中文摘要：

风险识别是中国企业海外并购风险控制的前提,也是保证海外并购成功实现的基础。由于中国特有的社会制度,中国企业的海外并购行为往往得不到东道国政府和民众的信任,这增加了中国企业海外并购的复杂性和不确定性,大大提高了风险识别的难度。为探讨中国企业在海外并购中面临哪些关键风险,论文运用扎根理论研究方法,以近年来中国企业进行的海外并购典型失败案例为研究样本,通过数据收集和译码过程,不断比较和理论抽样,构建了以＂跨文化风险＂为核心范畴的中国企业海外并购关键风险体系,并基于合法性视角,从国家和组织两个层面进一步解析了风险源——制度距离,从而为中国政府和企业有效进行海外并购风险防范提供了策略和建议。

英文摘要：

Risk identification is a foundation of risk control and management for Chinese enterprises＇ cross-border MAs.Owing to China＇s unique institution,it is difficult to get trust from the government and people of the target countries,which increases the complexity and uncertainty of cross-border MAs.So,Chinese enterprises find that it is too hard to identify the key risk.In order to look for the key risk,the paper analyses the failure cases of Chinese enterprises＇ cross-border MAs according to grounded theory.By coding process,constant comparison and theoretical sampling,the paper tries to build a key risk system of Chinese enterprises＇ cross-border MAs as the core of ＂Cross-cultural Risk＂.And we move forward to argue the root of the key risk,Institutional Distance,from the government and enterprises levels based on legitimacy perspective and then provide some strategies and comments of risk prevention for Chinese enterprises＇ cross-border MAs.