知识产权制度距离对中国企业跨国技术并购的影响分析

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Abstract Based on the 249 cross-border technology acquisitions undertaken by Chinese firms from 2005—2018,this study,drawing on institutional theory,examines the impact of intellectual property rights institutional(IPRI)distance on the completion duration and equity choice of cross-border technology acquisitions.The results reveal that:①There is an inverted U-shaped relationship between IPRI distance and the completion duration of M&A,in other words,with an increase in IPRI distance,the completion duration of M&A increases firstly and then decreases;②There is a U-shaped relationship between IPRI distance and the equity ratio of M&A,in other words,in host countries with very similar or different levels of intellectual property institutions,Chinese firms are more likely to choose high-equity acquisitions.This study enriches the research on institutional distance and cross-border M&A,and uncovers the turning point of IPRI distance affecting the cross-border technology acquisitions of Chinese firms.

Key words： IPRI distance Cross-border technology acquisition Completion duration Equity choice

Received: 11 May 2020

PACS:

F279.23

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	Yan Haifeng
	Wang Molin
	Su Cong

Cite this article:

Yan Haifeng,Wang Molin,Su Cong. Impact of Intellectual Property Rights Institutional Distance on Chinese Cross-Border Technology Acquisitions[J]. , 2021, 2(3): 123-132.

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http://www.zgkjlt.org.cn/EN/ OR http://www.zgkjlt.org.cn/EN/Y2021/V2/I3/123

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