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北京工商大学学报(社会科学版)摇 摇 摇 摇 2018 年摇 第 6 期

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Research on Characteristics, Evolution and Influencing Factors of
Global Cross鄄border M&A Network

GUO Yi & HAO Shuai
(School of Economics, Beijing Technology and Business University, Beijing 100048, China)

Abstract: The deep understanding of the economic motivation of various countries in international cooperation and the accu鄄
rate identification of various complex factors in the process of globalization are important prerequisites for China to actively partici鄄
pate in global governance and build a peaceful, developing and sustainable community of shared future for the mankind. By using
social network analysis method, this paper studies the cross鄄border M&A transactions completed in 175 countries during the years
from 1996 to 2017. The analysis shows that the overall density is increasing, the clustering effect of community is obvious and the
influence of emerging market economies is expanding in the network. In addition, there are some differences in the main factors
that affect the cross鄄border M&A network at different stages of development. As the " intermediary nature" is increasingly promi鄄
nent, China should exert its influence to actively participate in global governance, and strive to promote the formation of an inter鄄
national economic cooperation network. In particular, China can take full advantage of its infrastructure construction to help coun鄄
tries which are semi鄄marginalized or marginalized in the network to integrate into international economic cooperation.
Key Words: cross鄄border M&A; global M&A network; social network analysis (SNA); QAP regression; M&A resource
motive; M&A contracting cost

(本文责编摇 王摇 轶)

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