本文选取 2001 年 1 月至 2015 年 12 月完成跨国并购的浙江和广
东企业为样本，基于随机泊松回归模型进行分析，讨论了东道国正式
制度于对两省企业跨国并购区位选择的不同影响机制问题。论文从管
制制度和经济制度两个方面，并以市场潜力作为调节变量，分析东道
国正式制度差异对于两省企业跨国并购区位选择的作用机制。研究结II
果表明，东道国管制制度对浙江、广东两省的企业跨国并购区位选择
都存在显著的负向影响，两省企业都倾向于向管制制度较差的国家或
地区进行并购。东道国经济制度仅对浙江企业跨国并购的区位选择影
响十分显著，浙江省的企业更倾向于前往经济制度较好的国家或地区
并购。另外，东道国的市场潜力对东道国管制制度与区位选择的之间
的影响关系起到负向调节作用；而对经济制度与区位选择的影响作用
起到正向调节作用。最后，对于细分制度因素来说，管制制度中政府
管制效率和腐败控制这两个维度与两省企业的跨国并购区位选择存
在显著负向关系
本文的研究结果对于推动我国企业跨国并购具有积极的理论意
义和良好的实践启示。一方面，本文的研究结果通过对浙江、广东两
省的并购企业分析，丰富了我国企业跨国并购的相关理论内涵。另一
方面，我国不同地区的企业需要结合当地企业的发展实际制定针对性
的并购策略，选择合适的并购目标
关键词：跨国并购，区位选择，正式制度，市场潜力，浙江，广东
论文类型：应用基础研究III
THE RELATIONSHIPAMONG
FORMAL INSTITUTION, MARKET
POTENTIALAND THE LOCATION
CHOICE OF CROSS-BORDER M&A:A
STUDY OF ZHEJIANG AND GUANGDONG
FIRMS
ABSTRACT
As the “going out” pace of Chinese firms has been accelerating, the cross-border
merger and acquisition of Chinese firms has become a common concern in both
theory and practice field. Zhejiang and Guangdong, as the leaders of China&39;s
economic reform and development, play an important role in the cross-border M & A
in China. However, there are some differences in the cross-border M & A location
choice between the firms in two provinces. Zhejiang and Guangdong are located in
the two most active regions in China: the Pearl River Delta and the Yangtze River
Delta. But the majority of Zhejiang firms&39; develop from spontaneous adjustment to
government promotion. The high speed development of Guangdong firms is mainly
affected by the national level economic system reform and the radiation effect of early
Hong Kong and Macao, they follow the road both of gradual separation of
government with firms and the development of foreign trade. Obviously, these
differences have a significant impact on the cross-border M & A of firms in the two
provinces.
With the data of completed cross-border M&A of Zhejiang and Guangdong firms
from January 2001 to December 2015 as samples, analysis based on stochastic
Poisson regression model, then discuss the mechanism issue that the host country&39;sIV
formal institution have different influence on the location choice of cross-border M &
A of the two provincial firms. This paper analyzes the mechanism of the difference
between the host country&39;s formal institution and the location choice of the two
provincial firms, according to both control and economic institution aspects by using
with market potential as regulatory role. The research found that control institution
factors have significant negative influence on the firms&39; location selection of
cross-border M & A in both Zhejiang Province and Guangdong Province. Two
provincial firms are inclined to the countries or regions of poor control institution to
carry out cross-border M & A. Economic institution have significant positive
influence on the firms&39; location selection of cross-border M & A in Zhejiang, firms
tend to carry out cross-border M & A on the countries or regions of better economic
institution. In addition, the market potential of the host country can be a positive
regulatory to the relationship between control institution and cross-border M & A
location selection; and be a positive regulatory to the relationship between regulation
institution and cross-border M & A location selection. Finally for subdivision
institutional factors, Government Effectiveness, Control of Corruption is negative to
cross-border M & Alocation selection in tow provinces.
Overall, the results of this paper have positive theoretical significance and good
practical implications for the promotion of cross-border M & Ain China. On one hand,
the results of this paper enrich the theoretical connotation of cross-border M & A of
Chinese firms through the analysis of the two provinces of Zhejiang and Guangdong.
On the other hand, firms in different regions of China need to develop a targeted
merger strategy and select the appropriate M & A target based on the actual
development of local firms.
KEY WORDS：Cross-border Mergers and Acquisitions; Location Choice; Formal
Institutions; Market Potential; Zhejiang; Guangdong
TYPE OF DISSERTATION / THESIS: Application Fundamentals浙江工业大学硕士学位论文 正式制度、市场潜力与企业跨国并购区位选择关系研究：以浙江、广东为例
I
目 录
1 绪论...........1
1.1 研究背景1
1.2 研究意义3
1.2.1 理论意义...3
1.2.2 实际意义...4
1.3 研究内容5
1.4 研究方法和技术路线....7
1.4.1 研究方法...7
1.4.2 技术路线...7
1.5 可能的创新点....9
1.6 论文框架.......... 10
2 研究综述..12
2.1 跨国并购及区位选择.. 12
2.1.1 跨国并购基本概念......... 12
2.1.2 区位选择相关理论......... 13
2.1.3 我国跨国并购区位选择研究现状......... 16
2.2 制度理论.......... 18
2.2.1 制度的定义和分类......... 18
2.2.2 正式制度理论..... 19
2.2.3 管制制度. 21
2.2.4 经济制度. 26
2.3 制度理论与跨国并购区位选择.......... 30
2.3.1 东道国制度吸引理论....
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