中文摘要：

文章研究东道国制度质量对中国企业海外并购区位选择二元边际的影响发现：整体上,制度质量越好的东道国越能吸引中国企业的跨国并购投资进入,但越好的制度质量会对跨国并购的数量产生抑制作用;只有发达国家的制度质量会对中国企业跨国并购区位选择的集约边际产生显著负面影响;东道国制度质量会对不同动机的跨国并购区位选择产生差异化影响。

英文摘要：

This paper, based on the cross-border MA data of China, investigates the impact of host countries＇ institutional quality on the location choice of firms＇ overseas MAs. It finds that： overall, the better the institutional quality is, the more attractive a host country would be for the entry of Chinese companies＇ cross-border MAs, however, the better the institutional quality is, the more it will restrain the quantity of cross-border MAs. Only if the host country belongs to developed economy will the negative effect of host countries＇ institutional quality on the intensive margin of location be significant. Host countries＇ institutional quality will exhibit different impacts on the location choice of overseas MAs which have different motives.