Management Review

›› 2016, Vol. 28 ›› Issue (12): 92-100.

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Research on International Industrial Division and Enterprises' Cross-border M&A:Based on M&A Strategy

Cheng Cong1, Liu Fengting2, Chi Renyong1, Guo Yuanyuan3   

  1. 1. China Institute for Small and Medium Enterprises, Zhejiang University of Technology, Hangzhou 310023;
    2. College of Management, Zhejiang University of Technology, Hangzhou 310023;
    3. Research Center for Technological Innovation and Enterprise Internationalization, Zhejiang Provincial Key Research Institute of Philosophy and Social Science, Hangzhou 310023
  • Received:2014-09-15 Online:2016-12-28 Published:2017-03-15

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Abstract:

International industrial division is a fundamental factor that drivens enterprises to carry out cross-border M&A strategy. This paper collects the data from the enterprises that exercise cross-border strategies in mainland from 2001 to 2014, and makes an empirical study to explore the relationship between international industrial division and cross-border M&A performance from the perspective of M&A strategy. The results show that:(1) international industrial division has a significant influence on enterprises' cross-border M&A performance, and a more positive effect on private enterprise's cross-border M&A performance; (2) enterprises' M&A strategy has a partial moderating effect between international industrial division and private enterprises' M&A performance, while there is no signifi-cantly moderating effect between international industrial division and state-owned enterprises' M&A performance; (3) industry type has a negative relationship with enterprises' crossborder M&A performance, or in other words, the more sensitive industry where a cross-border M&A takes place, the less likely the M&A will be successful. Our results are meaningful for China's enterprises that may carry out cross-border M&A.

Key words: international industrial division, cross-border M&A strategy, cross-border M&A performance