中国企业并购经验与跨国并购股权的关系研究  

Merger and Acquisition Experiences and Ownership Decisions of Cross-Border Merger and Acquisition in Chinese Firms

作　　者：黄嫚丽[1,2] 张慧如[1,2] 刘朔[1,2] 

机构地区：[1]华南理工大学工商管理学院 [2]华南理工大学中国企业战略管理研究中心

出　　处：《管理学报》2017年第8期1134-1142,共9页Chinese Journal of Management

基　　金：教育部哲学社会科学重大课题攻关资助项目(15JZD020);中央高校基本科研业务费专项资金资助项目(2015ZDXM02);广东省自然科学基金资助项目(2014a030313268);广东省软科学研究计划资助项目(2016A070705022)

摘　　要：基于中国企业跨国并购事件的二手数据,探讨并购经验对中国企业跨国并购股权比例决策的影响,并研究文化距离与研发能力对两者关系的调节作用。实证研究发现:作为一种决策经验,并购经验具有情境边界,跨国并购经验对跨国并购股权比例负相关,母国并购经验对跨国并购股权比例决策并无显著影响;文化距离越大,使得具有同样跨国并购经验的企业选择的跨国并购股权比例越低;主并企业母国研发能力对跨国并购经验与跨国并购股权比例之间的关系不产生显著影响,但在母国并购经验高的企业中,研发能力低组比能力高组的企业更倾向于选择较高的股权比例。This study investigates the affection of Merger and Acquisition（MA）experiences on the ownership of Cross-border Merger and Acquisition（CBMA）of Chinese Enterprises.In addition,it also examines the moderating effects of the cultural distance（CD）and the RD capability.Based on the second-hand data of the CBMA events of Chinese enterprises,it is found that MA experience as a type of the decision-making experience has contextual boundaries.The overseas MA experience is negatively related to the CBMA equity share ratio,while there is no significant correlation between the domestic MA experience and the CBMA equity share ratio.As CD becomes greater,enterprises with the same overseas MA experience are likely to choose lower CBMA equity share rates.The RD capability of the acquirer does not have significant moderating effect on the relationship between overseas experience and the CBMA equity rates,but regarding to those enterprises with relatively high domestic MA experience,enterprises with weaker RD capability prefer to have higher CBMA equity shares.

关 键 词：跨国并购股权 并购经验 文化距离 研发能力 

分 类 号：C93[经济管理—管理学]