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Acquisition premium has attracted stakeholders\u2019 attention to determine whether the CBMA decision is optimal. This study employs a novel model to assess decision\u2010making efficiency by overbidding based on a profit maximization assumption. Based on the Chinese CBMA transaction data from 2009 to 2019 of Chinese acquiring firms, the descriptive analysis indicates the widespread overbidding phenomenon in Chinese CBMAs. Moreover, empirical findings reveal that SOEs (vs. non\u2010SOEs) experience less overbidding among acquiring firms. This study also shows that firms from the high\u2010tech industry tend to be less overbidding (more efficient) in the CBMAs\u2019 setting. The findings may have policy implications for China\u2019s outward investment efficiency.<\/jats:p>","DOI":"10.1155\/2022\/8298451","type":"journal-article","created":{"date-parts":[[2022,9,27]],"date-time":"2022-09-27T23:05:09Z","timestamp":1664319909000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":2,"title":["Optimal Decision\u2010Making in Chinese Cross\u2010Border Mergers and Acquisitions: A Perspective of Overbidding"],"prefix":"10.1155","volume":"2022","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-5401-8001","authenticated-orcid":false,"given":"Yanping","family":"Bao","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-8015-1575","authenticated-orcid":false,"given":"Chan","family":"Lyu","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0003-2416-3931","authenticated-orcid":false,"given":"Xia","family":"Wu","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1053-3412","authenticated-orcid":false,"given":"Jun","family":"Lian","sequence":"additional","affiliation":[]}],"member":"311","published-online":{"date-parts":[[2022,9,27]]},"reference":[{"key":"e_1_2_11_1_2","volume-title":"World Investment Report 2020","author":"Unctad","year":"2020"},{"key":"e_1_2_11_2_2","unstructured":"ChaisseJ.andOlaoyeK. 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