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基于交易成本理论和新制度经济学的分析,本文认为信息不对称与机会主义、资源专用性、目标国的正式制度质量、目标国与中国的文化差异以及中国双边投资制度安排影响中国企业跨境并购比例和完全并购概率。本文以Thomson Reuters数据库中1985-2010年中国企业跨境并购项目为研究样本,采用Tobit和Logit计量模型,对上述五个假设进行了实证检验。实证结果显示行业相同、目标国的正式制度质量、目标国与中国文化差异对中国企业跨境并购比例和完全并购概率有显著影响,但是资产专用性和中国双边投资制度安排的影响不显著。因此,中国企业应根据上述影响因素灵活选择跨境并购模式,中国政府应进一步提高双边投资制度安排的质量和效率,为中国企业跨境并购提供良好的外部制度环境。
Based on the analysis of transaction cost theory and new institutional economics, this paper argues that asymmetric information and opportunism, resource specificity, the formal institutional quality of target countries, the cultural differences between target countries and China, and the bilateral investment arrangements in China affect Chinese enterprises’ cross-border M & A ratio and full M & A probability. Based on the Thomson Reuters China 1985-2010 cross-border mergers and acquisitions project as a research sample, this paper uses Tobit and Logit measurement model to test the above five hypotheses empirically. Empirical results show that the same industry, the official system of the target country quality, target country and the Chinese cultural differences on the proportion of cross-border mergers and acquisitions of Chinese enterprises and the probability of full mergers and acquisitions have a significant impact, but the asset specificity and China’s bilateral investment system has no significant impact. Therefore, Chinese enterprises should flexibly choose the cross-border M & A mode based on the above factors. The Chinese government should further improve the quality and efficiency of bilateral investment arrangements and provide a good external institutional environment for Chinese enterprises to cross-border M & A.