市场质量、制度质量与企业跨国并购的绩效研究——跨国并购经验的调节作用

A study on market quality,institutional quality and the performance of cross border mergers and acquisitions——The moderating effect of cross border M&A experience

在中国坚持'走出去'战略和大力推动供给侧改革及产业升级的背景下,越来越多的企业通过跨国并购重组来实现产业的升级与扩张。本文旨在研究东道国的市场质量和制度质量与企业长期绩效的关系,并探究跨国并购经验在其中的调节作用。对2009—2014年中国A股上市企业跨国并购案例的实证研究发现:东道国市场质量方面的市场机会和市场自由度以及制度质量都与并购企业的绩效具有正相关的关系,而企业跨国并购经验的影响不显著。跨国并购经验正向调节东道国市场自由度和制度质量对企业绩效的影响,而对东道国市场机会没有显著调节作用。

The cross-border mergers and acquisitions of Chinese enterprises show a rising trend,in the case of the country to promote the supply side reform, M&A integration is one of the important means of landing. The relationship between market quality and quality of institutions and enterprises in this paper a host of long-term performance, and explore the moderating role of experience in cross-border mergers and acquisitions, according to the findings of empirical research in Chinese companies listed multinational case in 2009—2014: the host market quality in terms of market opportunities and market freedom there is a positive correlation between the quality and the system of the performance of merger and acquisition,but there was no significant effect of transnational merger and acquisition experience. The experience of cross border mergers and acquisitions positively regulates the influence of host country ’s market freedom and institutional quality on firm performance, but has no significant moderating effect on the host country’s market opportunity.