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本文通过对2005-2014年中国企业的729项海外竞购案进行匹配,揭示了我国企业的跨国竞购决策合理性问题以及东道国准入合法性对前竞购绩效的影响。结果发现,东道国政治风险和制度差异等因素并未对企业竞购规模决策产生显著影响,而企业规模、投资经验和所有制性质等企业特定优势是影响竞购决策的主要影响因素。上述实证结果表明,东道国准入合法性是中国企业竞购失败的原因,但其并没有引起竞购方决策者的充分重视。
By matching 729 overseas bidding cases of Chinese enterprises in 2005-2014, this article reveals the rationality of multinational bidding decisions of Chinese enterprises and the impact of the legitimacy of host country access on the performance of pre-bidders. The result shows that the factors such as political risk and institutional difference in the host country have no significant influence on the decision-making of firm bidding. The firm-specific advantages such as firm size, investment experience and ownership are the main influential factors in bidding decision-making. The above empirical results show that the legitimacy of the host country’s accession is the reason for the failure of Chinese enterprises bidding, but it did not give full attention to the decision-makers of bidders.