【摘要】 随着科技、电信和交通设施的发展,地理距离对企业对外直接投资决策行为的影响是否正在变小或消失是值得探讨的问题。文章选取2000~2014年期间我国企业实施的跨国并购事件为样本,以跨国并购控股权为例,采用Tobit回归的方法探讨地理距离对跨国并购控股权的影响,同时检验了并购经验和并购双方行业相关性是否能够减弱地理距离带来的信息不对称的影响。研究发现在发展中国家背景下,地理距离对跨国并购控股权依然有显著影响,二者之间呈正相关关系;总的并购经验、行业相关的并购经验对地理距离和跨国并购控股权之间的关系无显著影响,但区域相关的跨国并购经验和并购双方的行业相关性显著调节了地理距离和跨国并购控股权之间的关系。更多还原

【Abstract】 With the development of science,technological telecommunication and transportation facilities,whether the influence of geographical distance on decision-making of foreign direct investment is getting smaller or disappears is worth exploring. Taking the cross-border M&A of China enterprise between 2000 ~ 2014 as an example,this paper uses the method of Tobit regression to explore the influence of geographic distance on the ownershipin cross-border M&A,and examines whether M&A experience and industry relevance can reduce the effect of information asymmetry from the geographic distance. Research shows: in the context of developing countries,geographical distance has a significant impact on cross-border M&A ownership,and there is a positive correlation between the two. The overall M&A experience and industry-related M&A experience has no significant effect on the relationship between geographic distance and cross-border M&A ownership,but the regional cross-border M&A experience and the industry relevance of both sides significantly adjust the relationship between geographic distance and cross-border M&A ownership.更多还原