【摘要】 本文在构建市场化进程与地区开放度对企业跨国并购决策影响模型的基础上,以2011年发生跨国并购行为的上市公司为研究对象进行了实证检验。结果表明,市场化进程的提升,企业跨国并购动机的下降,抑制了企业制度跨国并购的决策倾向;地区开放程度的上升,为企业跨国并购的实施创造了条件,从而提升了企业制定跨国并购决策的可能性。更多还原

【Abstract】 On the basis of constructing the decision-making model of cross-border mergers and acquisitions influenced by marketization and degree of openness,this paper makes an empirical test on the sample of cross-border acquisitions taken by listed companies in 2011.Our findings indicate that a less active motivation of cross-border acquisition is the outcome of an increase of marketization,which turns out to be less probability of cross-border acquisitions.We show that the possibility that a given deal is cross-border rather than domestic increases with the degree of openness of the host region,which creates a more suitable environment for cross-border acquisition.更多还原