什么影响了中国金融业跨国并购的区位选择?——基于心理距离角度的研究

What Impact the Location Choice of China's Cross-border Mergers and Acquisitions in Financial Industry——Based on the Perspective of Psychic Distance

本文基于2000-2015年中国金融业714起跨国并购的微观数据,分别从文化距离、制度距离、地理距离、共同边界、移民网络和语言差异这六个维度考察了心理距离对中国金融业跨国并购区位选择的影响。实证结果发现,总体上看,中国与东道国之间的心理距离越大,金融业投资者在该东道国进行并购活动的可能性越小;具体而言,相较于其他维度,地理距离对中国金融业并购区位选择的影响并不显著,而文化距离对金融业的并购区位选择却呈现出显著的正向相关关系。

Based on the micro data from 2000 to 2015, this article investigates the relationship between different dimensions of psychic distance--culture distance, institutional distance, geographic distance, common border, immigrant networks and lan- guage distance--and the location choice of China＇ s cross-border mergers and acquisitions in financial industry. The empirical study shows that the further the psychic distance between China and the host country, the less possibility that the financial in- vestors in China conduct mergers and acquisitions in the host country. In addition, compared to other dimensions, geographic distance has an insignificant impact on location choice of China＇ s cross-border mergers and acquisitions in financial industry, yet the impact of culture distance is rather significant.