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本文从经济风险与制度结构两方面,探讨我国企业海外并购的股权水平。实证结果表明:东道国较高的通货膨胀并没有显著降低我国企业并购股权水平,甚至对其提高并购股权水平起到一定促进作用,东道国对我国的出口依赖度与我国企业并购股权水平存在显著U型关系;东道国较低的市场法律制度质量并没有显著降低或提高我国企业的并购股权水平,而东道国与我国相同的法律起源成为我国企业加强并购股权水平的有力保障;双边较长的建交关系有效地推动了我国企业提高并购股权水平,而双边高层领导政治互动和我国企业并购股权水平存在显著U型关系。本文的分析框架与结论对发展南-南、南-北并购投资理论与指导实践都有一定的意义。
This article explores the level of equity of overseas mergers and acquisitions by Chinese enterprises from the aspects of economic risk and institutional structure. The empirical results show that the higher inflation in the host country does not significantly reduce the level of M & A in our country and even enhances the M & A level. The dependence of the host country on China’s export and the level of M & The quality of the legal system in the lower market of the host country did not significantly reduce or increase the level of mergers and acquisitions of Chinese enterprises, while the same legal origin of the host country and our country became a powerful guarantee for the enterprises in our country to strengthen the level of mergers and acquisitions; the relatively long bilateral bilateral relations effectively Promoted Chinese enterprises to raise the level of mergers and acquisitions, while the bilateral top-level political interaction and the level of mergers and acquisitions in China there is a significant U-shaped relationship. The analysis framework and conclusions of this paper have certain significance for the development of investment theory and guiding practice of South-South and South-North M & A.