通过对183例中国企业海外并购案例的分析,相对于基本面机制,政府干预机制更能解释国有企业海外并购成功率低的现象,控股层级较多的国有企业的海外并购成功率较高。提出国有企业减小失败概率的路径选择,为政府制定和完善国有企业改革政策提供了若干建议。 By analyzing 183 cases of overseas M & A by Chinese enterprises, compared with the fundamental mechanism, the government intervention mechanism can explain the low success rate of state-owned enterprises overseas M & A and the success rate of overseas mergers and acquisitions of state-owned enterprises with more controlling levels is higher. Put forward the path of reducing the probability of failure of state-owned enterprises, and provided some suggestions for the government to formulate and perfect the reform policies of state-owned enterprises.