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| Impact of Ownership on Chinese Local State Owned Enterprise’s Strategic Asset Seeking Oriented Foreign Acquisition Strategy |
| WANG Hongshu ZHOU Shaojie SHI Xinwei HU Angang |
| Tsinghua University, Beijing, China |
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Abstract Based on the negative binomial regression model,this research conducts a quantitative empirical study on the cross-border Mergers and Acquisitions (M&As) of Chinese enterprises (2006~2017) obtained from the BVD ORBIS and ThomsonONE database. Results show that: compared with other ownership modes,‘local state-ownership’ has a significant positive correlation with the strategic asset seeking motivation of Chinese Multinational Enterprises (MNEs) in foreign M&As; ‘Local state ownership positively influence both internationally non-transferable trademarks and internationally transferable patents that owned by foreign target firms, which provide further evidence of local SOEs’stronger strategic asset seeking motivation in their OFDI via various dimensions.
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Received: 02 August 2020
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