中文摘要：

运用事件研究和回归分析对中国上市公司2009—2014年海外并购事件的短期市场反应以及影响因素进行了实证研究，研究显示中国企业的海外并购对股票市场产生显著的积极影响。中国上市公司与东道国之间的制度距离和文化差异越小，海外并购公告为上市公司带来的累计异常收益率越高；同时，并购公告产生的累计异常收益率与并购企业的实际控制人性质显著相关，中国上市公司实际控制人的国有性质有弱化制度距离对累计异常收益率负作用的调节效应。然而，中国上市公司实际控制人的国有性质对文化差异与累计异常收益率负作用的调节效应不显著。

英文摘要：

With the data of Chinese overseas M＆A events from 2009-2014, the event study and regression analysis are used to analyze the short-term market reaction and the influencing factors. We find that Chinese overseas M＆A has significant positive effect on short market reaction. The smaller the institutional distance and the cultural difference between the corporation and those of host country, the higher the cumulative abnormal returns during the announcement of o- verseas M＆A. At the same time, the cumulative abnormal return during the t of overseas M＆A is significantly related to the nature of the actual controller of the M＆A corpora- tion. The state ownership nature of Chinese corporations＇ actual controller has a moderating effect on the negative effect of the institutional distance to the cumulative abnormal return. However, the state ownership nature of Chinese corporations＇ actual controller has no significant effect on the negative effect of the cultural difference to the cumulative abnormal return.