Features of cross-border mergers and acquisitions of global digital multinational corporations and the prospects for the development of Chinese enterprises

The subject of the research is the dynamics and specifics of cross-border mergers and acquisitions (M&A) carried out by global digital multinational corporations. The object of the study is the leading digital companies in the world and their investment activity from 1997 to 2022. The author examines in detail aspects such as the evolution of deals, their regional structure, and sectoral distribution. Special attention is paid to identifying key stages of market development. The article analyzes the shift in investment priorities, showing the transition from basic telecommunications to advanced information technologies, artificial intelligence, and high-tech manufacturing. Additionally, the study explores payment forms and asset acquisition mechanisms. An important part of the work is the assessment of the role of the Far East, particularly China, against the backdrop of the traditional dominance of North America and Western Europe. The influence of geopolitics and the tightening of national security checks on current digital business strategies is also examined. The research is based on statistical and empirical analysis of data from the international database BvD Zephyr. The sample includes 5,914 deals from 282 global digital corporations. Methods of systemic analysis, classification, comparison, and evaluation of regional-sectoral capital flows were applied. The novelty of the research lies in the identification of four historical stages of global digital M&A development: rapid, slow, wave-like growth, and contemporary restrained development. A significant contribution of the author to the research topic is the demonstration of the shift in the focus of deals from the basic telecommunications sector to the data processing sphere. The main findings of the conducted study include the dominance of developed countries and the concentration of almost 90% of deals in the service sector. It was established that most purchases imply control over assets and are paid for in cash. The author predicts further complexity of deals due to stringent security checks. Specific recommendations are provided for Chinese enterprises, advising them to actively forecast market trends and seek government support. Companies need to integrate into global value chains, while it is critically important to comply with data security regulations and consider foreign experience in regulating foreign investments.