报告题目：Why Do Chinese Firms Pay Premiums? Institutional Environment and Cross-Border Merger and Acquisition Premiums Paid by Emerging Multinational Enterprises

报告地点：主教615会议室（9499www威尼斯会议室）

报告时间：2月28日（周二） 13:30-17:00

报告人：张竹博士

报告人简介（200字）：张竹博士本科毕业于对外经济贸易大学，博士就读于北京大学光华管理学院，专业为战略管理与国际经营，师从武常岐教授。2015至2016年，在美国Indiana University访问一年，师从Marjorie Lyles教授。主要研究领域为国际化战略、跨国并购、协同创新。目前在《南开管理评论》、《经济与管理研究》、《管理现代化》等期刊上有论文发表，在AIB和SMS等会议上有多篇会议论文宣读，同时有多篇在研的中英文论文。此外，张竹还撰写了多篇学术与教学案例，参与了多项国家级课题。

报告摘要（400字以内）：

Institutional environment is a very important factor in studying cross-border mergers and acquisitions (M&As). However, the role of the institutional environment in influencing cross-border M&A premiums has not been well studied. This is an important gap because it is a common but under-recognized phenomenon that emerging economies, such as China, often overpay in acquiring foreign targets (Hope, Thomas & Vyas, 2011). To fill this gap, we study the role of the institutional environment in affecting the size of acquisition premiums. Based on cross-border M&A data of Chinese multinational firms, we find a positive relationship between institutional distance and premiums. The larger the institutional distance between home and host country, the larger the premium is paid for the target. Furthermore, in order to better understand the nature of the institutional environment, we study the distinctive characteristics of the institutional environment of host country which is often referred to as the institutional quality. Our results contribute by showing that when the institutional quality of the host country is good, the premium is reduced. In addition, when the acquirer and target are in related industries, the effect of institutional distance on the acquisition premiums is mitigated. Furthermore, we contribute to and differ from the previous studies by finding that the acquirer’s cross-border M&A experience does not help as expected in reducing the premiums. Our results have both theoretical and practical implications.