摘要
文章对中国企业在海外并购过程中可能遇到的制度障碍进行了理论探索,并利用WIND资讯2004-2010年海外并购案例进行了实证分析。结果发现,正式性制度约束会通过产业保护对我国企业海外并购产生直接的显著影响,非正式性制度约束不仅能单独影响企业海外并购的成功率,并且能通过并购经验对正式性制度约束产生调节作用。
This paper theoretically explores the institutional obstacles to Chinese enterprises＇overseas M＆A, and applies the WIND data of overseas M＆A cases from 2004 to 2010 to make an empirical analysis. The results indicate that, formal institutional constraints have significantly direct effects on Chinese enterprises＇ oversea M＆A through industry protection, and in- formal institutional constraints have not only significant effects on the success rate of overseas M＆A, but also adjustment effects on formal institutional constraints through M＆A experience.
出处
《财经研究》
CSSCI
北大核心
2011年第8期91-102,共12页
Journal of Finance and Economics
关键词
制度因素
走出去
海外并购
institutional factor
＂Go out＂ policy
overseas M＆A
