Cross-border Mergers And Acquisitions Of Chinese Enterprises Determinants

With the rapid growth of China economy and the growing of China's companies, more and more enterprises begin to go out into the world market. Cross-border merger and acquisition as a form of FDI has exceeded green field investment and became the major pattern of FDI.In this paper, after reviewing the theoretical achievements of world and China's M&A, based on Porter's value chain theory and Dunning's eclectic theory of international production, combined with the motivations of China enterprises' M&A, it puts forward the China enterprises' M&A motivation model for the determinants of China's M&A, and it concludes the determinants of different motivations. Then it introduces the overview of world and China's M&A. Finally, it conducts an empirical test.The results show that resource endowment and industrial safety are the determinants of resource-oriented M&A; resource endowment and labor are the determinants of cost-oriented M&A; market, enterprise capabilities and corporate are the determinants of market-oriented M&A; core assets, control and local conditions are the determinants of technology-oriented M&A. Political and legal factors are common determinants to all types of M&A. Then it gives some suggestions for all types of China enterprises' M&A from the perspective of the determinants and points out the direction for future research.