This paper investigates whether the determinants of mergers and acquisitions (M&A) inflows are different from those of outflows in emerging Asia. We use an augmented gravity model with bilateral cross-border M&A data from 2000 to 2015 for 13 emerging Asian countries. We find that the stock market size of the source country matters for both M&A inflows and outflows. In addition, the motives of firms seeking foreign markets, natural resources, and lower labor costs drive both M&A inflows and outflows. Finally, both the bank credit and the stock market liquidity of the source country play important roles in M&A inflows only, not in M&A outflows.

中文翻译：

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新兴亚洲跨境并购的决定因素流入与流出有何不同？

本文研究了并购（M＆A）流入的决定因素是否与新兴亚洲的流出的决定因素不同。我们使用增强引力模型和 2000 年至 2015 年 13 个亚洲新兴国家的双边跨境并购数据。我们发现来源国的股票市场规模对并购的流入和流出都很重要。此外，企业寻求国外市场、自然资源和较低劳动力成本的动机推动了并购的流入和流出。最后，来源国的银行信贷和股票市场流动性都只在并购流入中起重要作用，而在并购流出中并不重要。