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首页> 外文期刊>International Journal of Services Technology and Management >What influence the choice of host country in Chinese firm cross-border M&As on culture distance, institution and tax
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What influence the choice of host country in Chinese firm cross-border M&As on culture distance, institution and tax

机译：中国企业跨国并购中东道国选择对文化距离，制度和税收的影响

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摘要

What influence the choice of host country when Chinese firm make cross-border merger and acquisitions (M&A)? According to 1,051 Chinese cross-border M&A transactions in the years 2000–2015 listed in BVD-Zephyr database, we find that culture distance, institution and tax are the three most significant factors: 1) Chinese firms are more likely to choose host country with close culture when conduct cross-border M&As. 2) Chinese firms tend to choose M&A method to enter countries that have stronger institutions. Among the six specific institution factors (control of corruption, government effectiveness, political stability, regulatory quality, rule of law, voice and accountability), Chinese firms care more about control of corruption, government effectiveness, political stability and regulatory quality. 3) Low-tax countries are more attractive to Chinese firm cross-border M&As.
机译：中国公司进行跨国并购（M＆A）时，对东道国选择有什么影响？根据BVD-Zephyr数据库中列出的2000-2015年间1,051笔中国跨国并购交易，我们发现文化距离，制度和税收是三个最重要的因素：1）中国公司更可能选择东道国与进行跨国并购时保持文化封闭。 2）中国公司倾向于选择并购方式进入制度更强大的国家。在六个具体的制度因素（控制腐败，政府效力，政治稳定，监管质量，法治，声音和问责制）中，中国公司更加关注控制腐败，政府效力，政治稳定和监管质量。 3）低税率国家对中国企业的跨国并购更具吸引力。

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