This study sheds light on the effect of restrictive policies, such as screening procedures, on mergers and acquisitions (M&A) flows into EU Member States in the period 2011–18. By implementing an augmented gravity model, we show that different restrictive measures affect cross-border investments unevenly. The presence of formal screening procedures per se does not negatively affect cross-border investments on average. The exception is M&As flows from tax havens that are negatively affected by the presence of screening procedures in the target country. Other restrictive policies such as licensing requirements, quantitative limitations, restrictions to the market access and operation of foreign companies limit M&A flows. This is particularly relevant in manufacturing and nonfinancial services where M&A flows are negatively influenced by restrictions on foreign personnel being employed in key positions, and restrictions on the establishment of branches, land acquisition or profit and capital repatriations.

中文翻译：

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限制措施对欧盟跨境投资的影响

本研究揭示了限制性政策（例如筛选程序）对 2011-18 年期间流入欧盟成员国的并购 (M&A) 的影响。通过实施增强引力模型，我们表明不同的限制措施对跨境投资的影响是不均衡的。平均而言，正式筛选程序的存在不会对跨境投资产生负面影响。来自避税天堂的并购流量是个例外，它们受到目标国家筛选程序的负面影响。其他限制性政策，如许可要求、数量限制、限制外国公司的市场准入和经营，限制了并购流动。这在制造业和非金融服务业尤其重要，其中 M&