| 摘要: |
| 跨国并购不仅受到两国经济发展水平差异的影响，还可能受到母公司董事会特征的影响。本文以2003—2016年中国企业发生的410起跨国并购的事件为研究样本，运用二项Logit回归模型，探讨经济距离、董事会异质性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，经济距离越大，企业越倾向于部分股权进入模式；董事会规模越大，企业也倾向于部分股权进入模式；而政治关联、教育水平与股权进入模式的关系并无显著影响。 |
| 关键词: 经济距离 董事会异质性 跨国并购 股权进入模式 |
| DOI： |
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| Economic Distance，Heterogeneity of the Board and MNE’s Equity Entry Mode |
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GUO Jian-quan，RUN Qin-qin
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| Abstract: |
| :Cross-border mergers and acquisitions （CBMA） may not only be affected by the differences between the two countries in the level of economic development，but also may be affected by the characteristics of the board directly.Based on the data of 410 cases of cross-border M&A of Chinese enterprises from 2003 to 2016，this article uses the binomial Logit model to analyze the impact of economic distance and heterogeneity of the board on the MNEs equity entry mode of Chinese enterprises.The results show that the greater the economic distance is，the more likely the enterprises tend to adopt minority-equity mode in the process of cross-border mergers and acquisitions.Meanwhile，the larger scale of the board is，the more possibility for it to choose minority-equity entry mode.However，the relationship between political association and education level have no significant effect on the equity entry mode. |
| Key words: economic distance heterogeneity of the board cross-border M&A;equity entry mode |
