An Empirical Study On The Effects Of Institutional Differences On The Performance Of Chinese Enterprises’ Cross-border M & A

With the acceleration of the global economic integration process,the world industrial structure is facing a re-adjustment,upgrading and strategic shift,to the gradual implementation of the new industrialization strategy of the C hinese economy has brought important strategic opportunities,more and more C hinese enterprises began to embark on the international road.In the process of globalization,cross-border mergers and acquisitions have gradually become the main way of foreign direct investment,Chinese enterprises through cross-border mergers and acquisitions in the way of internationalization,in order to obtain the necessary strategic development of enterprise resources,open the international market and access to foreign advanced technology and resources.However,the success rate of Chinese enterprises to implement cross-border mergers and acquisitions is not high,many scholars believe that the domestic system is completely different from the main cause of its failure.Therefore,this study from the "institutional theory","transaction cost theory" and "organizational learning theory" perspective,the choice of institutional differences as independent variables,the company’s international business experience for the adjustment of variables,explore institutional differences and international business experience in C hina The impact of the performance of enterprises after the implementation of cross-border mergers and acquisitions.Mainly to explore three issues:(1)whether the institutional differences affect the implementation of cross-border mergers and acquisitions in China after the main effect of performance?(2)the institutional differences on the implementation of cross-border mergers and acquisitions in C hina after the impact of the perfor mance mechanism is how?(3)the international business experience on the institutional differences and the implementation of cross-border mergers and acquisitions after the impact of the performance of the regulatory effect?In order to answer the above questions,this paper reviews the relevant literatures on the research of C hina’s transnational M & A performance from the perspective of institutional theory,transaction cost theory,organizational learning theory and industrial organization theory.Then,the data were processed and analyzed by EXC EL and SPSS19.0 software.The main results were as follows:(1)Institutional differences After the implementation of cross-border mergers and acquisitions in China,the C hinese companies listed on the cross-border mergers and acquisitions(2)The international business experience has a significant effect on the institutional differences and the performance of cross-border mergers and acquisitions in China,and weakens the negative effect of institutional differences on the performance of cross-border M & A performance in Chinese enterprises.The contribution of this paper is as follows:(1)Based on the situation of localization in China,this study conducts an in-depth and comprehensive study on the relationship between the institutional differences,the international experience and the performance of M & A in the process of transnational M & A of Chinese enterprises,An important supplement to the relationship between institutional differences and cross-border M & A performance.(2)This research integrates the theoretical framework of institutional theory,transaction cost theory,organizational learning theory and industrial organization theory to carry out cross-border M & A performance of Chinese enterprises in order to enrich the relevant theoretical research on the performance of transnational M & A in C hinese enterprises.Finally,it points out the limitations and future research directions of this study,and provides reference for the fol ow-up study.