互联网发展、国家距离与跨国公司股权进入模式的选择*

选取2001—2017年发生的1 066起中国企业跨国并购事件为样本，运用二项Logit回归模型，探讨东道国互联网发展、经济距离、文化距离、地理距离对中国企业跨国并购股权进入模式的影响。结果表明：在跨国并购过程中，互联网发展水平越高，企业越倾向于部分股权进入模式；经济距离越大，企业越倾向于部分股权进入模式；文化/地理距离越大，企业越倾向于全资进入模式。

Network Development, National Distance and the Choice of Multinational Corporation Equity Entry Mode

Based on the data of 1066 cases of cross border M&A of Chinese enterprises from 2001 to 2017, this article uses the binomial Logit regression model to discuss the impact of network development, economic distance, cultural distance and geographical distance of host countries on the cross border M&A equity entry mode of Chinese enterprises. The results show that in the process of cross border mergers and acquisitions, the greater the economic distance and the network development, the more likely the enterprises tend to adopt minority equity mode; the greater the cultural distance and geographical distance, the more likely the enterprises tend to adopt majority equity mode.