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跨国并购方式已成为电信企业实现国际化经营的主要方式。跨国并购在给电信业带来巨大利润的同时也存在着较大的风险。本文通过建立线性概率模型,以电信业跨国并购及运营的成功与否作为被解释变量,从宏观、微观两个主要方面作为切入点,界定十七个解释变量,考察电信企业跨国并购各因素的影响。同时,本文还对发达国家和发展中国家电信业跨国并购的决定因素予以比较,分析决定其跨国并购成功因素的异同,得出相应的结论。
Transnational mergers and acquisitions has become the main way for telecom companies to achieve international operations. Cross-border mergers and acquisitions in the telecommunications industry to bring huge profits but also there is a greater risk. By setting up a linear probability model and taking the success or failure of cross-border M & A and operation of the telecom industry as an explanatory variable, this paper uses macroscopic and micro aspects as starting points to define seventeen explanatory variables and examine the various factors of multinational mergers and acquisitions influences. At the same time, this article also compares the determinants of cross-border mergers and acquisitions of telecommunications industry between developed and developing countries, analyzes and decides the similarities and differences between the successful factors of cross-border M & A, and draws corresponding conclusions.