Completion of high-tech M&As by chinese firms: knowledge distance, industry attractiveness and government involvement
基于1991-2018年中国企业797起高科技海外并购数据，研究发现知识距离越小、国内高科技行业吸引力越大，并购完成可能性越高；目标企业政府参与会降低完成率，但收购方政府参与影响不显著。
Abstract This paper draws upon institutional theory to incorporate the multi-level influences of institutional environment (i.e., knowledge distance at the country level, industry attractiveness at the industry level, and government involvement at the firm level) in order to examine the determinants that affect acquisition completion. Based on a sample of 797 outward M&As in the high-tech industry initiated by Chinese firms from 1991 to 2018, we found that the likelihood of completing an acquisition increases when the knowledge distance between China and the host country decreases and in the presence of a high attractiveness of the Chinese high-tech industry involved. In addition, we found that government involvement in the acquiring firms has different influences from that in the target ones on the likelihood of acquisition completion. Specifically, we only found that the likelihood of acquisition completion decreases in the presence of government involvement in the target firm. The influence of government involvement in the acquiring firms on acquisition completion was not significant. The implications of this study of high-tech M&As enacted by firms from emerging markets are thus discussed.