Abstract
Under the background of large-scale going out” of Chinese enterprises, can cross-border MA （2） Cross-border MA （3） Cross-border MA （4） A deeper look into firm heterogeneity and holding mode shows that non-state-owned enterprises with rich international experience that adopt an incomplete holding mode are more effective in using M&As to enhance their competitive advantages.The contributions of this study include: Firstly, we distinguish and quantify LB-FSAs and NLB-FSAs, and establish a mechanism framework for how cross-border M&As enhance enterprises’ competitive advantages. Secondly, we empirically analyze the effect and influence mechanism of cross-border M&As on the two types of competitive advantages, test the theory of spring-board”, and provide empirical evidence. Thirdly, we combine the PSM and DID approaches to ensure more precise research conclusions. Finally, we analyze the adjustment mechanism of three important factors: internationalisation experience, enterprise ownership and holding mode. The limitations of this paper are as follows: the sample mainly comes from ICT industry and does not consider the resource characteristics of target companies. Future research can carry out more detailed classification for different industry heterogeneity, or use case study methods to analyze the impact of resource complementarity or synergy on competitive advantages.
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