决策理性、准入合法性与我国企业跨国竞购困境  

Decision Rationality,Access Legitimacy and Deadlock of Pre-acquisition of Cross-border for Chinese Enterprises

作　　者：朱华[1] 

机构地区：[1]东北财经大学萨里国际学院

出　　处：《财经科学》2017年第3期75-87,共13页Finance & Economics

基　　金：辽宁省高等学校杰出青年学者成长计划"中国企业‘安全高效’对外直接投资的影响因素及实现路径"(WJQ2014039);国家自然科学基金"进入壁垒与投资风险的识别及对逆向投资的影响机理"(71373037);教育部人文社会科学重点研究基地重大项目"我国战略性新兴产业全球网络布局及其投资策略研究"(13JJD790002)的阶段性成果

摘　　要：本文通过对2005-2014年中国企业的729项海外竞购案进行匹配,揭示了我国企业的跨国竞购决策合理性问题以及东道国准入合法性对前竞购绩效的影响。结果发现,东道国政治风险和制度差异等因素并未对企业竞购规模决策产生显著影响,而企业规模、投资经验和所有制性质等企业特定优势是影响竞购决策的主要影响因素。上述实证结果表明,东道国准入合法性是中国企业竞购失败的原因,但其并没有引起竞购方决策者的充分重视。The paper explores the effects of the rationality of the acquirers and the legitimacy of access to host coun- tries on the pre-acquisition performance by matching 729 cross-border M＆A deals undertaken by Chinese enterprises during 2005-2014 periods. The results reveal that both political and institutional risks are not significant factors that de- termine the decisions of M＆A scale and that what really matter are the firm- specific advantages like the size of the f＇Lrm, experience in host country and whether they are state-owned enterprises. The so called ＂risk paradox＂, is just trade-off between the location factor of host countries and the heterogeneous factors of firms, in which case micro situ- ation is considered as priority to macro environment. As to the legitimate barrier of host countries, the supervision on specific M＆A cases by government will increase the odds of failure of Chinese firms and that the deep reason lies in the difference of the formal institutions between home and host countries. The above results jointly indicate that access legitimacy leads to the failures of the realization of cross-border M＆A by Chinese firms, which is attached of little im- portance by the decision makers.

关 键 词：跨国竞购 风险悖论 准入合法性 外来者劣势 

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