upgrading of China's industrial structure.The first part is to sort out and summarize the existing theory of industrial structure upgrade and foreign direct investment theory.Some of them abstracted out the way of overseas mergers and acquisitions to promote the upgrading of industrial structure;the second part was the analysis of the transmission route of overseas mergers and acquisitions that promoted the upgrading of industrial structure after the first part was refined,respectively from the micro level,the meso level,and the macro level.The two perspectives were respectively developed and micro-levelly discussed that enterprises could improve their resource allocation,corporate governance,technology,and scale advantages through mergers and acquisitions,so as to enhance their own capabilities.At the meso level,overseas mergers and acquisitions were explored from the perspective of the industry chain.How to gradually optimize the industrial chain through the forward link and backward link of the industry chain,the macro level discusses how overseas mergers and acquisitions promote the upgrade of the industrial structure at the macro level from the three perspectives of industry-related effects,industrial transfer effects,and industrial competition effects.The third chapter introduces the four phases of China's overseas M&A development and the current status and motivation of overseas M&A in China.The fourth chapter is based on the empirical analysis of the previous three chapters.In the empirical analysis,the four interpretation variables of overseas mergers and acquisitions,per capita income,human capital,and technical level were introduced to the modified Channar model.The import and export volume of high-tech products,total retail sales of social goods,and dummy variables were introduced into the economic crisis and domestic production.The total value of four control variables,with the aid of the industry's high concept,through the cointegration test,Granger causality test and regression analysis,empirical analysis of the role of overseas mergers and acquisitions to promote the upgrading of industrial structure.The results of the study indicate that the economic crisis has a significant role in promoting the upgrading of industrial structure.It is significant and has the highest degree of impact at the level of 1%.The occurrence of economic crisis has contributed to the upgrading of China's industrial structure.The increase in gross domestic product is conducive to the upgrading of China's industrial structure.It is important to ensure that certain economic growth will contribute to the adjustment of the economic structure under the new normal.The role of overseas mergers and acquisitions in upgrading the industrial structure was significant at the level of 10%.In addition,the total retail sales of social goods also had a significant role in promoting the upgrading of the industrial structure.In addition,Granger causality test found that long-term overseas mergers and acquisitions are Granger's upgrading of the industrial structure,and in the short-term there is no Granger causality between the two.The fifth chapter is the conclusions and suggestions given after the full text study.