制度距离对我国企业跨国并购绩效的影响研究——基于上市公司数据的实证分析  

Research on the Effect of Institutional Distance on the Performance of Chinese Enterprises Transnational Merger and Acquisition——The Empirical Analysis Based on the Data of the Listing Corporation

作　　者：李强 

机构地区：[1]安徽科技学院财经学院,安徽蚌埠233100

出　　处：《软科学》2015年第10期65-68,82,共5页Soft Science

基　　金：国家社会科学基金重点项目(11AZD002);国家社会科学基金青年项目(15CJL026);安徽省教育厅人文社科重点项目(SK2015A306)

摘　　要：从制度角度研究并购国家之间的制度差距对并购绩效的影响。通过理论和实证分析发现:我国与被并购国家的制度距离越小,跨国并购后绩效改善越明显,规范性制度距离增加降低跨国并购后的企业绩效,而管制性制度距离对企业跨国并购绩效的影响取决于并购年限和并购国家的制度质量。This paper studies the effect of institutional distance on the performance of merger and acquistion（ MA） between transnational MA contries from the angle of system. Results of theoretical and empirical analysis show that： the smaller institutional distance between China and the MA country,the performance more obvious after transnational MA. The increases of normative Institutional Distance reduce transnational merger and acquisition performance. The effect of control Institutional Distance on transnational merger and acquisition performance depends on MA life and MA national quality.

关 键 词：制度距离 跨国并购 绩效 

分 类 号：F270[经济管理—企业管理] F276.7[经济管理—国民经济]