<trans-title>Location choice of Chinese resource enterprises’ cross-border mergers and acquisitions: A perspective from institutional quality of host countries</trans-title>

Bo YANG; Xiaowen WAN; Mengyuan HU

doi:10.18402/resci.2020.09.13

Resources Science, Volume. 42, Issue 9, 1788(2020)

Location choice of Chinese resource enterprises’ cross-border mergers and acquisitions: A perspective from institutional quality of host countries

Bo YANG, Xiaowen WAN^*, and Mengyuan HU

Author Affiliations

School of Economics, Zhongnan University of Economics and Law, Wuhan 430073, China

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Figures & Tables(6)

Table 1. National (regional) distribution of Chinese resource enterprises’ cross-border mergers and acquisitions, 2002-2016

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Table 1. National (regional) distribution of Chinese resource enterprises’ cross-border mergers and acquisitions, 2002-2016

所属洲	国家（地区）	并购数量	所属洲	国家（地区）	并购数量
大洋洲	澳大利亚	142	欧洲	英国	15
北美洲	加拿大	63		俄罗斯	12
	美国	28		德国	6
	墨西哥	3		意大利	5
亚洲	中国香港	36		法国	3
	哈萨克斯坦	13		挪威	3
	印度尼西亚	12		荷兰	2
	蒙古	9		葡萄牙	2
	阿塞拜疆	5		瑞士	2
	新加坡	3	南美洲	巴西	9
	以色列	2		阿根廷	5
	菲律宾	2		哥伦比亚	4
	土耳其	2		秘鲁	4
非洲	南非	10		厄瓜多尔	2
	莫桑比克	2

Table 2. Descriptive statistics of variables

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Table 2. Descriptive statistics of variables

变量	最小值	最大值	平均值	标准差	观察值
海外并购数量M&A	1.000	22.000	1.933	2.437	435
政治稳定性PV	0.192	0.395	0.244	0.032	435
法律制度RL	0.119	0.226	0.155	0.017	435
政府效率GE	0.155	0.239	0.201	0.018	435
东道国资源密集度NR	0.046	69.901	10.632	15.848	435
东道国技术水平TD	0.061	98.729	16.229	14.856	435
中国市场规模CGDP	1.471	11.199	5.865	3.500	435
东道国市场规模HGDP	0.001	18.624	1.274	2.751	435
距离成本DIS	0.402	20.104	6.140	4.147	435
经济发展相似性ELD	0.011	39.572	6.683	8.536	435

Table 3. Overall regression result of institutional quality and cross-border mergers and acquisitions location choice

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Table 3. Overall regression result of institutional quality and cross-border mergers and acquisitions location choice

	(1)	(2)	(3)	(4)
政治稳定性PV	8.038***			6.941***
	(3.52)			(3.040)
法律制度RL		-6.548**		-8.5886***
		(-2.448)		(-3.106)
政府效率GE			4.974**	6.2773**
			(2.104)	(2.544)
东道国资源密集度NR	0.013***	0.013***	0.013***	0.014***
	(6.460)	(6.622)	(6.607)	(6.809)
东道国技术水平TD	-0.000 4	-0.044	-0.021	-0.020
	(-0.012)	(-1.3023)	(-0.621)	(-0.603)
中国市场规模CGDP	0.392***	-0.010	0.033	0.179
	(3.950)	(-0.175)	(0.675)	(1.553)
东道国市场规模HGDP	0.136***	0.112***	0.117***	0.125***
	(5.847)	(4.874)	(5.116)	(5.413)
距离成本DIS	-0.059	-0.133***	-0.075*	-0.116**
	(-1.373)	(-2.834)	(-1.747)	(-2.482)
两国经济发展相似性ELD	0.049**	0.097***	0.028	0.057**
	(2.534)	(3.990)	(1.112)	(2.150)
常数项	-2.148***	1.608***	-0.559	-1.364
	(-2.950)	(3.089)	(-1.208)	(-1.519)
样本量	435	435	435	435
W	105.34	97.6	95.71	120.63

Table 4. Regression result of institutional quality and cross-border mergers and acquisitions location choice with interactive items

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Table 4. Regression result of institutional quality and cross-border mergers and acquisitions location choice with interactive items

	(1)	(2)	(3)
政治稳定性PV	9.214***
	(3.921)
PV×NR	-0.097**
	(-1.962)
法律制度RL		-7.763***
		(-2.817)
RL×NR		0.148*
		(1.730)
政府效率GE			3.308
			(1.458)
GE×NR			0.717***
			(6.561)
NR	0.013***	0.014***	0.018***
	(6.563)	(6.789)	(8.648)
控制变量	是	是	是
常数项	是	是	是
样本量	435	435	435
W	110.12	101.27	148.23

Table 5. Regression result of institutional quality and cross-border mergers and acquisitions’ location choice by group of industry

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Table 5. Regression result of institutional quality and cross-border mergers and acquisitions’ location choice by group of industry

	金属和矿产行业	油气行业	电力及其他行业
	(1)	(2)	(3)
政治稳定性PV	3.836**	3.871***	1.976*
	(2.003)	(2.794)	(1.685)
法律制度RL	-5.544**	-4.398***	0.167
	(-2.390)	(-2.621)	(0.117)
政府效率GE	4.841**	2.268	2.349*
	(2.339)	(1.515)	(1.853)
东道国资源密集度NR	0.012***	0.0032***	0.002*
	(7.217)	(2.697)	(1.659)
东道国技术水平TD	-0.020	-0.005	-0.002
	(-0.713)	(-0.242)	(-0.086)
中国市场规模CGDP	0.030	0.076	0.123**
	(0.313)	(1.086)	(2.069)
东道国市场规模HGDP	0.061***	0.058***	0.0301**
	(3.170)	(4.122)	(2.533)
距离成本DIS	-0.008	-0.063**	-0.044*
	(-0.211)	(-2.214)	(-1.823)
两国经济发展相似性ELD	0.054**	0.005	0.012
	(2.446)	(0.331)	(0.900)
常数项	-0.938	-0.562	-0.985**
	(-1.246)	(-1.031)	(-2.134)
样本量	435	435	435
W	92.71	38.45	56.39

Table 6. Regression result of institutional quality and cross-border mergers and acquisitions’ location choice by type of firm ownership

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Table 6. Regression result of institutional quality and cross-border mergers and acquisitions’ location choice by type of firm ownership

	国有企业				非国有企业
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
政治稳定性PV	7.313***			6.121***	3.199**			2.917*
	(3.682)			(3.095)	(2.095)			(1.886)
法律制度RL		-5.549**		-7.875***		-1.311		-1.823
		(-2.380)		(-3.287)		(-0.735)		(-0.973)
政府效率GE			5.782***	7.015***			1.613	1.666
			(2.8189)	(3.2818)			(1.025)	(0.997)
东道国资源密集度NR	0.011***	0.011***	0.011***	0.011***	0.007***	0.007***	0.007***	0.007***
	(6.127)	(6.283)	(6.332)	(6.549)	(5.216)	(5.287)	(5.306)	(5.306)
东道国技术水平TD	0.0001	-0.038	-0.017	-0.017	-0.003	-0.0163	-0.011	-0.007
	(0.004)	(-1.304)	(-0.585)	(-0.594)	(-0.111)	(-0.723)	(-0.495)	(-0.285)
中国市场规模CGDP	0.298***	-0.062	-0.040	0.084	0.185***	0.042	0.045	0.135*
	(3.449)	(-1.277)	(-0.965)	(0.843)	(2.784)	(1.128)	(1.404)	(1.725)
东道国市场规模HGDP	0.109***	0.088***	0.092***	0.099***	0.062***	0.053***	0.054***	0.059***
	(5.398)	(4.382)	(4.627)	(4.931)	(3.973)	(3.484)	(3.567)	(3.789)
距离成本DIS	-0.031	-0.096**	-0.043	-0.082**	-0.032	-0.052*	-0.0389	-0.044
	(-0.832)	(-2.335)	(-1.166)	(-2.023)	(-1.115)	(-1.648)	(-1.368)	(-1.376)
两国经济	0.037**	0.078***	0.009	0.035	0.042***	0.054***	0.036**	0.042**
发展相似性ELD	(2.165)	(3.672)	(0.399)	(1.549)	(3.243)	(3.323)	(2.172)	(2.321)
常数项	-5.711***	1.145	-1.225***	-3.107*	-3.156***	-0.512	-1.098***	-2.554**
	(-3.962)	(1.348)	(-2.639)	(-1.914)	(-2.848)	(-0.788)	(-3.083)	(-2.012)
样本量	435	435	435	435	435	435	435	435
W	83.05	73.93	76.57	102.49	77.93	73.44	74.03	79.66

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Bo YANG, Xiaowen WAN, Mengyuan HU. Location choice of Chinese resource enterprises’ cross-border mergers and acquisitions: A perspective from institutional quality of host countries[J]. Resources Science, 2020, 42(9): 1788

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Paper Information

Received: Nov. 22, 2019

Accepted: --

Published Online: Apr. 23, 2021

The Author Email: WAN Xiaowen (xiaowen_wan@sina.cn)

DOI:10.18402/resci.2020.09.13

Topics

Resource Economy

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