| 中国企业海外并购影响因素研究——基于新制度经济学视角的经验分析 |
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| 引用本文： | 胡彦宇,吴之雄.中国企业海外并购影响因素研究——基于新制度经济学视角的经验分析[J].财经研究,2011(8). |
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| 作者姓名： | 胡彦宇 吴之雄 |
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| 作者单位： | 中央财经大学经济学院;国家开发银行资金局; |
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| 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。
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| 关 键 词： | 制度因素 走出去 海外并购 |
A Study on Influencing Factors of Chinese Enterprises' Overseas M&A:Empirical Analysis from the Angle of New Institutional Economics |
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| HU Yan-yu,WU Zhi-xiong.A Study on Influencing Factors of Chinese Enterprises' Overseas M&A:Empirical Analysis from the Angle of New Institutional Economics[J].The Study of Finance and Economics,2011(8). |
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| Authors: | HU Yan-yu WU Zhi-xiong |
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| Institution: | HU Yan-yu1,WU Zhi-xiong2(1.School of Economics,Central University of Finance and Economics,Beijing 100081,China,2.Treasury & Financial Markets Department,China Development Bank,Beijing 100037,China) |
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| Abstract: | 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 informal institutional constraints have not only significant effects on the success rate of overseas M&A,but also adjustment effects on formal institutional... |
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| Keywords: | institutional factor Go out policy overseas M&A |
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