制度约束与中国企业跨国并购的经营绩效  

Institutional Constraints and the Operational Performance of Chinese Firms' Cross Border Acquisitions

作　　者：阎大颖[1] 

机构地区：[1]南开大学经济学院,天津300071

出　　处：《山西财经大学学报》2009年第1期63-70,共8页Journal of Shanxi University of Finance and Economics

基　　金：教育部2006年度人文社会科学研究基金青年资助项目"中国企业海外并购微观经济效应问题研究"(06JC790024);"985"重点基地项目"跨国公司研究中心"课题"中国企业海外并购的微观经济效应问题"(985TNC20060102)

摘　　要：首先运用制度因素论的基本观点，针对东道国的管制约束和规范约束对中国企业跨国并购的财务绩效影响提出了一系列假设，然后以2000～2007年由在中国大陆地区和香港地区上市的非金融类企业发起的跨国并购交易为样本，对跨国并购前后多种财务绩效指标超额收益的变化趋势及决定机制进行了实证考察和多因素分析。结果认为，东道国管制制度越严苛，中国企业跨国并购后的绩效越差；东道国规范制度约束越小（文化距离越小），跨国并购后的绩效越好。此外，还认为所有权属性、相对国家竞争优势及跨国并购经历等是影响中国企业跨国并购绩效的显著因素。This paper explores the determinants for the operational performance of Chinese Firms＇ cross border acquisitions in the context of accelerative institutional transition and internationalization. To fulfill this objective, this paper develops a series of hypotheses on the influ- ences of regulatory and normative institutiom on the operational performance of Chinese Firms after their cross border acquisitions based on the institutional theories. A sample of cross border acquisitions conducted by Chinese non - financial finns both listed in domestic and Hong Kong stock exchanges from 2000 is collected to investigate the changing pattern of operational performance from pre to post acquisitions with multi- dimensions of financial ratios, and test hypotheses with multivariate regressions. The results confirm that Chinese in＇ms who confront Se restrict regulatory constraints or greater cultural distance in the host countries will have poorer post acquisition performance. This study also discovers various unique and common factors that have impacts on the operational performance of Chinese Firms＇ cross border acquisitions. The overall results of paper have both profound theoretical and empirical contributions to the issue of cross border acquisition in the context of emerging and developing economies, as well as practical suggestions on the Chinese firms＇ optimal international strategies in the aim of increasing the global competitive advantages.

关 键 词：跨国并购 制度因素 经营绩效 

分 类 号：F27[经济管理—企业管理]