Abstract：Based on performance feedback theory and institutional theory, 355 firms listed on the Shanghai and Shenzhen Stock Exchanges A-share that conducted cross-border M&A in 2016-2018 are used to explore the effects of historical performance expectation gap and industry performance expectation gap on the entry mode of cross-border M&A of Chinese firms and further test the moderating effect of institutional differences. The findings show that,（i）The larger the performance expectation gap, the more Chinese firms tend to adopt the wholly-owned M&A entry mode to enter overseas markets;（ii）Institutional differences have a negative moderating effect on the positive relationship between performance expectation gap and firms’ choice of the sole proprietorship entry mode of cross-border M&A.
吴小节， 陈小梅， 汪秀琼， 王雪丽. 绩效期望差距对中国企业跨国并购进入模式的影响研究[J]. 管理学报, 2021, 18(4): 502-.
WU Xiaojie，CHEN Xiaomei，WANG Xiuqiong，WANG Xueli. A Study on the Influence of Performance Expectation Gap on the Entry Mode of Cross-Border M&A of Chinese Firms. Chinese Journal of Management, 2021, 18(4): 502-.
