The Influence Of Performance Expectation Gap On The Entry Mode Of Chinese MNEs

With the acceleration of global economic integration,emerging economies are increasingly active in direct investment abroad,and the world economic structure is facing readjustment,upgrading and strategic transfer.This undoubtedly has brought significant opportunities to the Chinese economy.More and more Chinese enterprises have embarked on the path of internationalization.Since the 1990 s,cross-border M & A has gradually become the main mode of outward direct investment,and its position has become increasingly important in foreign direct investment.In the study of cross-border mergers and acquisitions,M & A mode has always been a hot issue.However,there is less research on the mode of enterprise M & A focusing on corporate performance.Therefore,based on the situation of China's transitional economy,this study,based on the integration of "system theory","transaction cost theory","monopoly advantage theory" and "resource basic theory",added performance feedback theory and considered performance expectations Gap on the impact of China's MNCs' entry mode and its mechanism of action to explore three issues:(1)Do the performance expectations gap have an impact on the entry mode of Chinese MNCs?(2)What is the impact of performance expectation gap on the entry mode of multinational mergers and acquisitions by Chinese enterprises?(3)Does the difference in performance between multinationals have a regulatory effect on the entry pattern of cross-border mergers and acquisitions by Chinese enterprises?This study took 151 Chinese listed companies implementing cross-border M & As in 2016 as the research sample,collected relevant data.The results are as follows:(1)The performance expectation gap has an impact on the choice of Chinese enterprises' M & A entry mode;(2)The larger the historical performance expectation gap,the more the enterprises tend to adopt sole proprietorship mode;the bigger the industry performance expectation gap,(3)The differences of transnational system have weakened the effect of performance expectation gap on the choice of Chinese enterprises 'M & A mode,that is,the gap between transnational system and performance expectation has a negative effect on the selection of Chinese enterprises' M & A mode effect.