关键词: 产业政策, 跨境并购, 投资偏好

Abstract:

Academics have thoroughly researched the causes of cross-border M&A. Most of these studies show that markets, the search for resources, and the acquisition of technology impact enterprises' outbound investment activities. The range of factors influencing cross-border M&A has been studied more recently. Some researchers have discovered that national strategy is also a key factor and that government support for outward foreign direct investment has substantial explanatory power. The socialist path with Chinese characteristics establishes the government's crucial role in the growth of businesses. The industrial policy, notably the "five-year plan," embodies the national strategic purpose, which is responsible for directing the flow and reallocating resources and factors as China is undergoing industrial transformation. There is minimal research contrasting domestic M&A and cross-border M&A together, even though researchers have focused on the industrial policy as a significant factor affecting cross-border M&A. Comparing domestic M&A and cross-border M&A offers a clearer picture of how industrial policy affects Chinese companies' propensity for cross-border M&A and makes it easier to comprehend the mechanisms involved.

The study uses Chinese A-share listed companies from 2008 to 2018 as its research subjects and empirically investigates the influence of industrial policy on enterprises' inclination to engage in cross-border M&A. The study's findings revealed that industrial policy contributed to differences in the propensity of businesses to engage in cross-border mergers and acquisitions. Businesses supported by the industrial policy were more likely to choose cross-border M&A because these policies could assist businesses in obtaining more government subsidies and help them improve their commercial credit, increasing their propensity to do so. According to heterogeneity research, regions with more competitive industries and less market-oriented regions significantly impact the likelihood of enterprises engaging in cross-border M&A. Furthermore, it is discovered that corporate innovation capacity, environmental uncertainty, and CEO compensation stickiness can significantly increase the positive impact of industrial policy on firms' inclination for cross-border M&A. In addition, industrial policy raises the equity level and completion rate of cross-border M&A but does not affect the transaction value. At the same time, strategic asset-seeking motivation can significantly enhance the impact of industrial policy on the transaction value and equity level of cross-border M&A.

This study's contributions include (1) confirming that industrial policy significantly impacts the cross-border M&A of Chinese companies, broadening the cross-border M&A research paradigm, and completing the gaps in the current literature. (2) It demonstrates how industrial policy impact businesses' inclination for international mergers and acquisitions by cutting from the viewpoints of government subsidies and commercial credit. (3) The analytical framework concurrently incorporates the motive conditions of cross-border M&A to answer the related but unaddressed questions of why Chinese enterprises participate in cross-border M&A and how they might accomplish effective cross-border M&A. (4) The interplay between strategic asset-seeking motivation and industrial policy is investigated, as is the influence of industrial policy on various transaction value, equity level, and completion rate characteristics. (5) This article provides a reference for decision-making to further promote a high degree of international opening by objectively assessing the implementation effect of industrial policy in cross-border M&A.

Key words: industrial policy, cross-border M&As, investment preference