| In recent years,China's foreign investment in general is in the stage of rapid development.Whether measured by investment structure or investment scale,it is in the forefront of global foreign investment.The reason why Chinese enterprises' overseas investment can develop in a vigorous trend and the particularity of Chinese overseas investment development are closely related to the domestic market characteristics of China.The overseas investment of Chinese enterprises can not be simply summarized as the demands of domestic enterprises for the maximization of interests.The development of enterprises not only needs the strength and resources of the government to increase the internal competitiveness,but also to a large extent is affected by the overall national economy and market situation.The traditional theory of transnational investment mainly analyzes the enterprise behavior from the perspective of the host country and the enterprise itself,and summarizes the advantages of the enterprise's overseas M&A activities as the management and technology advantages of the enterprise,as well as the location advantages of the host country.Although this kind of summary has certain rationality,it ignores the influence of the home market of the merging enterprise.In fact,many enterprises in developing countries do not have the advantages summarized in the traditional investment theory,but still can well develop overseas M&A activities,which is not only related to the policy and service support provided by the government,but also inseparable from the natural advantages of the home country of the merging enterprise itself.The home country is good for domestic enterprises in terms of national income level,industry development level,Good development has laid a solid foundation.Based on a series of literature about overseas investment from the perspective of home country's specific advantages,this paper takes traditional investment theory and emerging investment theory as the theoretical basis,and puts forward the home country market scale from the factors of home country's advantages that affect the performance of Chinese enterprises' overseas M&A,and analyzes the home country market size to domestic enterprises in detail from the theoretical level The influence mechanism of overseas M&A performance.Taking the overseas M&A data of listed enterprises in Shanghai and Shenzhen from 2006 to 2018 as the sample,the short-term performance of overseas M&A events in the sample is measured by the event analysis method,and the enterprise sample data is classified and analyzed based on the measurement results,then the impact of home market size on the performance of overseas M &A is empirically analyzed.The results show that: most Chinese enterprises have obtained some extraordinary earnings through cross-border M&A,and generally show good M&A performance.There is a significant positive correlation between the size of home market and the performance of overseas M&A.In addition,there is a positive correlation between market development potential,industry development level and overseas M&A performance.The level of industry development and the nature of enterprise ownership play a regulatory role in the relationship between market scale and overseas M&A performance.Under the same market scale,the higher the level of industry development,the higher the performance of overseas M&A;the lower the state-owned component of enterprises,the higher the performance of overseas M&A.At the same time,according to the purpose of M&A,horizontal M&A plays a more significant role in improving M&A performance;according to the nature of ownership,M&A performance of non-state-owned enterprises is significantly higher than that of state-owned enterprises. |
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