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随着改革开放的不断深入,我国民营企业成为了海外并购的一支重要力量。制度提供了一个国家法律、经济和社会体制的安排,各国制度环境的不同导致了制度距离的产生。在企业海外并购中,制度距离的存在会提升并购风险并影响并购绩效。在整合相关研究的基础上,本研究探索了国家层面和企业层面的制度距离如何制约和影响中国民营企业海外并购的策略选择,并提出了相应的管理启示和政策建议。
With the deepening of reform and opening up, China’s private enterprises have become an important force in overseas mergers and acquisitions. System provides a national legal, economic and social system arrangements, the institutional environment of different countries led to the emergence of institutional distance. In the overseas mergers and acquisitions, the existence of institutional distance will increase the risk of mergers and acquisitions and affect the M & A performance. Based on the integration of relevant research, this study explores how the institutional distance between the national level and the corporate level restricts and influences the tactics choice of China’s private enterprises in overseas mergers and acquisitions, and puts forward the corresponding management enlightenment and policy suggestions.