| 摘要: |
| 本文通过对2000~2015年期间804起中国企业宣告的跨国并购交易作为样本研究发现，并购目标的选择会影响中国企业跨国并购交易完成的可能性。从宏观层面来看，东道国/地区的制度质量与跨国并购交易成功的可能性正相关。从目标方企业特征来看，作为目标企业，如果是私人目标会增加跨国并购交易完成的可能性。从交易特征来看，如果收购采用现金支付方式会减少中国企业跨国并购交易完成的可能性。 |
| 关键词: 跨国并购 目标特征 制度 |
| DOI： |
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| 基金项目:华中师范大学中央高校基本科研业务费专项资金项目“异质性视角下中国企业跨国并购非遍历动态目标选择机制研究”(项目编号:231-20205140055)。 |
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| The Determinants of the Completion of Cross-border M&As by Chinese Firms |
| DONG Li-jun |
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| Abstract: |
| As EMNE acquisition behavior becomes more prominent, it is important that we gain a fuller understanding of how the unique context of emerging markets spurs this type of internationalization, as well as to determine if EMNE acquisition behavior differs from more traditional developed country MNEs. Using a data set containing 804 announced Chinese cross-border M&A deals over the 2000~2015 period, this study finds how the target selection influences the likelihood that Chinese overseas acquisition deals are completed. At the country-level, the institutional quality in a host country is positively related to the likelihood that a cross-border M&A deal is completed. From the view of characteristics of targets, the likelihood that a cross-border M&A deal is completed is increased if the target is private. From the view of characteristics of deals, the likelihood that a cross-border M&A deal is completed is decreased if acquirers use cash as a method of payments in cross-border deals. |
| Key words: cross-border M&As; target characteristics institution |
