| Summary: | [Objective] Since the 1990s, cross-border mergers and acquisitions (M&A) have become an important part of the operation of economic globalization, providing an important driving force for the international flow and circulation of capital factors, it is necessary to analyze the formation mechanism of the global cross-border M&A networks. [Methods] This study constructed an analytical framework based on “endogenous structural effect-actor & relationship effect-exogenous network effect”, and used the global cross-border M&A data from 1997 to 2018 to explore the structural characteristics and formation mechanism of global cross-border M&A networks by using complex network methods and exponential random graph models. [Results] The study found that: (1) The spatial scope of the global cross-border M&A networks had expanded significantly and the overall trend was decentralization, but North America and Western Europe still occupied the core position of the networks. (2) The endogenous structural effect of the global cross-border M&A networks was reciprocal and transitive, which was manifested in the mutual M&A behavior between most countries (regions) in the networks, and tended to operate in a group structure. (3) In terms of actor & relationship effect, national (regional) economic development level was the key influencing factor for the formation of cross-border M&A networks, and countries (regions) with high economic development level or low economic development level tended to carry out M&A transactions with those of similar economic development levels to their own, and countries (regions) with medium economic development level both had foreign M&A tendencies and were easy to become destinations for global M&A parties to issue cross-border M&A contacts, and were active participants in cross-border M&A activities. (4) In terms of exogenous network effect, geographical proximity, linguistic proximity, and institutional proximity were the positive driving factors for the formation of cross-border M&A networks. [Conclusion] There is still much room for improvement in the tightness of the global cross-border M&A networks, and it is necessary to further promote the efficient flow of global knowledge and technology, and strengthen M&A cooperation between countries (regions).
|
|---|