摘要
以2006-2010年发生跨国并购的中国上市公司为样本,利用结构方程模型实证检验了企业内部控制质量、东道国的政治风险对中国企业海外并购绩效的影响。研究发现,高质量的内部控制能显著提升企业跨国并购绩效,在并购过程中,企业选择政治风险较高的国家和地区企业作为并购对象,对其绩效的改善则具有显著的抑制作用。
This paper uses a sample of Listed Companies in China which has carried out the crossborder M&A from 2006-2010 to empirically test that how the quality of internal control and the political risk of the host country influence the performance through the structural equation model. The study finds that the high quality of internal control can significantly enhance the corporate performance of cross-border M&A,and if the Chinese company choose the corporation of the nation and region where there is a higher political risk as the M&A targets,the improvement of the performance will been significantly inhibited in the M&A process.
出处
《科学决策》
CSSCI
2014年第4期1-15,共15页
Scientific Decision Making
基金
安徽省软科学研究计划重点项目(项目编号:1302053027)
安徽省教育厅人文社科研究重点项目(项目编号:SK2013A017)
关键词
结构方程模型
内部控制
政治风险
并购绩效
structural equation model
internal control
political risk
M&A performance