文献类型：期刊文献

中文题名：我国企业海外上市对跨国并购的影响研究

英文题名：The Impact of Overseas Listing on Chinese Firms’ Cross-Border M&As

作者：阎海峰[1];周海波[1];李桐[1]

机构：[1]华东理工大学商学院,上海200237

年份：2019

卷号：43

期号：2

起止页码：87

中文期刊名：湘潭大学学报（哲学社会科学版）

外文期刊名：Journal of Xiangtan University:Philosophy And Social Sciences

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2017】；CSSCI:【CSSCI2019_2020】；

基金：国家自然科学基金面上项目"学习能力;学习效果对新兴市场中小企业国际化水平影响研究"(71072071);国家自然科学基金青年项目"中国企业在发达国家创业的外来劣势研究:社会网络的视角"(71202051)

语种：中文

中文关键词：海外上市;跨国并购;合法性;国际化经验;企业性质

外文关键词：overseas listing;cross-border M&As;legitimacy;international experience;ownership

摘要：目前有关中国企业海外上市的研究大多在财务管理领域,主要探讨海外上市对企业资本成本及公司治理的影响,很少有研究从企业战略角度入手。事实上,海外上市不仅满足了企业的融资需求,还与其国际化战略息息相关。从制度理论视角来看,海外上市可以通过管制、规范和认知合法性提升企业在东道国的合法性。以"A+H"型上市(同时在A股和H股上市)企业为研究对象,进行实证分析后发现,海外上市能够促进跨国并购;进一步的研究还发现,对于缺乏国际化经验的企业或国有企业来说,海外上市对跨国并购的促进作用更为显著。
The extant research on overseas listing of Chinese firms mainly focuses on the listing influence on capital cost and company governance within the financial research area. However, the overseas listing effect is seldom discussed from a company’s strategic perspective. In fact, overseas listing not only meets the financial needs of the firms, but also is closely related to its international strategy. From the perspective of institutional theory, overseas listing can enhance the legitimacy of firms in the host country through regulatory, normative and cognitive legitimacy of firms. Using sample firms of 'A + H' type listed Chinese firms, the empirical analysis shows that overseas listing facilitates cross-border M&As, and the facilitating effect is stronger for those firms which lack international experience or state-owned ones.