经济距离、并购经验与跨国公司股权进入模式研究

Economic Distance,Acquisition Experience and MNE's Equity Entry Mode

文中选取2003—2016年间中国企业发生的352起跨国并购的事件为研究样本,运用二项Logit回归模型,探讨经济距离、并购经验对中国企业跨国并购股权进入模式的影响,同时检验了并购经验是否能够影响经济距离和股权进入模式的关系。结果表明:在跨国并购过程中,经济距离越大,企业越倾向于部分股权进入模式;并购经验越丰富,也越倾向于部分股权进入模式;而并购经验对经济距离和股权进入模式的关系并无显著影响。

Based on the data of 352 cases of cross-border M＆A of Chinese enterprises from 2003 to 2016, this article used the binomial Logit model to analyze the impact of economic distance and M＆A experience on the MNE＇ s equity entry mode of Chinese enterprises and tested whether the M＆A experience has the effect on the relationship between economic distance and equity entry mode. The results show that the greater the economic distance is, the more likely the enterprises tend to a- dopt minority-equity mode in the process of cross-border mergers and acquisitions. Meanwhile,the more the M＆A experience an enterprise has, the more possible it chooses minority-equity entry mode. However, M＆A experience has no significant effect on the relationship between economic distance and equity entry mode.