Research On The Configuration Path Of Full Cross-border Meger And Acquisition Of Chinese Manufacturing Enterprises

The report of the 20th CPC National Congress pointed out that to promote a high level of opening up to the outside world,we should enhance the interactive effect between domestic and international markets and resources,and improve the quality and level of trade and investment.Since joining WTO,especially after the global financial crisis in 2008,cross-border M&A has become an important way for Chinese enterprises to participate in international division of labor and cooperation.As a pillar industry of the national economy,manufacturing industry is an important part of Chinese enterprises’ “going out”,but the problem of "big but not strong" is still significant.In the long run,transnational M&A is still an important way to break through the dilemma and achieve the goal of manufacturing power.Most of the studies on cross-border M&A mainly focused on location selection and M&A performance,while equity decision as an important factor affecting resource acquisition and resource integration is often neglected.Based on the cross-border M&A events of manufacturing enterprises from 2015-2019,the study explores the joint effects among the influencing factors of the cross-border M&A equity decisions from the perspective of configuration,reveals the complex nature of the cross-border M&A equity decisions,summarizes the path to achieve complete cross-border M&A,helps to supplement the theoretical research on equity decisions,and provides references for the manufacturing enterprises that want to implement cross-border M&A.The study uses fsQCA to obtain six sufficiency configurations for cross-border complete M&As,and categorizes them into four types according to the distribution of core factors: a type that treats cultural distance with caution,a type that driven by the M&A experience,a type that treats the target company carefully and a type that state-owned enterprises are pioneering.Combining the case studies,the study concludes that:(1)Cross-border M&A equity decisions are the result of a combination of reasons,and different combinations of reasons can lead to the same outcome;(2)a single factor does not affect the outcome in the same direction in different configurations;(3)there is not a linear relationship between cultural distance and cross-border M&A equity decisions;(4)state-owned enterprises’ cross-border M&A are pioneering and often reflect the will of the state.