中国企业跨境并购效率影响因素实证研究:基于制度视角

An Empirical Study on Determinants of China's Cross-Border M&A Efficiency:An institutional Perspective

本文选择Thomson Reuters数据库中1995～2011年中国企业跨境并购项目为研究样本,实证检验了目标国与中国的制度差异对中国企业跨境并购效率的影响,并首次检验了中国政府双边投资制度安排和中国企业自身跨境成功并购经历对上述影响的调节作用。实证结果表明:目标国与中国的制度差异是影响中国企业跨境并购效率的重要因素,中国政府的双边投资制度安排和中国企业自身的跨境成功并购经历能够调节目标国与中国制度差异对跨境并购效率的负面影响。为此,中国企业未来的跨境并购应重视并减少与目标国在法律规则、权力观念和契约理念上的差别,积累跨境并购的经验;中国政府应进一步推进双边投资制度安排以营造良好外部环境。

Using transaction-level data from Thomson Reuters over the time 1995 ～ 2011,this paper empirically examines the effects of differences in formal and informal institutions between target nation and China on efficiency(the time taken for transaction completion after announcement) of China's cross-border M&A activities.Moreover,it studies how China's bilateral institutional arrangements on investment and China acquirer's past experience with completed acquisition deals moderate the effects of institutional differences.Results show that institutional differences have significant impact on the time duration taken for completion after announcement.In addition,China's bilateral institutional arrangements,as well as China acquirer's past experience,decrease the negative effects of institutional differences.Two practical implications of these findings are:China' s acquirers should pay more attention to the differences in laws,power and contract between target nation and China,at the meantime increase learning ability from past experience;Chinese government should promote bilateral institutional arrangements on investment to facilitate China's cross-border M&A.