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1. Introduction

Cross border mergers and acquisitions (Mamp;As) play an increasingly important role in worldwide Mamp;A activity in terms of number of deals and transaction value (Bertrand amp; Zuniga, 2006). During the 1990s, a strong increase in the number of high-value cross-border deals was observed with a significant participation of European firms (Sleuwaegen amp; Valentini, 2006).Despite the recent worldwide economic downturn, global Mamp;A activity was approximately US$3.5 trillion in 2011 (Dealogic,2012). The managerial importance of the international acquisition phenomena is made apparent by the size of this figure alone. As the number of acquisitions grows, so does the importance of the correctly valuing the target firm. During the pre-acquisition stage, managers will no doubt be forced to assess both the tangible assets and the often more important intangible market based assets to arrive at an appropriate valuation of a cross border acquisition. Increasingly the question becomes one of how to assess potential international acquisitions.

就交易数量和交易价值而言，跨国并购（M＆A）在全球并购活动中扮演着越来越重要的角色（Bertrand＆Zuniga，2006）。在1990年代，随着欧洲公司的大量参与，高价值跨境交易的数量猛增（Sleuwaegen＆Valentini，2006）。尽管最近全球经济下滑，但全球并购活动约为3.5万亿美元在2011年（Dealogic，2012年）。仅通过该数字的大小就可以看出国际收购现象的管理重要性。随着收购数量的增长，正确评估目标公司的重要性也在增加。在预购阶段，毫无疑问，管理人员将被迫评估有形资产和通常更重要的基于市场的无形资产，以对跨境收购进行适当的估值。该问题越来越成为如何评估潜在的国际收购的问题之一。

The merger and acquisition decision making process is often described as a step by step analytical process that starts with objectives and passes through systematic search and screening, strategic evaluation and financial evaluation, i.e. the due diligence process (Haspeslagh amp; Jemison, 1991). Therefore, in order to identify an appropriate target firm a thorough due diligence process is required. This process has features similar to the due diligence for domestic Mamp;As, however, it is complicated by several elements (such as different institutional environments and different cultures) that appear even more crucial in cross border Mamp;As (Kissin amp; Herrera, 1990). Due diligence might reveal unexpected surprises (Cullinan, Le Roux, amp;Weddigen, 2004), which may result in the acquiring firm deciding not to proceed with the acquisition (Kaden, 2009) or seeking to identify a firm with a greater possibility of synergy realization. The recognition of the role of due diligence as a contributor to a successful acquisition process has grown in recent years (Carbonara amp; Rosa, 2009, p. 94). This has been

particularly so in the circumstances of the economic slowdown, where the evaluation of a target firm becomes even more important under conditions which make the valuation of a company more challenging.

并购决策过程通常被描述为逐步分析过程，从目标开始，经过系统的搜索和筛选，战略评估和财务评估，即尽职调查过程（Haspeslagh＆Jemison，1991）。因此，为了确定合适的目标公司，需要进行彻底的尽职调查过程。这一过程的特征类似于对国内并购的尽职调查，但是它却因多种因素（例如不同的制度环境和不同的文化）而变得复杂化，这些因素在跨国并购中显得更为关键（Kissin＆Herrera，1990）。尽职调查可能会带来意想不到的惊喜（Cullinan，Le Roux和＆Weddigen，2004年），这可能导致收购公司决定不继续进行收购（Kaden，2009年）或寻求找到具有更大协同效应的公司。近年来，尽职调查是成功收购过程的重要因素，这一点已得到越来越多的认可（Carbonara＆Rosa，2009，p。94）。这使在经济放缓的情况下和在使公司估值更具挑战性的条件下，对目标公司的评估变得更加重要。

Despite the importance of this process, relatively few studies have focused on the due diligence involved in cross border Mamp;As (Shimizu, Hitt, Vaidyanath, amp; Pisano, 2004). Also, little prior research has investigated the impact of the pre-acquisition evaluation of a target firm on cross border acquisition success. The purpose of this paper is to further our understanding of the Mamp;A process by investigating the impact of the pre-acquisition evaluation of target firms on cross

border acquisition performance.

The rest of the paper is set out in the following way. The next section briefly reviews the literature relating to due-diligence and develops the theory related to the present research. The studyrsquo;s research hypothesis is developed in Section 3.Section 4 presents the research methods employed in the study. The research findings and discussion are presented in Section 5. Conclusion and implications are provided in the final section.

尽管此过程很重要，但相对较少的研究集中在涉及跨国并购的尽职调查中（Shimizu，Hitt，Vaidyanath和Pisano，2004年）。 同样，很少有先前的研究调查过目标公司的收购前评估对跨境收购成功的影响。 本文的目的是通过调查目标公司的收购前评估对跨行业并购的影响，进一步加深我们对并购过程的理解。
本文的其余部分按以下方式列出。下一部分简要回顾了有关尽职调查的文献，并发展了与本研究相关的理论。该研究的研究假设在第3节中提出。第4节介绍了该研究中采用的研究方法。第5节介绍了研究结果和讨论。最后一节提供了结论和启示。

2. Due diligence in mergers and acquisitions

Mamp;As are an inherently risky investment, in large part because the acquirer have limited knowledge about the target business they pursue. Although there will be a certain amount of information available to the acquirer, it will usually be the case that some details will be deeply buried in the books or records of the organization, far away from the eye of the prospective acquirer and difficult to identify and evaluate. Therefore, the acquirer may not entirely base the acquisition

decision on the data provided by the target company but may seek to further investigate the target firm, in order to validate key assumptions and to mitigate the risk of unpleasant surprises. Such careful and deliberate examination is known as lsquo;due diligencersquo; (Angwin, 2001; Very amp; Schweiger, 2001).

In the context of Mamp;As, due diligence can be defined as the process of scrutinizing key aspects of the target firm regarding financial, legal, human resources, operations, business and strategic aspects (Aiello amp; Watkins, 2000; Angwin, 2001; Kissin amp; Herrera, 1990; Very amp; Schweiger, 2001). Given the high failure rate of Mamp;As (Marks amp; Mirvis, 2001), researchers and practitioners have become very interested in what can be done to increase the chances of Mamp;A success. We consider that a thorough evaluation, i.e. due diligence, can make the difference between the success and failure of cross border acquisitions.

2.并购中的尽职调查
并购是一种固有的风险投资，很大程度上是因为收购方对他们追求的目标业务了解有限。尽管将有一定数量的信息提供

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