| 摘要: |
| 中国企业海外并购区位选择决策受到多种因素的影响。文章采用 1997~2014年间的中国企业海外并购交易微观数据，实证分析了资本市场发展水平、税收以及区域经济一体化等因素对企业海外并购区位选择的影响。研究发现，发达的资本市场以及与中国建立区域经济一体化制度安排是中国企业海外并购区位决策的重要因素。另外，较高的税率在一定程度上提升了东道国（地区）的被选概率。 |
| 关键词: 海外并购 资本市场 税收 区域经济一体化 |
| DOI： |
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| 基金项目:上海海关学院中国 FTA战略科研创新团队(项目编号:2312221)。 |
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| Determinants of the Location Choice of Chinese Enterprises’ Cross-border Mergers and Acquisitions |
| GAO Xiang,LI Ling |
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| Abstract: |
| Although literatures on the location of FDI are abundant, deficiencies can be found in researches on the determinants of the location choice of Chinese enterprises’cross-border mergers and acquisitions. Using data dated from January 1, 1997 to September 30, 2014, the paper analyzes the impacts of capital markets development, tax level and regional economic integration on the locational choice of Chinese enterprises’M&As. We find a comparatively developed capital market and institutional agreement on regional economic integration with China are important factors for Chinese enterprises’location decisions. Besides, a higher tax rate increases the opportunity of potential target countries being chosen. |
| Key words: cross-border mergers and acquisitions capital market tax regional economic integration |
