关键词：Bilateral investment treaties；Cross-border mergers; Acquisitions Text analysis
摘要：Utilizing a comprehensive dataset of China and 127 host economies from 2004 to 2019 at both national level and firm level, we investigate how bilateral investment treaties (BITs) between China and global economies affect China’s outbound cross-border mergers and acquisitions (CBMA). Our results demonstrate a positive effect of BITs on CBMA and such a promoting effect varies across host countries with different institutional and economic settings. While the most- favored-nation clause and umbrella clause are the underlying mechanisms accounting for the incentives of CBMA in the stage of pre-acquisitions, the expropriation and compensation clause drives the successful rate of CBMA. Further, non-state-owned enterprises display stronger incentive than state-owned enterprises.
作者简介：
Yonghui Han, Guangdong institute for international Strategies, Guangdong Universily of Foreign Studies, Guangzhou, China
Hao Wang,Guangdong institute for international Strategies, Guangdong Universily of Foreign Studies, Guangzhou, China,Corresponding author,E-mail address: haowang@gdufs.edu.cn (H. Wang).
Hao Cheng,School of Geography and Planning, Sun Yet-sen University, Guangzhou, China
期刊名：《Emerging Markets Review》
期刊类别：SSCI、一类B
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