This paper tests the influence of cultural distance on enterprises ’ ownership arrangements and the moderating effect of geographic distance on their relationship.The sample consisted of 426 cross border Mergers and Acquisitions of Chinese enterprises from 2005 to 2012.And empirical test were run using a binomial logit model.The result shows: enterprises are more inclined to full ownership when cultural distance is large and more inclined to shared ownership when geographic distance is large.In addition, geographic distance can moderates the relationship between cul-tural distance and enterprises’ ownership arrangements in cross border Mergers and Acquisitions.%選取了2005—2012年間我國企業(yè)發(fā)生的426起跨國并購事件，運用二項Logit模型，分析文化距離對我國企業(yè)跨國并購所有權安排的影響，并在此基礎上，探討地理距離對二者關系的調節(jié)作用。結果表明：文化距離越大，企業(yè)在跨國并購中越傾向于全資進入模式；地理距離越大，企業(yè)越傾向于合資進入模式；并且，地理距離對文化距離和企業(yè)所有權安排關系起到一定的調節(jié)作用。
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機譯：上市公司股權結構對市值管理效果的影響—基于因子分析的實證研究 =The Impact of Corporate Governance Structure Upon Listed Company’s Market Value Management Effect: Based on Factor Analysis
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