制度距离对中国上市公司跨国并购绩效的影响——国际经验与知识吸收能力的中介作用

摘要

跨国并购是现阶段中国企业"走出去"的重要模式.随着中国企业跨国并购事件的迅速增长,从制度距离层面对跨国并购整合效果与并购绩效的研究成为热点.然而,不同学者对制度距离影响跨国并购绩效的实证研究却得出不同结论,其作用机制与效果仍待进一步探究.以中国上市公司成功实施的60起跨国并购案例为研究样本,以样本企业并购事件发生前后两年总资产收益率变化为因变量,通过剖析制度距离不同层面及并购母公司国际经验与知识吸收能力的中介作用,明确了制度距离不同维度影响跨国并购绩效的路径与机制.%Cross-border M&A has become an important method of enterprises′"going out strategy".With the rapid grow th of cross-border M&A practice,researchers pay great attention on integrated effect and performance.However,the empir-ical researches show different or even opposite conclusions.T he dependent variable in this research is the change of return on total assets(ROTA)two years ago and two years after the M&A.Based on 60 Chinese enterprises′ cross-border M&A events,this paper discusses institutional distance,international experience,know ledge absorptive capacity and RO-TA,and then clarifies the mechanism that institutional distance affects cross-border M&A performance is clarified.