Research On Location Choice And Influencing Factors Of Cross-border Mergers And Acquisitions Of Chinese Enterprises

At present,the number of cross-border mergers and acquisitions of Chinese enterprises is growing rapidly,and the success rate of cross-border mergers and acquisitions is not high.Location choice is an important strategic decision before carrying out cross-border mergers and acquisitions.However,at present,there is no specific and general research conclusion on the factors affecting the location decision of Chinese enterprises in cross-border mergers and acquisitions.It is of great theoretical and practical significance to study the influencing factors of location choice in cross-border M&A of Chinese enterprises.Firstly,theoretical and empirical studies related to cross-border M&A and location decision-making are collected and sorted out.Taking Chinese enterprises as the research object,the data related to cross-border M&A are classified and sorted out for quantitative analysis,and the status quo of location distribution of Chinese enterprises’ cross-border M&A is deeply explored,and the characteristics of location decision-making are summarized.At the same time,the empirical analysis is carried out using the micro-data of 747 cross-border M&A transactions of Chinese listed companies during 2000-2019 as samples.The results show that private enterprises have taken a dominant position in China’s cross-border mergers and acquisitions.Most of the major destinations of Chinese enterprises’ cross-border mergers and acquisitions are developed countries such as Europe and other regions.Meanwhile,the "One Belt And One Road" kinetic energy is gradually released in China.Chinese enterprises prefer locations with high political stability,high degree of foreign investment openness,high market size and market development,high tax rate and low labor cost to conduct cross-border M&A.Meanwhile,it is found that Chinese enterprises ignore cultural differences in the location selection process of cross-border M&A.Based on this,some policy suggestions are put forward for the location selection of Chinese enterprises in cross-border mergers and acquisitions.Firstly,relevant laws and regulations should be improved to strengthen the support for private enterprises.Second,the location choice of cross-border mergers and acquisitions diversified development.Third,improve the mechanism of cultural communication and create "alloy culture".Fourth,establish a mechanism for cultivating high-level talents in cross-border mergers and acquisitions.