摘要
I
摘要
随着全球经济一体化进程的加快，世界产业结构面临着重新调整、升级和战略转
移，给正处于逐步实施新型工业化战略的中国经济带来了重要的战略机遇期，越来越
多的中国企业开始走上国际化的道路。在全球化的进程中，跨国并购逐渐成为对外直
接投资的主要方式，中国企业通过跨国并购的方式参与国际化，以此获得企业发展所
需的战略性资源，打开国际市场以及获得国外先进的技术和资源。然而中国企业实施
跨国并购的成功率并不高，众多学者认为与国内完全不同的制度环境是导致其失败的
主要原因。因此，本研究从“制度理论”、“交易成本理论”和“组织学习理论”的视
角出发，选取制度差异为自变量，企业的国际经验为调节变量，探究制度差异和国际
经验对中国企业实施跨国并购后绩效的影响。主要探索三个问题：（1）制度差异是否
为影响中国企业实施跨国并购后绩效的主效应？（2）制度差异对中国企业实施跨国并
购后绩效的影响机制是怎么样的？（3）国际经验对制度差异与中国企业实施跨国并购
后绩效之间的影响具有调节效应吗？
为了回答上述问题，本研究从制度理论、交易成本理论、组织学习理论、产业组
织理论等理论视角对中国跨国并购绩效研究的相关文献进行了回顾。接着以 150 家实
施跨国并购的中国上市企业为研究样本，收集相关数据，以 EXCEL 和 SPSS19.0 软件
对数据进行处理和分析，主要研究结果如下：（1）制度差异对中国企业实施跨国并购
后的绩效存在显著的负向效应；（2）国际经验对制度差异与中国企业实施跨国并购后
绩效具有显著的调节作用，弱化了制度差异对中国企业实施跨国并购绩效的负向作用

本文的贡献在于：（1）本研究基于中国本土化的情境，对中国企业实施跨国并购
过程中与东道国的制度差异、国际经验与并购后绩效之间的关系进行深入全面的研究，
是对先前关于制度差异和跨国并购绩效关系的重要补充。（2）本研究整合了制度理论、
交易成本理论、组织学习理论和产业组织理论对中国企业实施跨国并购绩效的理论分
析框架，以丰富中国企业实施跨国并购绩效的相关理论研究。最后，指出本研究存在
的局限性和未来的研究方向，为后续的研究提供借鉴

关键词：并购绩效；国际经验；制度差异；制度理论；线性回归模型广东工业大学硕士学位论文
II
Abstract
With the acceleration of the global economic integration process, the world industrial
structure is facing a re-adjustment, upgrading and strategic shift, to the gradual
implementation of the new industrialization strategy of the Chinese economy has brought
important strategic opportunities, more and more Chinese enterprises began to embark on the
international road. In the process of globalization, cross-border mergers and acquisitions
have gradually become the main way of foreign direct investment, Chinese enterprises
through cross-border mergers and acquisitions in the way of internationalization, in order to
obtain the necessary strategic development of enterprise resources, open the international
market and access to foreign advanced technology and resources. However, the success rate
of Chinese enterprises to implement cross-border mergers and acquisitions is not high, many
scholars believe that the domestic system is completely different from the main cause of its
failure. Therefore, this study from the institutional theory, transaction cost theory and
organizational learning theory perspective, the choice of institutional differences as
independent variables, the company&39;s international business experience for the adjustment of
variables, explore institutional differences and international business experience in China
The impact of the performance of enterprises after the implementation of cross - border
mergers and acquisitions. Mainly to explore three issues: (1) whether the institutional
differences affect the implementation of cross-border mergers and acquisitions in China after
the main effect of performance (2) the institutional differences on the implementation of
cross-border mergers and acquisitions in China after the impact of the perfor mance
mechanism is how (3) the international business experience on the institutional differences
and the implementation of cross-border mergers and acquisitions after the impact of the
performance of the regulatory effect
In order to answer the above questions, this paper reviews the relevant literatures on the
research of China&39;s transnational M & A performance from the perspective of institutional
theory, transaction cost theory, organizational learning theory and industrial organization
theory. Then, the data were processed and analyzed by EXCEL and SPSS19.0 software. The
main results were as follows: (1) Institutional differences After the implementation of
cross-border mergers and acquisitions in China, the Chinese companies listed on the
cross-border mergers and acquisitions (2) The international business experience has a
significant effect on the institutional differences and the performance of cross-border
mergers and acquisitions in China, and weakens the negative effect of institutionalAbstract
III
differences on the performance of cross-border M & A performance in Chinese enterprises.
The contribution of this paper is as follows: (1) Based on the situation of localization in
China, this study conducts an in-depth and comprehensive study on the relationship between
the institutional differences, the international experience and the performance of M & A in
the process of transnational M & A of Chinese enterprises, An important supplement to the
relationship between institutional differences and cross - border M & A performance. (2)
This research integrates the theoretical framework of institutional theory, transaction cost
theory, organizational learning theory and industrial organization theory to carry out
cross-border M & A performance of Chinese enterprises in order to enrich the relevant
theoretical research on the performance of transnational M & A in Chinese enterprises.
Finally, it points out the limitations and future research directions of this study, and provides
reference for the follow-up study.
Keywords : M & A performance; International experience ； Institutional differences;
Institutional theory; Linear regression model广东工业大学硕士学位论文
IV
目录
摘要.......I
Abstract.II
目录....IV
Content ..........VII
第一章 绪论..1
1.1 研究背景与意义 ....... 1
1.1.1 研究背景 ........ 1
1.1.2 研究意义 ........ 2
1.2 研究内容 ....... 3
1.3 研究方法及思路 ....... 3
1.3.1 研究方法 ........ 3
1.3.2 研究思路 ........ 4
1.4 论文结构 ....... 4
1.5 论文创新点 ... 5
1.6 本章小结 ....... 5
第二章 文献综述......6
2.1 跨国并购的相关研究 ......
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