The Intra-industry Spillover Effect Of Overseas M&A

The process of internationalization of domestic enterprises has gradually accelerated since China accessed to WTO.As one of the main ways of OFDI in China,the number of M&As and the amount of M&As increase.As the largest developing country,the main motivation for Chinese domestic enterprises to exit M&As is to obtain advanced technology,knowledge and management experience.Studies have shown that M&As do promote the home country's technological progress,but they are almost concentrated on the country Or industry level.The paper expands from the following aspects:This paper studies the spillover effects of M&As in the microcosmic perspective.Second,this paper tests the existence of the horizontal spillover effect of M&As in the home country,and discusses the possible influencing factors.Based on series of sample selection conditions,134 M&As were obtained,and the industry codes of the industry classification standard provided by the WIND database.Side enterprise classification data consistent with China's listed companies,and get 4412 valid samples.This paper takes the lagged productivity as the performance measure of the company in the same industry to measure the spillover performance of the M&A industry.This paper draws the following main conclusions:the spillover effect of the M&As of China's listed companies does exist,and the more spillover of M&As,the more obvious the promotion effect of other enterprises.The stronger the absorptive capacity of the enterprises in the home industry,the more the level of spillover effect of the enterprise exit merger and acquisition on the home industry.The closer distance between the enterprises in the home country and the M&A enterprise,the more the horizontal spillover effect is.The robustness test in this paper further supports the research conclusion.Finally,based on the research results,this paper puts forward the related policy suggestions to the enterprise and the governent,and ponders the future research direction according to the shortcomings of this paper.