影响企业跨国并购绩效的制度因素分析——基于2000～2012年中国上市企业数据的研究

An Analysis on Institutional Factors Influencing Cross-border M&A Performance: Based on the Data of Chinese Listed Companies from 2000 to 2012

文章以中国上市企业2000～2012年126起跨国并购的案例数据为样本，采用事件研究法对这些跨国并购事件的短期绩效进行了测算，并基于测算结果对影响企业跨国并购绩效的制度因素进行了回归分析。研究结果显示：大多数企业通过跨国并购获得了一定的超常收益，总体上呈现出良好的并购绩效；而在影响并购绩效的制度因素方面，东道国的经济自由化程度与并购绩效显著正相关，文化距离、主并企业有无跨国并购经验对并购绩效的影响并不显著。

Based on the data of 126 cross-border M&A events launched by Chinese enterprises during 2000 ~ 2012,event Study are employed to evaluate the short-term performance of these companies firstly,and then Institutional Theory is used to analyze the cross-border M&A performance of the companies. The results show: most companies obtain positive abnormal return through cross-border M&A activities,the cross-border M&A performance of Chinese companies shows a favorable trend; concerning the influential factors of M&A performance,economic liberalization level of host country shows a positive correlation with the M&A performance of sample enterprises; the cultural distance between the host country and China and the M&A experience of initiating companies have no significant impact on the M&A performance.