Do Global Value Chains Drive Global Cross-border Merge?

Based on previous research,this paper explores the transmission of global cross-border M&A transactions in global value chain networks(consumption value added networks and creation of added value networks).First,this paper finds through the panel regression that the consumption increase value of the previous period of a country has a significant positive impact on the country's current cross-border acquisition transactions and acquired transactions;and in the sample before the value-added ranking test,the value added for the transnational M&A transactions have a greater impact.At the same time,this paper finds that in the value-added network,developed countries are more closely connected than developing countries.Through the empirical results,this paper further finds that in the sample of developed countries,the impact of added value on cross-border M&A transactions is more significant.Next,this paper constructs a variable using the global value chain value-added network,which measures the activity of a country's cross-border M&A transactions in neighboring countries in value-added networks.Through generalized moment estimation,this paper finds that a country's cross-border M&A activity in the previous phase of the value-added network has a significant positive impact on the country's current cross-border M&A transactions,and the country and other countries in the value-added network.The greater the value added,the greater the impact.This shows that cross-border M&A transactions can be conducted through value-added networks.Finally,this paper uses the ERGM model to find that the global value chain value-added network has a significant positive impact on cross-border M&A networks.Moreover,at the peak and bottom of the global cross-border M&A wave,the impact of global value chains on the global cross-border M&A wave is stronger.