文化距离对中国企业跨国并购所有权安排影响研究——基于地理距离调节作用  

The Impacts of Cultural Distance on Chinese Enterprises' Ownership Arrangements in Cross Border Mergers and Acquisitions——The Moderating Effect of Geographic Distance

作　　者：郭健全[1] 谢新新[1] 

机构地区：[1]上海理工大学管理学院,上海200093

出　　处：《哈尔滨商业大学学报（社会科学版）》2015年第2期55-62,共8页Journal of Harbin University of Commerce:Social Science Edition

基　　金：上海市教育委员会重点学科(第五期)项目(J50504)

摘　　要：选取了2005—2012年间我国企业发生的426起跨国并购事件,运用二项Logit模型,分析文化距离对我国企业跨国并购所有权安排的影响,并在此基础上,探讨地理距离对二者关系的调节作用。结果表明:文化距离越大,企业在跨国并购中越倾向于全资进入模式;地理距离越大,企业越倾向于合资进入模式;并且,地理距离对文化距离和企业所有权安排关系起到一定的调节作用。This paper tests the influence of cultural distance on enterprises＇ ownership arrangements and the moderating effect of geographic distance on their relationship. The sample consisted of 426 cross border Mergers arid Acquisitions of Chinese enterprises from 2005 to 2012. And empirical test were run using a binomial logit model. The result shows： enterprises are more inclined to full ownership when cultural distance is large and more inclined to shared ownership when geographic distance is large. In addition, geographic distance can moderates the relationship between cul- tural distance and enterprises＇ ownership arrangements in cross border Mergers and Acquisitions.

关 键 词：文化距离 所有权安排 地理距离 跨国并购 

分 类 号：F272[经济管理—企业管理] F276.4[经济管理—国民经济]