东道国民众好感度影响中国企业海外并购的绩效吗?

Does the favorable opinion on China affect the Chinese oversea M&A performance?

东道国民众对中国的好感度是非正式制度的重要组成部分,其对中国企业海外并购绩效的影响至关重要。本文以2007-2017年中国上市公司248起海外并购为样本,研究表明,东道国民众对中国的好感度越高,中国上市公司海外并购的绩效越好;进一步研究表明,在高商誉样本、国有企业样本和非政治敏感行业并购样本中,东道国民众对中国的好感度提升中国企业海外并购绩效的作用更显著。最后,本文就如何提高东道国民众对中国的好感度提出了建议。

This paper investigates whether the favorable opinion on China affect the Chinese companies overseas M&A performance.The empirical results show that if the target country has a more favorable opinion on China,the Chinese companies overseas M&A has a better performance;and among the M&A activities for the higher goodwill,state-owned companies or the non-political sensitive industries,the favorable opinion on China in the target country has a better positive effect on the overseas M&A performance.Finally,this paper discusses how to improve the target country’s favorable opinion on China.