文化距离和制度距离对我国企业跨国并购溢价的影响研究  

Cultural distance and institutional distance on premium in cross-border mergers &acquisitions by Chinese firms

作　　者：江珊[1] 魏炜[1] 张金鑫[1,2,3] 

机构地区：[1]北京交通大学经济管理学院 [2]北京交通大学工商管理分院 [3]北京交通大学中国企业兼并重组研究中心

出　　处：《投资研究》2016年第7期121-131,共11页Review of Investment Studies

摘　　要：本文以中国上市公司发起的172起对外跨国并购的事件为样本,利用实证的方法研究了文化距离和制度距离对我国企业跨国并购溢价的影响。结果显示:文化距离和制度距离分别与海外并购溢价呈正相关;国有产权性质会显著正向调节文化距离和制度距离与并购溢价的相关关系。This paper considers the effects of cultural distance and institutional distance influences on premium through cross-border mergers acquisitions by Chinese firms during the period using a sample of 172 firms. The findings indicate that cultural distance and institutional distance have a positive effect on the premium. Results also show property right strengthen these relationships, SOEs would like to pay a higher premium compared with privately owned firms.

关 键 词：制度距离 文化距离 产权性质 并购溢价 

分 类 号：F270[经济管理—企业管理] F271[经济管理—国民经济] F125