| With the deepening of the "going out" strategy,China's foreign direct investment has entered a stage of rapid growth,and the traditional transnational investment theory represented by the production eclectic paradigm(OLI)points out that the company relies on its own ownership advantages in overseas markets and host countries.The competition of local enterprises and the ownership advantage are the prerequisites for enterprises to carry out foreign investment.Without the advantage of ownership,enterprises will not be able to overcome the"inner disadvantage."Then,as a“latecomer" who is generally considered to lack the ownership advantage,what advantage does Chinese enterprises"go out"?Although a considerable amount of literature suggests that strategic assets seek to "pull" foreign investment in emerging market countries(EMNEs)such as China,and emphasize the positive impact of mergers and acquisitions of overseas strategic assets on building competitive advantage,it is puzzling that it is lacking.Under the premise of ownership advantage,what factors guarantee the successful implementation of internationalization of enterprises?The confusion of"chicken eggs or egg-broiled chickens"has led some scholars to question the applicability of the OLI paradigm to explain the internationalization of EMNEs,and formed an academic debate on"new bottled old wine"and "new bottled new wine".Can traditional transnational investment theory explain the foreign investment behavior of EMNEs?Still need to build a new theory based on EMNEs'foreign investment practices?There is currently no consensus on this controversy,and the focus of the debate remains on whether EMNEs have a dominant edge.Although some of the literature emphasizes the role of home country support and market size as a country-specific advantage in promoting the internationalization of EMNEs,it does not explain why the "inclusive" institutional policy support only shapes the theoretical flaws of a few successful multinational corporations.Therefore,it is of great theoretical significance to study whether Chinese enterprises have ownership advantages and the composition,source and influence of ownership advantages.Secondly,the "springboard" view of EMNEs believes that internationalization can be a powerful tool for EMNEs to grow.Throughout the practice of Chinese enterprises' foreign investment,more and more Chinese companies expect to acquire overseas strategic assets through cross-border mergers and acquisitions,and break through the bottleneck of domestic strategic asset supply.A group of companies have taken advantage of cross-border M&A to enter the fast track of development,such as Wanxiang Group,Ningbo Junsheng Electronics,Zoomlion,etc.,but a considerable number of cross-border M&A transactions have not achieved the expected goals.Boston Consulting Group released in 2015.According to the report,in the past 20 years,67%of overseas mergers and acquisitions in China have not been successful.For example,TCL acquired French Thomson and SAIC acquired Korean Ssangyong.Then,in the context of the large-scale "going out" of Chinese enterprises,can "going out" be able to achieve "going up"?Can cross-border M&A that is highly anticipated to promote corporate performance?The same is true for cross-border mergers and acquisitions.Why are the results different?What are the key factors affecting the performance of cross-border M&A?In order to answer the above questions,this paper will demonstrate and test the existence,source and effect of EMNEs ownership advantages from two aspects:enterprise specific advantages and country specific advantages.In terms of specific advantages of enterprises,this paper is based on the regional-transferable ownership advantage analysis framework,expands the connotation of ownership advantages defined by OLI paradigm,and based on this,proposes the variable that measures the integration ability of specific advantages of enterprises.In terms of specific advantages of the country,based on the existing research,this paper combines China's unique economic development situation to measure the country's specific advantages from the institutional and market effects of the home country,in order to make up for the specific advantages of the "inclusive" country.A few domestic enterprises have successfully implemented the theoretical shortcomings of internationalization and introduced two variables:government participation and industry competition.On the one hand,the two variables can identify and identify the differences between enterprises in sharing or using the home country system and market size dividends.It can reflect the characteristics of the country's specific advantages formed in the context of China's unique economic development.Then,based on the internationalization process of "going out-going up",this paper explores the influence of integration ability and home country effect from the "quantity" and "quality" of cross-border mergers and acquisitions.Specifically,this paper takes China's fast-growing cross-border M&A practice as the research object,and systematically carries out three sub-studies:1.Empirical analysis of the integration capability and home country effect on the binary margin of cross-border mergers and acquisitions,focusing on solving the problem of Chinese enterprises relying on the advantages of "going out".The research in this paper finds that the internationalization experience(experiential market knowledge and non-empirical technical knowledge)at the enterprise level is bundled with its own "relaxed"resources(financial resources and technical resources),which enables enterprises to identify external strategic assets.,assessing and re-encoding capabilities,and providing support for the redeployment of internal and external resources,which together constitute the ability of enterprises to effectively integrate internal and external resources,and the specific advantages of integration capabilities can help companies expand cross-border mergers and acquisitions.Extensive and intensive margins.The government participation and industry competition factors in the home country cannot directly promote the cross-border mergers and acquisitions of enterprises,but indirectly affect the binary margin of cross-border mergers and acquisitions of enterprises through strengthening the integration advantages of enterprises.Therefore,Chinese companies have successfully implemented cross-border mergers and acquisitions by virtue of their specific advantages rather than relying on country-specific advantages such as the home country system and market size.2.Empirical analysis of the relationship between cross-border M&A and corporate performance,focusing on the issue of whether "going out"can achieve "going up".The research in this paper finds that after the completion of cross-border mergers and acquisitions,the impact of mergers and acquisitions on the return on corporate assets is inhibited-promoted--the role disappears--the role of re-promotion.Although the total factor productivity of the acquirer is improved at the beginning of the merger,it may be more due to the economies of scale generated by the scale expansion.In the five years after the merger,the influence of cross-border mergers and acquisitions on the total factor productivity of the enterprise is suppressed.the trend of.The results show that the improvement of cross-border M&A performance does not happen automatically.Enterprises cannot simply expect to realize the development of enterprises through the implementation of cross-border mergers and acquisitions.How to survive the "pain period" after mergers and acquisitions,get out of the development trough,and produce synergies faster should become the acquirers.The focus of long-term concern of enterprises.3.Empirical analysis of the integration ability and home country effect on the adjustment mechanism of corporate performance after cross-border mergers and acquisitions,focusing on solving the key factors affecting the transformation of enterprises from "going out" to"going up."The research in this paper finds that good integration ability has a significant positive impact on the return on assets and total factor productivity after mergers and acquisitions,which helps the merger and acquisition enterprises to get rid of the development trough and promote the synergy effect as soon as possible.The involvement of the government of the home country has a very different impact on the return on assets and the total factor productivity after the merger:for local state-owned enterprises with moderate government participation,cross-border M&A has a significant negative impact on the return on assets,but there is no total factor productivity.Significant impact;while the central government with high degree of government participation and non-state-owned enterprises with low participation,cross-border M&A showed no significant and significant positive impact on its return on assets and total factor productivity.The negative adjustment effect of industry competition on the return on assets of enterprises after mergers and acquisitions is only shown in enterprises with high competition level,and the impact on enterprises with low competition level is not significant.Regardless of whether the industry is highly competitive or low-competitive,cross-border mergers and acquisitions can promote the improvement of total factor productivity,but the positive effect on enterprises with high degree of competition in the industry is more significant.Therefore,having a good enterprise-specific advantage and a reasonable match to the country-specific advantages of the home country can leverage cross-border mergers and acquisitions to boost business development.The innovations of this research are reflected in the following three aspects:First,based on the CSA-FSA ownership advantage analysis framework of EMNEs,this paper explores and tests the existence,sources and effects of Chinese corporate ownership advantages from two aspects:national specific advantages(CSAs)and enterprise-specific advantages(FSAs).The advantage of enterprise ownership stems from the important conclusion of the specific advantages of the enterprise with the integration ability as its connotation.It responds to the theoretical controversy of the OLI paradigm in explaining the applicability of EMNEs cross-border M&A practice,further enriching and expanding the application of OLI paradigm in the internationalization of EMNEs..Second,based on the internationalization process of "going out-going up",this paper examines the dual effects of country-specific advantages(CSAs)and enterprise-specific advantages(FSAs)on the"quantity" and "quality" of cross-border M&A.The three variables of integration ability,government participation and industry competition degree,open up the micro-action mechanism of how the specific advantages of the enterprise and the specific advantages of the country affect the performance of cross-border.M&A.In the empirical analysis,Heckman's two-step estimation method,propensity score matching method(PSM),double differential transmission(DID)and triple difference method(DDD)are used to effectively overcome the selectivity deviation caused by sample selection,and the empirical results are more reliable.Third,the empirical results of this paper show that after the completion of cross-border mergers and acquisitions,the improvement of corporate performance does not occur automatically,but on the basis of good integration ability.The empirical findings test the EMNEs'"springboard" concept and provide empirical evidence.Thirdly,excessive government participation may not bring institutional advantages to enterprises.The empirical findings provide a policy reference for the government to guide enterprises to successfully "go to the sea".Finally,based on the test of the effect of the degree of competition in the industry,while examining the market effect of the home country,it also provides empirical evidence for the strategic triangle view and the SCP paradigm perspective,enriching and exploiting the new perspective of the meso-industry factors and the research on the cross-border M&A performance of enterprises.At the same time,it provides reference for the government's promotion of China's foreign investment pattern of"classification and guidance to go out". |
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