Chinese enterprises completed a record 176 mergers and acquisitions (M&A) overseas in the first nine months of 2014, up 31 percent year-on-year, according to a report released by accounting firm PwC on Monday.

Among them, private enterprises completed 120 M&A transactions, more than doubling the number carried out by state-owned enterprises and making them the major force in the M&A market, according to the report.

In the first three quarters of 2014, the total value of overseas M&A transactions by Chinese enterprises reached $40.8 billion. There were 14 transactions valued at more than $1 billion each.

The total outbound value of M&A deals by private companies was up more than 120 percent year-on-year, while the value of transactions by state-owned enterprises dropped for the first time, with a decline of 37 percent, it said.

"With private firms becoming the major force, it is becoming clear that Chinese enterprises are seeking diversification in outbound M&A," said Andrew Li, PwC China Advisory Services Leader in Central China.

"Chinese companies, especially private enterprises, are actively seeking quality M&A targets in North America and Europe, aiming to introduce advanced technology, IP and strong brands to China," he said.

In the meantime, they are transferring manufacturing bases from China to other countries in Asia and developing emerging markets, he said.

Due to the weakness of the global economy and the slowdown in China's economy, PwC estimates that Chinese enterprises will generally remain active in overseas M&A activities in 2015.