制度距离对我国企业跨国并购绩效的影响研究——基于上市公司数据的实证分析

Research on the Effect of Institutional Distance on the Performance of Chinese Enterprises Transnational Merger and Acquisition——The Empirical Analysis Based on the Data of the Listing Corporation

从制度角度研究并购国家之间的制度差距对并购绩效的影响。通过理论和实证分析发现:我国与被并购国家的制度距离越小,跨国并购后绩效改善越明显,规范性制度距离增加降低跨国并购后的企业绩效,而管制性制度距离对企业跨国并购绩效的影响取决于并购年限和并购国家的制度质量。

This paper studies the effect of institutional distance on the performance of merger and acquistion（ MA） between transnational MA contries from the angle of system. Results of theoretical and empirical analysis show that： the smaller institutional distance between China and the MA country,the performance more obvious after transnational MA. The increases of normative Institutional Distance reduce transnational merger and acquisition performance. The effect of control Institutional Distance on transnational merger and acquisition performance depends on MA life and MA national quality.