跨境并购已成为企业扩张的重要途径，但在这个过程中企业可能会承担制度环境差异造成的额外成本。中国TMT行业企业作为世界上最具活力的一批企业，过去的10年里在全球范围内进行了广泛的并购实践。结合以上两点背景，本文试图在制度理论和跨境并购相关理论的框架内，分析制度距离对我国TMT行业跨境并购绩效的影响。本文选取了2015-2019年中国上市TMT公司并购交易数据作为样本，并通过公开数据构建代表国家之间正式制度距离的法制距离和经济距离代理变量，以及代表非正式制度距离的文化距离代理变量，结合实践构建实证分析，研究正式制度距离和非正式制度距离对企业跨境并购绩效影响。研究结果表明，正式制度距离，特别是法制距离，对企业跨境并购绩效有着显著的负面影响；此外，交易规模本身作为跨境并购的直接成本，也对企业跨境经营表现和跨境并购绩效有着显著的负面影响。但并没有直接证据表明文化距离对企业跨境并购绩效表现和经营表现有显著的正面或负面作用。在上述实证分析基础上，本文选取了腾讯并购游戏公司Supercell的具体案例，从微观视角对实证结果做了进一步阐释与分析，并据此对中国TMT行业的海外并购提出相关建议。

Cross-border merger and acquisition (M&A) has become an important way for multinational enterprises to exert expansion, but enterprises might bear additional costs caused by institutional differences. Chinese TMT enterprises, as one of the most dynamic groups of enterprises in the world, have carried out significant M&A practices all over the world in the past 10 years. Given the above two backgrounds, the paper attempts to analyze the impact of institutional distance on the performance of cross-border M&A in the Chinese TMT industry within the framework of institutional theory and cross-border M&A related theories.The paper selects the M&A transaction data of listed TMT companies in China from 2015 to 2019 as a sample and constructs the legal distance and economic distance proxy variables representing the formal institutional distance between countries and the cultural distance proxy variable representing the informal institutional distance through public data. Combined with practice, the paper conducts an empirical analysis to verify the influence mechanism of formal institutional distance and informal institutional distance on the performance of cross-border M&A of enterprises.The results suggest that the formal institutional distance, especially the legal distance, has a significant negative impact on the performance of cross-border M&A; in addition, the transaction size itself, as the direct cost of cross-border M&A, also affects the performance of cross-border M&A in a significantly negative way. However, the results do not directly prove that cultural distance has a significant positive or negative effect on the performance of cross-border M&A.On top of the above empirical analysis, the paper selects the specific company case of Tencent's acquisition of Supercell, and further analyzes and verifies the empirical results from a microscopic perspective.