Global value chains (GVCs) are a major feature of globalisation, with a strong impact on the patterns of international trade. In this paper, we study the link between GVCs and cross-border mergers and acquisitions (M&As), testing the two symmetric hypotheses that a higher degree of participation in GVCs increases the probability that a firm acquires: (i) the producers of their imported inputs or (ii) the users of their exported products. Our analysis is based on a unique data set covering 12 supplier and user sectors, for over 22 investor countries and 47 target countries between 1995 and 2010. Estimating an augmented gravity equation model of cross-border M&As, inflated with a large number of bilateral sector and country-fixed effects, we find strong evidence of a positive and statistically significant impact of GVC participation on the total value of cross-border M&As, although the economic impact is substantial only in the case of few sectors.

中文翻译：

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跨境并购是否反映了对全球价值链的参与？

全球价值链 (GVC) 是全球化的一个主要特征，对国际贸易格局产生重大影响。在本文中，我们研究了全球价值链与跨境并购 (M&A) 之间的联系，检验了两个对称假设，即更高程度的全球价值链参与会增加公司收购的概率：(i) 其进口产品的生产商(ii) 其出口产品的用户。我们的分析基于涵盖 12 个供应商和用户部门的独特数据集，涵盖 1995 年至 2010 年间超过 22 个投资国和 47 个目标国家。和国家固定效应，