Participating in global value chain is an important way for companies from all over the world to integrate into the international trade system, while cross-border mergers and acquisitions (M&A) play an important role in corporate investment. However, the relationships between global value chain and cross-border M&A are rarely mentioned in previous studies.
Based on global value chain participation and cross-border M&A data from 2007 to 2019, this paper analyzes the impact of the global value chain on cross-border M&A from the perspective of merger networks and merger tendencies.This paper shows that global value chain participation has a significant positive effect on cross-border M&A. In terms of M&A network, the higher the value chain participation of the country, the greater the centrality of its merger network, and the higher its position in the M&A network. In terms of M&A tendency, this paper finds that firms in countries with higher participation in the global value chain tend to seek more M&A opportunities in cross industries. For firms in developing economies, if they expect to improve their productivity through cross-border M&A to escape from the risk of "low-end lock-in", they are more likely to target countries (regions) with higher TFP.
This paper contributes in the following two aspects: firstly, in the study of global value chain, this paper investigates the impact of participation in global value chains on cross-border M&A behavior, overcoming the "statistical bias" of trade data. Secondly, in terms of social network analysis, cross-border M&A have deep influence on the equity structure of global capital markets, and this paper confirms the difference effect of forward participation and backward participation in global value chains.
Against the background of domestic and international double cycles, as the largest developing country, China, due to its disadvantage and the risk of "low-end lock-in" in the global value chain, should adopt a more aggressive M&A strategy and encourage more Chinese enterprises to "go global" through cross-border M&A based on the deep participation in the global value chain.
Key words
Global Value Chain /
Value Chain Participation /
Cross-Border M&A /
Social Network Analysis
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