距离、战略动机与中国企业跨国并购成败——基于制度和跳板理论  

Distance, Strategic Motivation, and the Completion of Chinese Cross-border Acquisitions: A View from Institutional Theory and the Springboard Perspective

作　　者：贾镜渝 李文[2] Jia Jingyu Li Wen(Chongqing Technology and Business University Zhejiang University)

机构地区：[1]重庆工商大学商务策划学院 [2]浙江大学管理学院

出　　处：《南开管理评论》2016年第6期122-132,共11页Nankai Business Review

基　　金：国家自然科学基金项目(71372054);国家自然科学基金项目(71572174)资助

摘　　要：海外并购是中国企业提升能力的重要方式之一。近年来并购数量增长迅猛,失败率却高达49%。什么因素影响了中国企业跨国并购的成败?本文试图结合制度理论与跳板理论来回答这个问题。通过汤姆森数据库19 78-2 014年中国海外并购的数据,本文探讨了在中国情境下,正式制度距离和知识距离对并购成功率的影响,及战略动机的调节作用。结果表明,不同类型的距离对并购成败的影响具有差异:正式制度距离显著降低并购成功率,而知识距离却能提升并购成功率;同时,由于受到政府的管制,自然资源寻求型动机显著增强正式制度距离对并购成功率的负向作用,但受企业吸收能力地限制,中国企业无法完全吸收并购获取的先进技术。因此,技术寻求型动机显著削弱了知识距离对并购成功率的正向作用。本文的研究结果不仅有助于深入理解影响中国企业跨国并购成败的因素,还为管理层以及政府提供了有益的借鉴。Cross-border mergers and acquisitions constitute one of the most important ways to upgrade Chinese multinational firms＇ capabilities. Over the recent years, the number of Chinese cross-border acquisitions has sharply increased but 49% of them still failed. Thus, what factors determine the success （in terms of the completion of the acquisition transaction） of Chinese multi- nationals＇ overseas mergers and acquisitions？ In this study, we address this question. First of all, we integrate Institutional Theory and the Springboard Perspective to give a comprehensive logic to our hypotheses. Then, by using Chinese cross-border merger and acquisition data from 1978 to 2014, we test the influence of formal institutional distance and knowledge distance on the likelihood of the completion of cross-border acquisitions and the moderating role of firms＇ strategic motivations in the Chinese context. We find that different distances have different influence on the likelihood of completion of cross-border mergers and acquisitions. More spe- cifically, formal institutional distance has a negative effect on the likelihood of completion of cross-border mergers and acquisitions, whereas knowledge distance has a positive effect. In addition, due to the strict constraints on natural resources imposed by the host country government, we find that the negative effect of formal in- stitutional distance on the likelihood of completion of cross-border mergers and acquisitions is much stronger for firms with a natural resources/seeking motivation, while the positive effect of knowl- edge distance on the likelihood of completion of cross-border merg- ers and acquisitions is much weaker for firms that are involved in technology-seeking acquisitions. This is because they have not yet accumulated enough absorptive capabilities to accommodate high technology from advanced countries and are hence not well-pre- pared for transferring technology and reaping the full benefits from high-tech acquisitions. Based on the above results, this st

关 键 词：并购成败 知识距离 战略动机 制度距离 发展中国家 

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