在经济全球化的时代背景下，对外直接投资是一国经济全球存在感的标志，也是一国综合经济实力和国际地位的重要象征。2001年中国政府“走出去”政策的提出，加快了中国企业“走出去”的步伐，2008年国际金融危机给中国企业进行海外并购带来了难得的契机，作为发展中国家，中国海外并购的异军突起、逆势上扬成为全球瞩目的焦点。基于强烈的获取战略性资产动机以及跨国并购的特有优势，跨国并购一直以来都是中国企业“走出去”的重要方式。

在中国对外直接投资蓬勃发展的背景下，国内外学界掀起了研究中国对外直接投资的热潮。但是在现有大多数文献中，尤其是实证研究中，基本上都未明确地区分对外直接投资的不同模式，而跨国并购与绿地投资之间存在系统性的差异。由于跨国并购是中国企业“走出去”的主要方式，因此有必要单独对跨国并购进行系统而深入的研究。本书旨在从多角度和不同层次，探究影响中国企业跨国并购的因素，以期能够更好地理解中国企业的跨国并购行为。由于目前相关的实证性文献相对较少，本书研究具有一定的开创性。

基于资源基础观、行业基础观和制度基础观，本书分别考察了企业异质性、行业技术创新和东道国制度质量对跨国并购的影响。具体而言，全书一共分为七章。第一章为导论，主要介绍了论文的选题背景、研究思路、研究方法、结构安排、创新和不足等。第二章为文献综述。第三章对中国跨国并购特征事实进行分析。第四章是企业异质性与跨国并购，将跨国并购作为一种进入模式，考察了企业异质性对跨国并购的影响。第五章为行业技术创新与跨国并购，从产业国际化的角度考察了技术创新对行业跨国并购的影响。第六章是东道国制度质量与跨国并购，基于引力模型，从东道国的视角考察了制度质量对企业跨国并购的影响。第七章为结论与研究展望。

本书的主要结论如下：

从相关数据分析可以得出，中国对外直接投资虽然起步较晚，但是发展极为快速，已经成为地区和全球跨国并购舞台上的一支重要力量。中国海外并购的增长速度远远高于欧美发达国家，但是活跃程度相对较低；相对于其他金砖国家，中国的跨国并购起步稍晚但一直保持增长态势，目前在金砖国家中已经处于绝对领先的位置。另外，中国跨国并购具有明显的“逆向性”，主要流向欧美发达国家，中国的跨国并购在行业分布上集中于制造业和矿产、能源行业，在制造业分布中倾向于技术、研发密集型行业。

在考察企业异质性对跨国并购的影响时，我们发现：总体而言，全要素生产率与企业采取跨国并购模式进行海外投资之间不仅存在负相关关系，而且还存在显著的正“U”形非线性关系；国有以及外资产权的参与会提高中国企业进行跨国并购的倾向；规模越大、资本密集度越高、资产负债率越低的企业，以跨国并购形式对外直接投资的概率明显越高；具有一定的研发密度会提高企业以跨国并购方式展开海外扩张的倾向。此外，企业异质性因素对跨国并购的影响，会因为东道国发展程度的不同、行业要素密集度的不同和研究期间的不同而呈现差异化。

在研究技术创新对跨国并购的影响中，我们发现：在控制了行业出口规模、行业增加值以及行业增加值增长率、外部融资、国有资本比重、市场结构和外资渗透等因素之后，技术创新与跨国并购的意愿之间存在极为稳健的正相关关系，只有当行业平均规模较小时，技术创新才会对跨国并购产生显著的抑制作用。

在东道国制度质量对企业跨国并购影响的研究中，结果表明：整体上而言，制度质量越好的东道国越能吸引中国企业的跨国并购投资进入，但越好的制度质量会对跨国并购的数量产生抑制作用；只有发达国家的制度质量会对中国企业跨国并购的集约边际产生显著为负的影响；国有企业、非国有企业都倾向于进入制度质量好的国家进行跨国并购，东道国的制度质量仅对非国有企业跨国并购数量具有明显的抑制作用；东道国的制度质量会对出于不同动机的跨国并购产生差异化的影响；中国企业倾向于进入与母国制度质量距离较远的发达国家进行跨国并购。

关键词：跨国并购；企业异质性；技术创新；制度质量

Abstract

In the era of economic globalization, outward direct investment is symbol global sense of existence for one country. Outward direct investment also is an important symbol of comprehensive economic power and international status for an economy. In 2001,the proposal of“go out”policy accelerates the pace of Chinese firms going out. The global financial crisis of 2008 brought special opportunity of overseas M&A for Chinese companies. As a developing country, the thriving and contrarian up of cross -border M&A make China a focus of global attention. Based on the strong motivation of acquiring strategic assets and the specific advantage, cross -border M&A is always been an important mode for Chinese companies to go out.

As the booming development of Chinese outward direct investment, it becomes a focus of academic circles both at home and abroad. However, in most of the existing literature, especially for empirical research, they basically have not made a clear distinction between different modes of outward direct investment, while there are systematic differences between cross border M&A and green field investment. However, in most of the existing literature, especially for empirical research, they basically have not made a clear distinction between different modes of outward direct investment,while there are systematic differences between cross-border M&A and green field investment. As cross-border M&A is the main way of go out for Chinese firms, it is necessary to conduct profoundly and systematically research on it alone. The book aimed at exploring the influential factor of cross -border M&A for Chinese firms from various angles and different levels,expecting to understand the behavior of cross-border M&A of Chinese firms better. So far, the relevant empirical literature is rare. The research of this book has a certain degree of pioneering.

Based on resource based view, industry based view and institution based view,the book respectively investigates the impact of firm heterogeneity, industrial technical innovation and host countries' institutional quality on cross-border M&A. Specifically,the thesis includes 7 Chapters. Chapter 1 is an introduction, mainly introduces the background of this topic, research route and methodology, structure arrangement, innovation points and deficiencies. Chapter 2 sums up the relevant theory and literature. Chapter 3 analyses the present status and characteristic of Chinese overseas M&A. Chapter 4 regards cross-border M&A as an entry mode, examines the impact of firm heterogeneity on cross-border M&A. From the perspective of industrial internationalization, Chapter 5 investigates the impact of technical innovation on cross-border M&A in industrial level. Based on the gravity model, Chapter 6 examines the effects of institutional quality on cross-border M&A from the perspective of host country. Chapter 7 summarizes the research conclusions and offers policy recommendations.

The main conclusions of the book are as follows：

Through analyzing relevant data, we can conclude that although Chinese outward direct investment started late, it developed extremely fast and has become an important force in the cross-border M&A stage of regional and global. The growth rate of Chinese cross-border M&A is much higher than western developed countries, but relative less active. Compared to the other brics countries,the start of overseas M&A is a little later,however,it is keeping growing and Chinese cross-border M&A is at absolutely leading position among brics countries. In addition,it shows significant reversal feature for Chinese cross - border M&A, it mainly flow towards developed world such as Europe and the Unites States. Chinese overseas M&A mainly focusing on manufacturing, mineral and energy industries, and for the man ufacturing, Chinese overseas M&A prefer technology and R&D intensive industries.

When investigating the impact of firm heterogeneity on cross -border M&A,we find that:on the whole,there is a significant negative relationship between total factor productivity and firms adopt the mode of M&A to invest abroad,but also there exists a positive U-sharp relationship between them;the state-ownership and foreign-ownership will increase the preference of cross-border M&A;firms with larger size,higher capital density and lower leverage have larger probability to involve in overseas M&A investment;possessing certain degree of R&D investment will promote the probability of taking the mode of cross-border M&A to expand overseas. In addition, firm heterogeneity exhibit different impacts on cross-border M&A in the situations such as different development level of host countries, different factor intensities and different research periods.

Research on the impact of technical innovation on cross-border M&A, we find that: after controlling industrial characteristics such as export, growth, external finance, capital structure, market structure, foreign direct investment penetration rate etc, there exits extremely robust positive relation between technical innovation and the willing to undertaking cross -border M&A. Only under the situation of small average firm size of intra-industry, innovation level exhibits significantly negative effect on overseas M&A.

Investigating the impact of host countries' institutional quality on companies overseas M&A, the results show: overall, the better the institutional quality is, the more attractive host country would be for the entry of Chinese companies cross-border M&A, however, the better the institutional quality will restrain the quantity of cross-border M&A. Only if the host country belongs to developed economy,the effect of host countries' institutional quality on the intensive margin will be significant. Both SOEs and non-SOEs prefer entering the host country which has good institutional quality, while host countries' institutional quality show significant negative effect on the quantity of cross-border M&A for non-SOEs. Host countries' institutional qual ity will exhibit different impacts on overseas M&A which have different motives. Chinese companies are inclined to enter to the developed county which has a greater institutional distance away from the home country.

Key Words: Cross-border M&A; Firm Heterogeneity; Technical Innovation; Institutional Quality

In the era of economic globalization, OFDI is a symbol of a country's global economic presence and an important symbol of a country's comprehensive economic strength and international status. In 2001, the Chinese government's "going out" policy was proposed, which accelerated the pace of Chinese enterprises "going out", and the international financial crisis in 2008 brought rare opportunities for Chinese enterprises to carry out overseas mergers and acquisitions. Based on the strong motivation to acquire strategic assets and the unique advantages of cross-border M&A, cross-border M&A has always been an important way for Chinese enterprises to "go global". Against the backdrop of the vigorous development of China's outward direct investment, there has been an upsurge of research on China's outward direct investment in academic circles at home and abroad. However, in most of the existing literature, especially empirical research, there is basically no clear distinction between different models of OFDI, and there are systemic differences between cross-border M&A and greenfield investment. Since cross-border M&A is the main way for Chinese enterprises to "go global", it is necessary to conduct systematic and in-depth research on cross-border M&A separately. This book aims to explore the factors affecting cross-border M&A of Chinese enterprises from multiple perspectives and different levels, in order to better understand the cross-border M&A behavior of Chinese enterprises. Due to the relatively small number of relevant empirical literature, the research in this book is somewhat groundbreaking. Based on the resource-based view, industry-based view, and institutional foundation, this book examines the impact of enterprise heterogeneity, industry technological innovation and host country institutional quality on cross-border M&A. Specifically, the book is divided into seven chapters. The first chapter is an introduction, which mainly introduces the background of the paper, research ideas, research methods, structural arrangements, innovations and shortcomings. The second chapter is a literature review. Chapter 3 analyzes the characteristics and facts of China's cross-border M&A. Chapter 4 is on enterprise heterogeneity and cross-border mergers and acquisitions, which examines the impact of cross-border mergers and acquisitions on cross-border mergers and acquisitions by taking cross-border mergers and acquisitions as an entry model. Chapter 5 focuses on industry technology innovation and cross-border mergers and acquisitions, and examines the impact of technological innovation on cross-border mergers and acquisitions in the industry from the perspective of industrial internationalization. Chapter 6 is on the institutional quality of the host country and cross-border M&A, based on the gravity model, the impact of institutional quality on cross-border M&A of enterprises from the perspective of the host country is examined. Chapter 7 is the conclusion and research outlook. The main conclusions of this book are as follows: From the analysis of relevant data, it can be concluded that although China's outward foreign direct investment started late, it has developed extremely rapidly and has become an important force in the regional and global cross-border M&A arena. The growth rate of China's overseas mergers and acquisitions is much higher than that of developed countries in Europe and the United States, but the degree of activity is relatively low; Compared with other BRICS countries, China's cross-border mergers and acquisitions started a little late but have maintained a growth trend, and are now in an absolute leading position among BRICS countries. In addition, China's cross-border mergers and acquisitions have obvious "contrarianism", mainly flowing to developed countries in Europe and the United States, China's cross-border mergers and acquisitions are concentrated in the manufacturing industry, minerals, and energy industries, and tend to technology, research and development-intensive industries in the manufacturing distribution. When examining the impact of firm heterogeneity on cross-border M&A, we find that, in general, there is not only a negative correlation between total factor productivity and overseas investment by enterprises adopting cross-border M&A mode, but also a significant positive "U" shaped nonlinear relationship. The participation of state-owned and foreign asset rights will increase the tendency of Chinese enterprises to engage in cross-border mergers and acquisitions; The larger the scale, the higher the capital intensity and the lower the asset-liability ratio, the higher the probability of OFDI in the form of cross-border mergers and acquisitions. Having a certain R&D density will increase the tendency of enterprises to expand overseas in the form of cross-border mergers and acquisitions. In addition, the impact of enterprise heterogeneity factors on cross-border M&A will be differentiated by the degree of development of the host country, the intensity of industry factors and the research period. In the study of the impact of technological innovation on cross-border mergers and acquisitions, we find that after controlling the factors such as industry export scale, industry added value, industry added value and industry added value growth rate, external financing, proportion of state-owned capital, market structure and foreign capital penetration, there is a very robust positive correlation between technological innovation and the willingness of cross-border mergers and acquisitions, and only when the average size of the industry is small, technological innovation will have a significant inhibitory effect on cross-border mergers and acquisitions. In the study on the impact of host country system quality on cross-border M&As, the results show that, on the whole, the better the host country, the more it can attract cross-border M&A investment from Chinese enterprises, but the better the institutional quality will have a restraining effect on the number of cross-border M&As. Only the institutional quality of developed countries will have a significant negative impact on the intensification margin of cross-border M&A of Chinese enterprises. Both state-owned enterprises and non-state-owned enterprises tend to enter countries with good institutional quality for cross-border M&A, and the institutional quality of the host country only has a significant inhibitory effect on the number of cross-border mergers and acquisitions of non-state-owned enterprises. The quality of the host country's institutions can have a differentiated impact on cross-border M&As motivated by different motives; Chinese enterprises tend to enter developed countries that are far from the quality of the home country system to carry out cross-border mergers and acquisitions. Keywords: cross-border mergers and acquisitions; enterprise heterogeneity; technological innovation; AbstractIn the era of economic globalization, outward direct investment is symbol global sense of existence for one country. Outward direct investment also is an important symbol of comprehensive economic power and international status for an economy. In 2001,the proposal of“go out”policy accelerates the pace of Chinese firms going out. The global financial crisis of 2008 brought special opportunity of overseas M&A for Chinese companies. As a developing country, the thriving and contrarian up of cross -border M&A make China a focus of global attention. Based on the strong motivation of acquiring strategic assets and the specific advantage, cross -border M&A is always been an important mode for Chinese companies to go out. As the booming development of Chinese outward direct investment, it becomes a focus of academic circles both at home and abroad. However, in most of the existing literature, especially for empirical research, they basically have not made a clear distinction between different modes of outward direct investment, while there are systematic differences between cross border M&A and green field investment. However, in most of the existing literature, especially for empirical research, they basically have not made a clear distinction between different modes of outward direct investment,while there are systematic differences between cross-border M&A and green field investment. As cross-border M&A is the main way of go out for Chinese firms, it is necessary to conduct profoundly and systematically research on it alone. The book aimed at exploring the influential factor of cross -border M&A for Chinese firms from various angles and different levels,expecting to understand the behavior of cross-border M&A of Chinese firms better. So far, the relevant empirical literature is rare. The research of this book has a certain degree of pioneering. Based on resource based view, industry based view and institution based view,the book respectively investigates the impact of firm heterogeneity, industrial technical innovation and host countries' institutional quality on cross-border M&A. Specifically,the thesis includes 7 Chapters. Chapter 1 is an introduction, mainly introduces the background of this topic, research route and methodology, structure arrangement, innovation points and deficiencies. Chapter 2 sums up the relevant theory and literature. Chapter 3 analyses the present status and characteristic of Chinese overseas M&A. Chapter 4 regards cross-border M&A as an entry mode, examines the impact of firm heterogeneity on cross-border M& A. From the perspective of industrial internationalization, Chapter 5 investigates the impact of technical innovation on cross-border M&A in industrial level. Based on the gravity model, Chapter 6 examines the effects of institutional quality on cross-border M&A from the perspective of host country. Chapter 7 summarizes the research conclusions and offers policy recommendations. The main conclusions of the book are as follows：Through analyzing relevant data, we can conclude that although Chinese outward direct investment started late, it developed extremely fast and has become an important force in the cross-border M&A stage of regional and global. The growth rate of Chinese cross-border M&A is much higher than western developed countries, but relative less active. Compared to the other brics countries,the start of overseas M&A is a little later,however,it is keeping growing and Chinese cross-border M&A is at absolutely leading position among brics countries. In addition,it shows significant reversal feature for Chinese cross - border M&A, it mainly flow towards developed world such as Europe and the Unites States. Chinese overseas M&A mainly focusing on manufacturing, mineral and energy industries, and for the man ufacturing, Chinese overseas M&A prefer technology and R&D intensive industries. When investigating the impact of firm heterogeneity on cross -border M&A,we find that:on the whole,there is a significant negative relationship between total factor productivity and firms adopt the mode of M&A to invest abroad,but also there exists a positive U-sharp relationship between them; the state-ownership and foreign-ownership will increase the preference of cross-border M&A;firms with larger size,higher capital density and lower leverage have larger probability to involve in overseas M&A investment; possessing certain degree of R&D investment will promote the probability of taking the mode of cross-border M&A to expand overseas. In addition, firm heterogeneity exhibit different impacts on cross-border M&A in the situations such as different development level of host countries, different factor intensities and different research periods. Research on the impact of technical innovation on cross-border M&A, we find that: after controlling industrial characteristics such as export, growth, external finance, capital structure, market structure, foreign direct investment penetration rate etc, there exits extremely robust positive relation between technical innovation and the willing to undertaking cross -border M& A. Only under the situation of small average firm size of intra-industry, innovation level exhibits significantly negative effect on overseas M&A.Investigating the impact of host countries' institutional quality on companies overseas M&A, the results show: overall, the better the institutional quality is, the more attractive host country would be for the entry of Chinese companies cross-border M&A, however, the better the institutional quality will restrain the quantity of cross-border M&A. Only if the host country belongs to developed economy,the effect of host countries' institutional quality on the intensive margin will be significant. Both SOEs and non-SOEs prefer entering the host country which has good institutional quality, while host countries' institutional quality show significant negative effect on the quantity of cross-border M&A for non-SOEs. Host countries' institutional qual ity will exhibit different impacts on overseas M&A which have different motives. Chinese companies are inclined to enter to the developed county which has a greater institutional distance away from the home country. Key Words: Cross-border M&A; Firm Heterogeneity; Technical Innovation; Institutional Quality（AI翻译）