The Impact Of Cross-border Mergers And Acquisitions On The Global Value Chain Position Of The Home Country

The participation of different countries in international division of labor by leveraging their comparative advantages is an important form of global value chain composition today.In the previous division of labor process,developing countries often placed themselves at the bottom of the global value chain division of labor due to their core competitive advantages,obtaining smaller division of labor benefits.Developed countries,due to their own technological level and innovation ability,accounted for the vast majority of the profits of division of labor.At present,the global value chain is in the stage of reconstruction,and emerging economies are striving to transform their economic industries,break free from low-end lock-in,and climb towards a higher stage of the chain.Developed countries are also striving to safeguard the vested interests of the current division of labor.At the same time,with the rapid development of international investment and financing,multinational enterprises have incorporated countries into the global value chain division of labor system by allocating resources globally.This has brought unprecedented opportunities and challenges to countries.How can cross-border mergers and acquisitions affect a country’s global value chain division of labor position?Based on this background,this paper incorporates the global value chain division of labor status and cross-border mergers and acquisitions into the same analytical framework.Based on the analysis of data from 42 countries from 2001 to 2019,it explores whether cross-border mergers and acquisitions of countries can affect the global value chain division of labor status,and further analyzes the influencing factors and mechanisms on this basis.Based on the analysis of cross-border mergers and acquisitions in various countries and the current status and development trends of global value chain division of labor,effective suggestions are ultimately proposed for China and emerging economies on how to improve the position of global value chain division of labor in the context of value chain changes.The final conclusion of this article is as follows: Firstly,cross-border mergers and acquisitions will positively promote a country’s GVC division of labor position,and its impact on developed countries is greater than that of developing countries.Secondly,the institutional environment has a positive moderating effect on the impact of cross-border mergers and acquisitions on the division of labor in the global value chain.Thirdly,there is heterogeneity in the regulatory effect of institutional environment on different countries,that is,its regulatory effect on developed countries is greater than that of developing countries.Fourthly,the global value chain division of labor pattern is developing towards localization and diversification.The main innovation points of this article include: firstly,linking cross-border mergers and acquisitions with the status of global value chain division of labor,elaborating on the impact relationship and mechanism from a new perspective of institutional environment,and exploring the direction of changes in the global value chain division of labor pattern,providing a theoretical basis for answering how to improve the status of global value chain division of labor in the context of global value chain changes.