CAJ | 학술논문

文章对中国企业在海外并购过程中可能遇到的制度障碍进行了理论探索，并利用WIND资讯2004-2010年海外并购案例进行了实证分析。结果发现，正式性制度约束会通过产业保护对我国企业海外并购产生直接的显著影响，非正式性制度约束不仅能单独影响企业海外并购的成功率，并且能通过并购经验对正式性制度约束产生调节作用。
문장대중국기업재해외병구과정중가능우도적제도장애진행료이론탐색，병이용WIND자신2004-2010년해외병구안례진행료실증분석。결과발현，정식성제도약속회통과산업보호대아국기업해외병구산생직접적현저영향，비정식성제도약속불부능단독영향기업해외병구적성공솔，병차능통과병구경험대정식성제도약속산생조절작용。
This paper theoretically explores the institutional obstacles to Chinese enterprises＇overseas M＆A, and applies the WIND data of overseas M＆A cases from 2004 to 2010 to make an empirical analysis. The results indicate that, formal institutional constraints have significantly direct effects on Chinese enterprises＇ oversea M＆A through industry protection, and in- formal institutional constraints have not only significant effects on the success rate of overseas M＆A, but also adjustment effects on formal institutional constraints through M＆A experience.