Chinese enterprise’s wealth effect of cross-border M&A

This paper explores the Chinese enterprises’ wealth effect of cross-border M&A and the factors which impact it. The results indicate that in the [-10, 10] event window Chinese enterprises’ get wealth effect from cross-border M&A, but in the longer event windows this wealth effect doesn’t exist. And high R&D density of the acquirer enterprises, acquisitions experience and host country’s high level of innovation have positive influence to this cumulative abnormal return, while large asset scale, high growth speed, high equity centralized degrees and horizontal acquisition mode have significant negative effects