制度距离与中国企业跨国并购区位选择——基于微观数据的比较分析

Institutional Distance and Chinese Enterprises Cross-border Mergers and Acquisitions Location Choice——Comparative analysis based on micro data

运用条件Logit模型,分别从正式及非正式的角度探讨了制度距离对我国企业跨国并购区位选择的影响。结果表明:中国企业总体倾向于进入制度距离较大的国家,并且偏好选择正式制度距离较大的发达国家和正式制度距离较接近的发展中国家进行投资;2009年后,中国企业相比2008年之前越来越偏好在非正式制度距离差距较大的国家进行投资。

Using conditional Logit model,the paper discusses the influence of institutional distance on Chinese enterprises’ cross-border mergers and acquisitions location choice respectively from formal and informal perspectives.The results show that：Chinese enterprises tend to generally enter into countries who have larger institutional distance.This paper also finds that Chinese enterprises prefer to choose to invest in developed countries who have larger formal institutional distance and developing countries who are closer to formal institutional distance;but after 2009,Chinese enterprises more and more prefer to invest in countries who have large gap of informal institutional distance compared with that before 2008.