| With the rapid development of the world economy and the deepening of globalization,enterprises of all countries have gone abroad and participated in the wave of international operation.In order to obtain resources,technology and talents,most enterprises begin to make foreign direct investment to obtain overseas markets,and cross-border mergers and acquisitions is one of the main ways of foreign direct investment.Moreover,with the acceleration of globalization,the global industrial structure is constantly upgrading and optimizing,and the trade of cultural products has become a new and booming field.At present,scholars at home and abroad have done a lot of research on cross-border mergers and acquisitions,both on the motivation of cross-border mergers and acquisitions and on the influencing factors of cross-border mergers and acquisitions,but there are relatively few studies on the impact of cross-border mergers and acquisitions scale in the emerging and booming field of cultural product trade,Therefore,this thesis focuses on the impact of cultural product trade on the scale of cross-border mergers and acquisitions of Chinese enterprises.This thesis selects the cross-border mergers and acquisitions data of 72 economies from 1996 to 2019 as a sample,constructs the regression function of the impact of cultural product trade on the scale of cross-border mergers and acquisitions of Chinese enterprises,and explores the impact of cultural product trade on the scale of cross-border mergers and acquisitions of Chinese enterprises.And further construct the regulatory utility function of cultural distance on the relationship between them,so as to explore the regulatory effect of cultural distance on the relationship between cross-border mergers and acquisitions and cultural product trade.The samples are grouped according to the category of cultural products,the dimension of cultural distance and the degree of national economic development,and the changes of the impact of cultural product trade on the scale of crossborder mergers and acquisitions of Chinese enterprises under different conditions are analyzed.Through empirical research,this thesis finds that the trade of cultural products plays a significant role in promoting the scale of cross-border mergers and acquisitions of Chinese enterprises,and the trade of different types of cultural products also plays a significant role in promoting the scale of cross-border mergers and acquisitions of Chinese enterprises.Secondly,cultural distance will inhibit the scale of cross-border mergers and acquisitions of Chinese enterprises,and can adjust the relationship between cultural product trade and the scale of cross-border mergers and acquisitions of Chinese enterprises,that is,cultural distance will weaken the positive impact of cultural product trade on the scale of crossborder mergers and acquisitions,and the regulatory effects of cultural distance in different dimensions are different.In addition,the market scale,natural resource endowment,industrial development level and labor resources of the host country have a significant positive effect on the scale of cross-border mergers and acquisitions of Chinese enterprises,that is,the larger the market scale of the host country,the more natural resources,the higher the level of industrial development and the larger the labor scale,the more conducive to the scale of cross-border mergers and acquisitions of Chinese enterprises.Finally,this thesis puts forward some policy suggestions from the national level and the industrial level.First of all,at the national level,the government should actively guide crossborder mergers and acquisitions to balance the geographical distribution,mainly increase mergers and acquisitions in areas with advanced technology and rich resources,and the government should actively strengthen bilateral cultural exchanges,so as to promote people to people communication and be more conducive to cross-border mergers and acquisitions of Chinese enterprises.Secondly,at the industrial level,enterprises should actively carry out mergers and acquisitions in high-tech industries,strengthen the risk assessment of mergers and acquisitions,understand the cultural differences between different countries in advance,and enterprises in the cultural industry should actively adjust and optimize the structure of cultural product trade. |
