Can Cross-border Mergers and Acquisitions Enhance China's Position in the Industrial Chain:Based on the Perspective of Supply and Demand Sides
In order to avoid the path dependence and cope with the reconstruction of global industrial chain under the background of the new development pattern of"dual circulation",China needs to enhance its competitiveness in global industrial chain by integrating domestic and foreign resources through cross-border mergers and acquisitions(M&As).Based on the perspective of supply and demand sides,this paper empirically analyzes the impact of cross-border M&As on China's position in the industrial chain.The research findings indicate that cross-border M&As elevate China's position in global industrial chain from both supply and demand sides and it is mainly achieved through technological innovation on the supply side and export competition on the demand side;heterogeneity analysis shows that due to the factors such as industry similarity between the parties involved in M&As,embedded links of M&As and economic development level of the host country will lead to bias differences of supply side or demand side in the impact of cross-border M&As on the position in the industrial chain.Therefore,the Chinese government should formulate precise policies to promote cross-border M&As based on the internal and external characteristics of the industry,encourage the enterprises to seize opportunities and actively engage in overseas investment,and improve the position of China's enterprises in global industrial chain through the dual efforts of supply and demand sides.
position in the industrial chaincross-border mergers and acquisitions(M&As)supply and demand sidestechnological innovationexport competitionthe new development pattern of"dual circulation"
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