中文摘要：

近年来，中国企业海外投资并购增长趋势强劲，跨国并购已成为中国企业寻求新一轮发展的重要途径。但在全球跨境并购中，中国企业跨国并购失败率却远高于欧美企业。鉴于此，本文考察了1997-2010年中国企业跨国并购的成功率，并从政治和文化视角分析其影响因素。结果发现，涉及政治敏感性行业的并购成功可能性较低；中国同东道国外交关系越密切、东道国国民的诚信程度越高、中国与东道国的历史交战次数越少，并购交易完成的可能性越高。

英文摘要：

There is an increasing trend for Chinese enterprises to invest abroad, especially to do M＆As after the world economic crisis of 2008. According to the statistics published by Ministry of Commerce of the People＇ s Republic of China, from 2008 to 2011, M＆As made by Chinese enterprises totaled $106.3 billion US dollar, which achieved an average annual growth rate of 44%. China has become the world＇s fifth largest foreign investment country in 2012, non-financial direct investment overseas reached US $ 77.22 billion, which was the highest level in the past seven years, Chinese companies＇ investment areas include 141 countries and regions. But at the same time, the failure rate of China＇s overseas investment and M＆As is also increasing year by year, according to the report made by ＂Financial Times＂ on January 30, 2011, the failure rate of Chinese enterprises＇ cross-border M＆As on 2009 and 2010 are 12% and 11% respectively, a very high rate of failure when compared with US and UK＇ s 2% rate of failure. To study the reasons for the failure of Chinese companies＇ cross-border M＆As, we found that many Chinese companies acquired political sensitive assets,such as energy, minerals, defense technology assets, therefore, those M＆As were obstructed by foreign governments under the ground of ＂pose a threat on national security＂ . In addition to political factors, cultural conflict is also one of the main reasons for the failure of Chinese enterprises＇ cross-border M＆As. The famous ＂70/70 Rule＂ pointed out that 70% of M＆As do not achieve desired business values, and among them, 70% failed due to post- merger cultural integration. Based on the above analysis, political and cultural factors are the two main reasons for transaction and integration failures of M＆As. Meanwhile, overseas acquisition is a crucial step of Chinese government＇ s ＂Going-Out＂ strategy, so analyzing the attribution of success and failure is very important. We collected a sample of 327 cross-border M＆A