东北大学学报（自然科学版）

东北大学学报(自然科学版) ›› 2013, Vol. 34 ›› Issue (10): 1504-1507.DOI: -

• 管理科学 • 上一篇    下一篇

制度距离、信息不对称和国际并购绩效——基于中国上市公司并购案的实证研究

杜晓君，朱园园   

  1. (东北大学工商管理学院，辽宁沈阳110819)
  • 收稿日期:2013-02-01 修回日期:2013-02-01 出版日期:2013-10-15 发布日期:2013-05-24
  • 通讯作者: 杜晓君
  • 作者简介:杜晓君(1964-)，女，辽宁盖州人，东北大学教授，博士生导师.
  • 基金资助:
    国家社会科学基金资助项目(04BJY004)；教育部人文社会科学基金资助项目(07JA790081).

Institutional Distance， Information Asymmetry and International M&A Performance:Empirical Evidence from Chinese Listed Companies

DU Xiaojun， ZHU Yuanyuan   

  1. School of Business Administration， Northeastern University， Shenyang 110819， China.
  • Received:2013-02-01 Revised:2013-02-01 Online:2013-10-15 Published:2013-05-24
  • Contact: ZHU Yuanyuan
  • About author:-
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摘要： 基于外来者劣势(liabilityofforeignness，LOF)理论，以中国上市公司并购案为研究样本，利用逐步线性回归分析的方法对国际并购绩效的主要影响因素进行了实证研究.研究结果表明，在控制了企业异构性和东道国制度质量等因素后，制度距离的3个测量维度之中，“法律制度距离”会削弱收购方的国际并购绩效，而其他两个测量维度“经济制度距离”和“文化距离”皆对国际并购绩效有正向作用；收购企业所属种群的种群密度大小会调节制度距离和国际并购绩效间的关系.

关键词: 国际并购绩效, 外来者劣势, 制度距离, 信息不对称, 种群密度

Abstract: Based on the liability of foreignness theory and using the stepwise linear regression method， the key factors to influence the international merger and acquisition performance were studied using the examples of Chinese listed companies. The results showed that if enterprise heterogeneity and host country institutional quality etc.， are regarded as the control variables， there is an obvious negative correlation between the legal institutional distance and the international M&A performance， while the economic institutional distance and cultural distance could promote the international M&A performance. The population densities of acquirers can adjust the correlation between the institutional distance and the performance.

Key words: international M&A performance, liability of foreignness, institutional distance, information asymmetry, population density.

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