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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。
With the development of science and technology, telecommunications and transportation facilities, it is worth discussing whether the effect of geographical distance on the decision-making of foreign direct investment is getting smaller or disappearing. This article takes the cross-border mergers and acquisitions (M & A) events carried out by Chinese enterprises from 2000 to 2014 as samples. Taking Tobacco Regulatory Cross-border Mergers and Acquisitions as an example, this paper uses Tobit regression method to explore the influence of geographic distance on M & A controlling rights. At the same time, Whether the correlation can reduce the impact of asymmetric information caused by geographical distance. The study found that in developing countries, geographical distance still has a significant impact on cross-border mergers and acquisitions controlling stake, with a positive correlation between the two; the overall M & A experience, industry-related M & A experience of geographical distance and cross-border mergers and acquisitions However, the relationship between the cross-border mergers and acquisitions and the industry relevance of both mergers and acquisitions have significantly adjusted the relationship between geographic distance and M & A controlling interests.