中文摘要：

本文从外部环境、企业和交易3个层面研究可能影响我国高技术企业跨国并购绩效的因素。采集中国大陆A股上市的高技术企业在2010~2015年间的跨国并购案例，运用回归方法进行经验检验。研究结果表明：显著影响我国高技术企业跨国并购绩效的因素主要包括：相对国家竞争优势、制度距离、财务风险3个因素与我国高技术企业的跨国并购绩效有显著的负相关影响；行业相关性、以往跨国并购经验、管理层能力、企业规模、相对并购规模5个因素对我国高技术企业的并购绩效有显著的正相关影响。

英文摘要：

This paper analyzes the factors that may affect the performance of M&A from three aspects:external environment,enterprise and transaction.We sample53cases of cross-border M&A from Chinesehigh-tech enterprises listed in A-shares from2010to2015and use robust regression to conduct empirical test.The empirical results show that the factors signifi cantly affect the performance of M&A.The relative nationalcompetitive advantage,institutional distance and fi nancial risk have a signifi cant negative correlation with theperformance of cross-border M&A.Industry correlation,experience in cross-border M&A,manager’ability,firm size,relative size of M&A have a significant positive impact on the performance of Chinese high-techenterprises.The infl uence of cultural distance and government correlation are not remarkable.