The Institutional Influence on the Location Strategies of Multinational Enterprises from Emerging Economies: Evidence from China's Cross-border Mergers and Acquisitions
研究1985-2011年中国跨境并购的区位选择，发现中国企业短视且对东道国风险有反常行为，可能损害长期盈利。
ABSTRACT This study investigates the institutional influence on the location strategies of Chinese cross-border mergers and acquisitions (M&A) during the period 1985–2011 across 150 economies using Heckman's two-stage model. The results suggest that Chinese Multinational Enterprises (MNEs) are ‘shortsighted’ and show perverse behaviour towards host country risk when deciding on the location of host country and volume of investment undertaken through M&As, which may damage the firm's long-term profitability.