本文基于跨国并购在地理边界以及组织边界两个维度上的特征,分别从熟悉度及信任度两个不同的视角入手,详细分析了企业以往和特定伙伴的联盟合作经验对其开展跨国并购的影响作用。文章认为,联盟合作经验通过增强并购企业对东道国环境的熟悉度,减少企业面临的潜在“外来者劣势”;通过加深对目标企业的熟悉度,减轻源于信息不对称的逆向选择问题及机会主义风险。并购企业与目标企业之间通过联盟合作建立的信任关系,以及并购企业之于其他利益相关者建立的外部合规性以及信任,有利于推动并购整合活动。 Based on the characteristics of cross-border mergers and acquisitions (M & A) in the two dimensions of geographic boundaries and organizational boundaries, this paper analyzes the influence of past and specific partners’ alliance cooperation experience on cross-border M & A from two different perspectives: familiarity and trust. effect. The article argues that the alliance cooperation experience can reduce the potential “outsider disadvantage” faced by enterprises by increasing the familiarity of M & A enterprises with the host country’s environment. By deepening the familiarity with target enterprises and alleviating the adverse selection problems arising from information asymmetry, Opportunistic risk. The trust relationship established between the M & A and the target through alliance and the external compliance and trust established by the M & A with other stakeholders will facilitate the M & A integration.