中国制度环境对美资跨国公司在华并购决策的影响  

The Impact of Chinese Institutional Environment on US Firms' Cross-border Mergers & Acquisitions in China

作　　者：张岚[1] 范黎波[1] 

机构地区：[1]对外经济贸易大学国际商学院,北京100029

出　　处：《武汉理工大学学报（社会科学版）》2015年第3期394-401,共8页Journal of Wuhan University of Technology:Social Sciences Edition

基　　金：教育部人文社会科学研究规划基金项目(13YJA630017);对外经济贸易大学研究生科研创新基金资助

摘　　要：为了扩展东道国制度环境对跨国并购战略影响方面的理论和研究,以2011-2012年美国商务部驻华机构针对450家美资跨国公司所做的问卷调查为样本,以"活跃度"和"完成率"两层指标考察美资跨国公司在华并购的状态,用22个涉及了执法、行政、海关、商业公平性、市场成熟度、基础设施建设、人力资源、知识产权保护等各个方面的子维度来测度中国的制度环境,通过实证研究的方法验证了跨国公司在华的"制度套利"倾向、中国的制度环境对于跨国并购可能存在的一些"制度陷阱"以及"反腐与反欺诈"在其中的调节作用。In order to extend the current theory and studies on the institutional influence of a given host country on the cross border.Mergers ＆ Acquisitions targeting the host country, this paper utilized a survey about 450 US firms investing and operating situations in China from 2011--2012 conducted by American Chamber of Commerce,measured the cross border status of US firms in China by two indi- cators, which were the US firms＂ vitality to propose cross border M＆A deals and the completion rate of the US firms＂ cross border M＆A deals in China,and divided the institutions in China into 22 dimen- sions, including bureaucracy, human resources, business fairness, market maturity, infrastructure,in- tellectual property protection,litigation, etc, to empirically test the existence of ＂institutional trap＂, which transnational companies would encounter in China, the propensity to ＂arbitrage among institu- tions＂,that transnational corporate might have in China, and the moderating effect of China＇s anti-- corruption and anti-fraud campaign.

关 键 词：东道国 跨国并购 制度环境 制度套利 制度陷阱 

分 类 号：F276.7[经济管理—企业管理]