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[]2008-11-17[]2006(06JC790024);985(985TNC20060102)[](1974-),,,,,(,300071)[],,20002007,,,;(),,[];;[]F27[]A[]1007-9556(2009)01-0063-08InstitutionalConstraintsandtheOperationalPerformanceofChineseFirmsCrossBorderAcquisitionsYANDa-ying(SchoolofEconomics,NankaiUniversity,Tianjin300071,China)Abstract:ThispaperexploresthedeterminantsfortheoperationalperformanceofChineseFirmscrossborderacquisitionsinthecontextofaccelerativeinstitutionaltransitionandinternationalization.Tofulfillthisobjective,thispaperdevelopsaseriesofhypothesesontheinflu2encesofregulatoryandnormativeinstitutionsontheoperationalperformanceofChineseFirmsaftertheircrossborderacquisitionsbasedontheinstitutionaltheories.AsampleofcrossborderacquisitionsconductedbyChinesenon-financialfirmsbothlistedindomesticandHongKongstockexchangesfrom2000iscollectedtoinvestigatethechangingpatternofoperationalperformancefrompretopostacquisitionswithmulti-dimensionsoffinancialratios,andtesthypotheseswithmultivariateregressions.TheresultsconfirmthatChinesefirmswhoconfrontSerestrictregulatoryconstraintsorgreaterculturaldistanceinthehostcountrieswillhavepoorerpostacquisitionperformance.ThisstudyalsodiscoversvariousuniqueandcommonfactorsthathaveimpactsontheoperationalperformanceofChineseFirmscrossborderacquisitions.Theoverallresultsofpaperhavebothprofoundtheoreticalandempiricalcontributionstotheissueofcrossborderacquisitioninthecontextofemerginganddevelopingeconomies,aswellaspracticalsuggestionsontheChinesefirmsoptimalinternationalstrategiesintheaimofincreasingtheglobalcompetitiveadvantages.KeyWords:CrossborderAcquisition;institutionalfactors;operationalperformance,20,,,21,(UNCTAD)2006,20004.72005149,178%,3620091311///////JournalofShanXiFinanceandEconomicsUniversityJan.,2009Vol.31No.12005,23,(BostonConsultingGroup,BCG)1986515,,2/3,,(,2003;,2003;,2007)(,2007;,2007;,2007)(,2006;Yong,2006),,,,,,(FDI)FDI,,(Shimizu,2004),,,,,,,(Hoskisson,2000;Wright,2005),,(LewinKim,2004;Redding,2005;Ring,2005),Dunning(2006)Buckley(2007)RugmanLi(2007),,,()(Institutionaltheory)(isosphism),(legitimacy)North(1990)(institutions)(rulesofthegame),,Scott(1995)(regulative)(normative)(cognitive),,,,()(Hoskisson,2000;Wright,2005),,,,(GatignonAnderson,1988;DeliosBeamish,1999),(liabilityofforeignness,LOF)(),,,,(spillovereffects),,,(Brouthers,2002),,,,(culturaldistance)4620091311///////JournalofShanXiFinanceandEconomicsUniversityJan.,2009Vol.31No.1,(psychologicaldistance),,MakinoNeupert(2000),,,(),,,,,,LuoTung(2007),,FDI,,,,,,,,,1H1:,,,,,,,,,(ChenFindlay,2003;Yong,2006),,,(ChildRodrigues,2005;ErdenerShapiro,2005)YiuBruton(2007),,,,(Zhan,1995),,,,2H2:,()BureauvanDijk(BvD)ZEPHYR50%:(1);(2);(3),BermudaCaymanBritishVirgin,,7610,20002007129CS2MARCCERWIND()1.,,,,,(,1988),5620091311///////JournalofShanXiFinanceandEconomicsUniversityJan.,2009Vol.31No.1,,,:,;(NPV),;,(,2004),,,,,,(1)(OCFS)=/,(OCFTA)=/,(2)(ROA)=/,(ROE)=/ROA,ROE2.(1)YiuMarkino(2002)19957,(HeritageFoundation)(EconomicFreedomIndex,EFI)1100,,,,(REFI)1,(2)Hofstede(Hofstede,2004)(PowerDistance)(Indi2vidualism)(Masculinity)(UncertaintyAvoidance)(Long-TermOri2entation)0100KogutSingh(1988),(TCCD),,,2,TCCD3.,,(1)HennartReddy(1997),,(Digestibility)(Di2visibility),,Kusewitt(1985)LeeCaves(1998),,,,,YiuMakino(2002),,,LNTV(2),,(Gaba,2002)RugmanLi(2007),,,Dubin(1975)Wilson(1980),,,,LginadTA-1(3),6620091311///////JournalofShanXiFinanceandEconomicsUniversityJan.,2009Vol.31No.1,,,,,(Inkpen,2000;GedajlovicShapiro,1998)Dunning(1993)Erramilli(1997),(50%)(30%),,(STAKE)(4),,,2002,2005,,,,(Ralston,2006),,,Buckley(2007),,,,,;,,;,,,,:(SOE),(1,0);(PGSHS),;,(PGSHS2)(5),,,,(KimHwang,1992;KogutSingh,1988),,,BvDZEPHYR,FDI()(PREI1N),(6)RugmanLi(2007),Porter(1990),,,(WorldEconomicForum)(GlobalCompositenessIndex)(110)30,12,,GCI(RGCI)RGCI,(7),(),,,(Rondinelli,1987),,(deMenil,7620091311///////JournalofShanXiFinanceandEconomicsUniversityJan.,2009Vol.31No.11999),Giovanni(2005),,Buckley(2007),2090FDI,Park(1997)YanGray(1994),,,,(),(RID)(1=,2=,3=)()131,,,,,,WilcoxonZ1,,03,,,3,,,,,1-10-11-12-13ZZZZIndadOCFS(%)-5.87333-2.122-4.19333-2.207-3.37333-2.368-2.76333-2.561IndadOCFTA(%)-2.09333-2.579-1.55333-3.795-1.13333-3.465-0.78-1.389IndadROA(%)4.361.299-0.25333-2.636-0.84333-2.237-10.4731.906IndadROE(%)3.681.128-0.5231.853-4.94-1.485-14.12-1.4561291069472-11,33333310%5%1%(),03,2,(REFI)(TCCD)(p0.05),,12,(SOE),PGSHS2(p0.010.1),,(RGCI)(p0.010.05),,Porter,(PREI1N)(p0.010.1),(RID),,(LNTV)(LginadTA-1)(STAKE)8620091311///////JournalofShanXiFinanceandEconomicsUniversityJan.,2009Vol.31No.121234-mindad2OCFTAmindad2OCFSmindad2ROAmindad2ROE-0.3595(0.23)1.9179(0.83)21.5641(21.18)1.8036(0.85)REFI+(H1)0.093733(2.04)0.0277333(2.79)0.028933(2.31)0.045833(2.48)TCCD2(H2)20.8089733(22.72)20.257333(22.42)20.20933(21.73)20.892933(22.9)LNTV2/+0.1229(0.86)0.0834(0.58)0.0592(0.95)20.046033(22.36)LginadTA-12/+0.0733(0.20)20.0657(21.19)20.1393(21.30)20.48143(21.84)STAKE2/+20.0873(21.4200)0.1068(1.4400)20.1225(21.1100)0.08183(1.72)SOE2/+0.1860(1.45)0.0595(1.07)0.1176(0.53)0.0789(1.33)PGSHS2220.06823(21.82)20.045833(22.23)20.07