机构投资者和跨国并和收购.pptVIP

3 Country-Level Analysis国家层面分析 研究思路 We first present the main results on whether the presence of institutional shareholders in a country is related to local firms being targeted in cross-border deals. ——首先，给出主要结论，在跨国收购中，被收购企业是否与机构投资者有关联关系。 We next investigate how country-level governance interacts with foreign institutions in explaining cross-border MA. ——其次，分析国家治理程度与外国机构投资者相互作用的关系来解释跨国收购。 Finally, we correct for the potential endogeneity of institutional ownership. ——最后，我们修正了潜在内生性机构投资者的所有权。 图1提出的初步证据表明，跨国并购更频繁地发生的国家，外国持有较高比例的股票市值。 Figure 1 presents preliminary evidence that cross-border M