Abstract
Domestic mergers and acquisitions (M&As) are more common in China than overseas. To determine the underlying causes, we examine the different impacts of cross-border and domestic M&As on the performance of Chinese listed firms using PSM-DID on a sample of 1616 deals of M&As. We established that domestic M&As can earn more market value than cross-border M&As. Additionally, we established that no more value added is created by SOEs through M&As. These findings emphasize the important role of domestic production networks in China and suggest that the Chinese government should consider the promotion and optimization of domestic industrial integration.
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