The Influence Of Spatial Selection Effect On Productivity Of Overseas M & A Enterprises

China’s equipment manufacturing industry is the basic industry to provide technical equipment for the development of China’s national economy.Under the background of economic globalization,China’s equipment manufacturing enterprises actively promote the status of international division of labor through overseas mergers and acquisitions.From the perspective of "new" new economic geography theory,this paper establishes an analytical framework,analyzes the heterogeneity of enterprises based on productivity differences,and takes total factor productivity as the measurement index of enterprise productivity,and constructs an econometric model of spatial choice of overseas M&A and total factor productivity of enterprises.By exploring the mechanism of the spatial two-way effect of heterogeneous enterprises on the productivity of equipment manufacturing enterprises,this paper aims to find an effective way to improve the merger and acquisition of China’s equipment manufacturing enterprises,so as to improve the productivity of enterprises.Based on the micro data of China’s equipment manufacturing enterprises,this paper uses Solow residual method to measure the total factor productivity of enterprises.At the same time,according to the division standard of developed countries and developing countries,it distinguishes the spatial location of overseas M &A enterprises,that is,the core area and the edge area.This paper finds that: high productivity enterprises have spatial self selection effect and spatial adverse selection effect,while low productivity enterprises have spatial self selection effect and spatial adverse selection effect;in addition,the spatial selection effect of overseas M & A enterprises has a positive impact on enterprise productivity,while the spatial adverse selection effect of overseas M & A enterprises has a negative impact on enterprise productivity.The above findings provide a new way of thinking for the decision-making of the spatial choice path of China’s equipment manufacturing enterprises’ overseas M &A,which plays a vital role in improving the economic development of the country or region.Therefore,China’s equipment manufacturing enterprises should make use of the location advantages of different countries and regions to enhance the status of China’s equipment manufacturing industry in the international division of labor and improve the national competitiveness.