本研究主要應用縱橫資料分析來探討中國在美上市企業併購情形，主要挑選服務業為研究對象，並採用 Breusch-Pagan LM 檢定與Hausman檢定，選取最合適的實證方法。研究年份為2005年至2014年。實證結果發現，當外商直接投資(FDI)分解為綠地投資和併購活動次數後，服務業的種類對於中國在美企業的財務績效有顯著的正向影響。這意味著不同的服務業類別都有各自不同的特點。此外，研究結果顯示綠地投資可能不會對個別公司產生影響。然而，在高度多元性的服務業中，併購活動的數量對企業績效產生了巨大的負向影響。 最後，美國服務業增加值與服務業企業財務業績之間的關係顯著為正。這結果也意味著人們需要一個富有價值的服務，而並非一個大規模生產出來的服務。

This study uses panel data to investigate the determinants of merger and acquisition activities of Chinese IPO service companies’ performance during the period from 2005 to 2014 in the U.S., using the Breusch-Pagan LM test and the Hausman test to select the most appropriate empirical method. The empirical results reveal that after FDI disaggregated into greenfield investment and number of M&A activities, category of service sector has a significantly positive impact on the financial performance of Chinese service companies. It implies that the service sector has too many different characteristics from categories to categories. Moreover, this study shows that greenfield investment may not have an effect on individual companies. Yet with high variability in service industry, the number of the M&A activities has a robust negative effect on firms’ performance. Finally, the relationship between service value added in the U.S. and service industry firm’s financial performance is significantly positive. That represents people want a delicately valuable service rather than a mass production from a big brand.

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