经验与中国企业跨国并购成败——基于非相关经验与政府因素的调节作用  

Experience and Success of Chinese Cross-border Acquisitions: Moderating Role of Non-related Experience and Government Factors

作　　者：贾镜渝 李文[2] 

机构地区：[1]对外经济贸易大学国际经济贸易学院 [2]浙江大学管理学院

出　　处：《世界经济研究》2015年第8期48-58,128,共11页World Economy Studies

基　　金：国家自然科学基金资助项目"中国制造业企业对外直接投资进入模式与区位选择的影响机制研究:基于LLL理论视角的整合性分析框架"(项目批准号:71372054)的资助

摘　　要：截至2010年,中国海外并购已占对外投资总额的41.2%,但失败率却高达49%。其中,经验与政府扮演着重要角色。文章以中国企业527个海外收购案例为样本,探讨了发展中国家背景下,相关经验如何影响跨国并购成败以及非相关经验、国有股权和政府层级对其的调节作用。研究发现:在发展中国家背景下,相关经验与跨国并购成功率呈"正U型"关系;在非相关经验较少的企业组,相关经验对并购成功率的负面影响更为显著;与国有企业相比,民营企业组并购成功与否更依赖经验;在政府层级方面,中央企业比地方国有企业受相关经验的负面影响更明显。实证结果表明,在发展中国家,积累相关经验对并购成败有着重要意义,然而其作用大小受到非相关经验、国有股权以及政府层级的限制;同时,国有股权和国有企业的层级高低也会对并购绩效产生不同影响。因此,我们应重视区分不同经验以及政府影响企业国际化绩效的不同机制,这对中国企业成功实施跨国并购具有实践指导意义。While Cross-border acquisitions by Chinese firms account for 41. 2 percent of the total value of Chinese Outward Foreign Direct Investment by the year 2010,as high as 49 percent of them have failed. Experience and government played important roles.Based on a sample of 527 observations of Chinese overseas acquisitions,we studied how related experience influence the success of Chinese overseas acquisitions and how this relationship is moderated by non-related experience,ownership type and government affiliation in developing economy context. Our empirical results suggest that it is important to distinguish different types of experiences and different mechanisms of government factors,which has practical significance for the successful implementation of crossborder acquisitions of Chinese enterprises.

关 键 词：经验 国有股权 政府层级 跨国并购 

分 类 号：F271[经济管理—企业管理] F279.2[经济管理—国民经济]