An Study On The Influence Of Cross-border M&A On Global Value Chain's Position

The development of cross-border mergers and acquisitions has enabled enterprises to successfully embed the Global Value Chain(GVC),but the lack of core competitiveness of R&D capabilities and influence in developing countries can only occupy the bottom of the global value chain.At the same time,developed countries have also acquired the vast majority of trade value added,and developing countries are now in urgent need of new impetus to enhance the position of global value chains.In recent years,China has introduced a policy of vigorously encouraging enterprises to carry out innovative development.A large number of enterprises have chosen to conduct cross-border mergers and acquisitions,which has brought unprecedented development and challenges to the Chinese economy.Therefore,this thesis combines cross-border mergers and acquisitions with the global value chain division of labor to analyze and study whether the cross-border mergers and acquisitions of enterprises can influence the country's GVC division of labor.If it can influence,further study the factors and mechanisms of influence.Among them,the paper is divided into developed countries and developing countries to discuss and provide relevant recommendations to developing countries and developed countries.The purpose of this thesis is to study the impact of cross-border M&A on the status of GVC's division of labor,and to provide effective suggestions for China to improve the status of GVC division of labor.The main contents of this thesis include:the impact of cross-border mergers and acquisitions on the status of GVC division of labor,what are the influencing factors and the basis and channels of the impact mechanism.The thesis is also divided into different countries and different time periods to explore whether this effect is robust.At the same time,in order to enhance the practical significance of China's promotion of GVC's division of labor,this paper uses the data of China's manufacturing industry to further study the influencing factors and mechanisms of cross-border M&A on the status of GVC division of labor.Based on the WIOD database,Global Cross-border M&A database and other unbalanced panel data,this thesis establishes a regression model and uses measurement software for empirical research.The conclusions of this thesis are as follows: First,cross-border M&A is promoting the status of GVC division of labor;secondly,for developed countries,cross-border M&A is promoting the status of GVC division of labor is regulated by R&D level and human capital;Although cross-bordermergers and acquisitions have a positive impact on the status of GVC division of labor,only human capital is positively regulating cross-border mergers and acquisitions to promote the status of GVC division of labor,and the level of R&D has little effect on regulation.Third,in order to study whether the conclusions at the national level are applicable to China,The data of China's manufacturing industry has the following conclusions: Cross-border M&A is able to promote the division of labor in GVC,and it is regulated by human capital.The ability to adjust the level of R&D is not significant,which is consistent with the conclusions at the national level.The main innovations of this thesis are as follows: First,the cross-border mergers and acquisitions are linked to the status of GVC division of labor,and the relationship between them is studied.Secondly,through the theoretical foundations of reverse technology spillover theory,competitive advantage theory,absorptive capacity mechanism and dynamic capability mechanism,the influence and mechanism of cross-border M&A on GVC are explained.Third,in addition to exploring the effects and mechanisms at the transnational level,the use of data from the Chinese manufacturing industry for regression analysis not only enriches existing research content,but also provides China with more realistic policy recommendations.