决定中国企业海外并购绩效的因素分析

海外并购已经成为中国企业对外直接投资的主导模式，那么，哪些因素影响了中国企业的海外并购绩效？构建一个综合的研究框架，从国家、企业、交易这三个不同层面探究中国企业海外并购绩效的影响因素，通过对176家中国A股上市公司的269个海外并购样本进行实证研究，研究发现显著影响中国企业海外并购绩效的因素来自不同层面。具体而言，国家竞争力、营商环境、海外并购经验、管理层能力、账面市值比、企业规模、财务状况、关联属性等因素都显著地影响海外并购绩效。结合实证分析的结果，文章为中国企业海外并购良好绩效的取得提供了操作层面的启示。

Analysis about the Determining Factors on the Performance of Overseas Acquisition

Nowadays, overseas acquisition has become the dominant pattern of Chinese firms''OFDI. Then, there is a question about what affect the performance of overseas acquisition. This paper establishes a research framework which searches for the influence factors on the perform- ante of overseas acquisition. We sample the 269 cases of overseas acquisition from 176 Chinese listed firms in A-shares. The results show that the factors from various dimensions affect the performance markedly, including national competitiveness, business environment, experience in overseas acquisition, managers'' ability, Book-to-Market ratio, firm size, financial condition, and so on. Based on these findings, this paper also provides practical advice on how to obtain a good performance on overseas acquisition.