基于 EEMD 模型的我国跨境并购宏观经济动因分析.

Taking the cross-border mergers and acquisitions ( M &As) implemented by China' s A-share listed companies from 2008 to 2018 as a sample, the ensemble empirical mode decomposition ( EEMD) model is used to examine the relationship between the macroeconomic environment and cross-border M &As from two time scales: short-term and long-term. The results show that in recent years, the sustained and high-speed development of China' s macro-economy is the main reason for the long-term fluctuations in cross-border M &As, and the rising uncertainty of domestic economic policies will also promote it. Short-term fluctuations in the stock market and economic policy adjustments are important factors driving short-term fluctuations in cross-border M &As. Regardless of the long-term and short-term scales, economic expectations have a negative inhibitory effect on the fluctuation of cross-border M &As. When the domestic stock market index is at a high level and future economic expectations deteriorate or economic policy uncertainty rises, it is more likely for Chinese companies to conduct cross-border M &As. [ABSTRACT FROM AUTHOR]