Partner selection of Chinese firms' in cross-boarder M&A: Perspectives from complementary assets and global value chain

Choosing a target firm in M&A is always challenging, since it greatly affects post-acquiring performance. This paper analyzes three overseas M & A cases presented firms positioned in upstream, midstream and downstream sections of global value chain, the result showed each company have different focus while selecting target firms: technology-based enterprises which positioned in upstream of global value chain often emphasize on technology capability of the target company; firms in the midstream intend to expand to both ends of global value chain: technology and brand extension; occupied in downstream of global value chain often focus on marketing, capabilities and brand influence.