中文摘要：

运用制度因素和组织学习的经典理论，根据制度约束和国际经验，就中国企业如何选择跨国并购和合资新建两种国际直接投资模式提出一系列假设，并通过对2000年以来中国企业实施跨国并购和合资新建的样本进行Logistic回归分析，对假设进行了验证，得出了中国企业面临的制度约束越强，砌时越倾向于合资，而企业的国际经验越丰富，FDI时越倾向于并购的结论。同时，还揭示出一系列在制度转型和加速国际化背景下，影响企业选择并购和合资的宏微观层面的特定因素。

英文摘要：

This paper aims to explore the determinants for the Chinese firms＇ FDI entry mode choices. To fulfill this objective, this paper develops a series of hypotheses on the multiple influences of institutional constraints and international experiences on the Chinese finns＇ choices between cross border acquisitions versus new joint ventures based on the institutional perspective and the organizational learning theories. A pooling sample of cross border acquisitions and new overseas joint ventures since 2000 is collected to test the hypotheses with Logistic regressions. The results confirm that Chinese firms with greater institutional constraints Will prefer to choose joint ventures, while Chinese firms with more international experience will be more likely to adopt acquisitions. This paper also discovers a lot of finn and country specific characteris- tics that have significant impacts on Chinese firms＇ FDI entry mode choices in the context of accelerative institutional transition and economic liberalization. The overall results of paper have both profound theoretical contributions to broaden the research on the issue of FDI entry made choices in the context of emerging and developing economies, as well as practical suggestions improve Chinese firms＇ internationalization strategies.