Is there a “China Model” in China’s overseas M&As?——An estimate based on the Two-Stage Gravity Model
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| Title | Is there a “China Model” in China’s overseas M&As?——An estimate based on the Two-Stage Gravity Model
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| Author | Liu Qing, Tao Pan and Hong Junjie |
| Organization | University of International Business and Economics |
| Email | qliu1997@gmail.com； |
| Key Words | Overseas M&As; Location Decision; China Model; Two-stage Gravity Model |
| Abstract | The emerging overseas M&As of China have aroused wide concern in the world and the underlying reason for the concern is the idea that China’s M&As may be driven by factors different from those of market economies. However, is there really a China Model in cross-border M&As? Employing the Two-stage Gravity Model, this paper investigates the pattern and the determinants of the location and investment volume decisions of China’s overseas M&As. Our general findings are as follows: The Chinese M&As show market-seeking and ores &metal resources-seeking motives; China began to show strategic- assets seeking motive in the post-WTO period; Chinese acquirers lack long-horizon in acquisitions and show risk-loving patterns; Overall Bilateral Investment Treaties have no significant effect on China’s M&As. In general, these patterns are not specific to China. |
| Serial Number | WP596 |
| Time | 2014-01-28 |
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