Without the free flow of production factors and the internationalization of production, economic globalization is unimaginable. Among the factors of production, capital and technology are the easiest to flow, followed by the flow of labor. The most difficult thing to move is land, which can only be partially moved through a certain period of lease contract or a small amount of land sales.

The premise of realizing the free flow of factors is to take the market as the basis of resource allocation. In this sense, it is of little practical significance for some people to advance the time of economic globalization to hundreds of years ago. In fact, in the last 10 year of the 20th century, economic globalization made great progress. Because at this time, on the one hand, China and other countries are building a socialist market economy system, on the other hand, the Soviet Union and Eastern European countries are implementing the transition to a market economy, and the market economy has first realized globalization. Obviously, without this condition, economic globalization is not "globalization" in the true sense.

2. The economies of various countries have formed a close interdependence.

3. Significant progress has been made in trade and investment liberalization.

Trade and investment liberalization is the product of world economic globalization, and it is also a powerful driving force of globalization. It is the accelerated development of trade and investment liberalization that promotes the process of world economic globalization. On the other hand, the development of world economic globalization requires further improvement of trade and investment liberalization to adapt to it. What we are seeing at present is the mutual promotion of the two. Undoubtedly, the liberalization of trade and investment has greatly improved the development level of world productivity. The most intuitive feeling or example is that in recent decades, all countries that have implemented the policy of opening to the outside world and economic liberalization have experienced rapid economic growth and improved people's living standards.

(A) the new characteristics of cross-border mergers and acquisitions

1. The scale is huge and it is growing rapidly.

2. Developing countries are involved in the wave of mergers and acquisitions.

3. Strong alliance, goodwill acquisition, enhance competitiveness

4. There is a trend of industrial integration through mergers and acquisitions in high-tech fields.

Cross-border M&A has become the main form of international direct investment.

(B) the impact of cross-border mergers and acquisitions

It is still difficult to say the impact of cross-border M&A on world economic development, especially the long-term impact. Perhaps, the following points are more certain:

Accelerate the process of economic globalization.

The essential feature of economic globalization lies in the optimal allocation of production factors in the global scope and the interdependence of national economies. We know that the main body of transnational mergers and acquisitions is multinational companies. With the rapid development of cross-border mergers and acquisitions, the international production of multinational companies will develop greatly, the degree of internationalization of production will be further improved, and the strength of some giant multinational companies will be greatly enhanced. They use cross-border mergers and acquisitions as a weapon of direct investment, which impacts countries and regions around the world, thus breaking the restrictions of regional economic collectivization on foreign investment outside the region.

2. Conducive to the growth of the world economy.

With the expansion of enterprise scale and strength, the ability of scientific research and market development has been improved, and it is believed that the merged large enterprises will play a certain role in promoting economic development. For the merged host economy, the optimized resource allocation and improved management after the merger will also benefit.

3. Challenge the international anti-monopoly and competition theory.

(3) China will face more intense international competition.