The Effects of Cross‐border and Cross‐industry Mergers and Acquisitions on Home‐region and Global Multinational Enterprises
研究了跨境和跨行业并购如何影响企业的风险收益，发现全球和东道地区域跨国企业受益于强化地理布局的跨境并购，而母地区域企业则从跨行业并购中获益，但成为“真正全球”企业并非价值提升策略。
We examine the effects of international and product diversification through mergers and acquisitions ( M & A s) on the firm's risk–return profile. We identify the rewards from different types of M & A s and investigate whether becoming a global firm is a value‐enhancing strategy. Drawing on the theoretical work of V achani ( J ournal of I nternational B usiness S tudies , 22 (1991), pp. 307−222) and on Rugman and Verbeke's ( J ournal of I nternational B usiness S tudies , 35 (2004), pp. 3−18) metrics, we classify firms according to their degree of international and product diversification. To account for the endogeneity of M & A s, we develop a panel vector autoregression. We find that global and host‐region multinational enterprises benefit from cross‐border M & A s that reinforce their geographical footprint. Cross‐industry M & A s enhance the risk–return profile of home‐region firms. This effect depends on the degree of product diversification. Hence there is no value‐enhancing M&A strategy for home‐region and bi‐regional firms to become ‘truly global’.