中文摘要：

首先运用制度因素论的基本观点，针对东道国的管制约束和规范约束对中国企业跨国并购的财务绩效影响提出了一系列假设，然后以2000～2007年由在中国大陆地区和香港地区上市的非金融类企业发起的跨国并购交易为样本，对跨国并购前后多种财务绩效指标超额收益的变化趋势及决定机制进行了实证考察和多因素分析。结果认为，东道国管制制度越严苛，中国企业跨国并购后的绩效越差；东道国规范制度约束越小（文化距离越小），跨国并购后的绩效越好。此外，还认为所有权属性、相对国家竞争优势及跨国并购经历等是影响中国企业跨国并购绩效的显著因素。

英文摘要：

This paper explores the determinants for the operational performance of Chinese Firms＇ cross border acquisitions in the context of accelerative institutional transition and internationalization. To fulfill this objective, this paper develops a series of hypotheses on the influ- ences of regulatory and normative institutiom on the operational performance of Chinese Firms after their cross border acquisitions based on the institutional theories. A sample of cross border acquisitions conducted by Chinese non - financial finns both listed in domestic and Hong Kong stock exchanges from 2000 is collected to investigate the changing pattern of operational performance from pre to post acquisitions with multi- dimensions of financial ratios, and test hypotheses with multivariate regressions. The results confirm that Chinese in＇ms who confront Se restrict regulatory constraints or greater cultural distance in the host countries will have poorer post acquisition performance. This study also discovers various unique and common factors that have impacts on the operational performance of Chinese Firms＇ cross border acquisitions. The overall results of paper have both profound theoretical and empirical contributions to the issue of cross border acquisition in the context of emerging and developing economies, as well as practical suggestions on the Chinese firms＇ optimal international strategies in the aim of increasing the global competitive advantages.