东道国制度因素对中国企业跨国并购 区位选择影响研究

近年来，中国企业跨国并购行为受到越来越多学者的关注。本文从东道国政治制度、经济制度及文化制度三大因素出发，对2005年至2012年中国企业在全球176个国家发生的432起跨国并购案例进行实证检验。结果表明：在政治制度方面，中国企业跨国并购投资倾向于政治制度完善的国家；在经济制度方面，中国企业跨国并购投资倾向于经济制度自由的国家；在文化制度方面，中国与东道国之间的文化距离对中国企业跨国并购投资的区位选择没有确定的正负向关系。

Study on the Impact of Institutional Factors of Host Countries on Chinese Enterprises Cross-border Mergers and Acquisitions Location Choice

In recent years, more and more scholars pay attention to cross?border mergers and acquisitions of Chinese enterprises. In this paper, empirical test is used to analyze 432 cross?border M&A of Chinese enterprises from 2006 to 2012 in the perspective of polit?ical institution, economic institution and cultural institution. The result shows:In the aspect of political institution, Chinese enterprises tend to invest in countries that have improved political institution; In the aspect of economic institution, Chinese enterprises’ capital tends to flow into countries with free economic institution;In the aspect cultural institution, certain positive or negative relationship is not found between Chinese enterprises cross?border M&A location choice and the cultural distance between host country and China.