The influence of economic distance on the performance of cross-border M&A of Chinese manufacturing enterprises: A case study of countries along the "Belt and Road"
经济距离对我国制造业企业跨国并购绩效的影响研究——以“一带一路”沿线国家为例

摘要

近年来，中国经济快速发展，取得了许多令人瞩目的成绩，跨国并购作为中国企业“走出去”的重要一环，跨国并购也成为我国制造业企业国际战略扩张的重要战略。随着2013年“一带一路”倡议的提出，到2020 年中国对“一带一路”国家已累计直接投资1398.5 亿美元，共设立境外企业1.1 万多家，中国在“一带一路”国家实施跨国并购正呈势不可挡之势。跨国企业对被并购企业进行选择时，被并购企业所在东道国是该企业考虑的一个重要因素，东道国的经济距离对跨国企业的决策制定和经营绩效都有很大的影响。因此，研究经济距离对我国制造业企业在“一带一路”沿线国家跨国并购绩效具有重要的意义。

Abstract

In recent years, China's rapid economic development has made many remarkable achievements, transnational merger and acquisition as an important part of Chinese enterprises "going out", transnational merger and acquisition has also become an important strategy of China's manufacturing enterprises international strategic expansion. With the proposal of the Belt and Road Initiative in 2013, by 2020, China's direct investment in the countries along the Belt and Road has accumulated to US $139.85 billion, and more than 11,000 overseas enterprises have been established. China's cross-border mergers and acquisitions in the countries along the Belt and Road are becoming unstoppable. The host country of the acquired enterprise is an important factor for multinational enterprises to consider when choosing the acquired enterprise. The economic distance of the host country has a great impact on the decision-making and business performance of multinational enterprises. Therefore, the study of economic distance is of great significance to the performance of cross-border mergers and acquisitions of Chinese manufacturing enterprises in countries along the "Belt and Road".