中文摘要：

本文从正式制度距离、地理距离、国际经验等视角研究了我国上市公司跨国并购绩效的影响因素,并采用事件研究法对200家沪深两市上市公司在1992~2012年达成的311笔跨国并购交易进行了实证检验,结果表明：（1）跨国并购交易使收购方在公告期内获得了正向的累计超额收益率。（2）地理距离对跨国并购绩效可能具有显著积极影响。（3）正式制度差异、一般国际经验可能显著负向影响跨国并购绩效。国家经验、跨国并购经验没有发现显著影响;敏感行业的并购绩效更高。研究认为跨国并购交易能为收购方增加价值;正式制度距离可能增加跨国并购交易复杂性、增加整合难度从而不利于并购绩效;一般国际经验在跨国并购中可能不适用而不利于收购;地理距离给收购者带来异质技术、战略资源和资产等优势多过信息不对称风险。

英文摘要：

We studied the determinants of cross-border MA performance by Chinese listed companies. We applied event study methods to examine 200 firms participating in 311 cross-border MA deals between 1992 and 2012. The results show that formal institutional distance and general international experience may have a negative impact on value creation through cross-border MA, though geographic distance may have a positive impact on the cross- border MA performance. Theoretical and practical implications are also discussed.