【摘要】 以中国企业在欧盟国家2008—2019年间的跨国并购事件为研究样本，对已完成的509起并购事件进行研究，考察了中国企业在欧盟并购时呈现的产业集聚效应，并进一步探索了产业异质性和企业异质性特征在并购过程中产生的影响。通过构建条件Logit模型对样本数据分析发现，产业集聚程度与中国企业在欧盟的并购意愿呈“倒U型”关系；中国企业在欧盟并购时，多偏向进入技术或知识密度较高的国家，但比之国有企业，中国私有制企业对产业集聚程度较高国家的偏好更为明显。更多还原

【Abstract】 This paper takes the cross-border mergers and acquisitions of Chinese enterprises in European Union countries from 2008 to 2019 as research samples, studies 509 completed mergers and acquisitions, examines the industrial agglomeration effect of Chinese enterprises’ mergers and acquisitions in European Union, and further explores the influence of industrial heterogeneity and firm heterogeneity on the M&A process. Therefore, by constructing a conditional Logit model to analyze the sample data, it is found that: The degree of industrial agglomeration has an “inverted U-shaped” relationship with the willingness of Chinese enterprises to acquire mergers and acquisitions in the EU; when Chinese enterprises acquire mergers and acquisitions in the EU, they tend to enter countries with higher technology or knowledge density, and however, compared with state-owned enterprises, Chinese private enterprises have a more obvious preference for countries with higher industrial agglomeration.更多还原