跨国并购股权选择:述评与展望  

Ownership Choices in Cross-Border Mergers and Acquisitions:A Review and Future Research Directions

作　　者：张明 蓝海林[1] 黄嫚丽[1] Ming Zhang;Hailin Lan;Manli Huang(School of Business Administration,South China University of Technology)

机构地区：[1]华南理工大学工商管理学院

出　　处：《管理学季刊》2019年第3期112-137,144,共27页Quarterly Journal of Management

基　　金：教育部哲学社会科学研究重大课题攻关项目“中国制造业转型升级战略研究”(15JZD020);教育部人文社会科学研究青年基金项目“中国制造企业逆向跨国并购的母国嵌入;脱嵌与再嵌入研究”(19YJCZH062)资助;国家自然科学基金面上项目“中国企业跨国并购的制度复杂性与组织战略反应:动态演化、作用机制及其策略有效性研究”(71872053);国家社会科学基金一般项目“全球价值链重构视角下中国制造企业跨国并购后的控制策略研究”(18BGL024)

摘　　要：国际商务研究对跨国并购中的关键决策,如“为什么买”“去哪买”“怎么买”,已经进行了长久且有效的探索。然而,却对“买多少”这一重要决策仍然缺乏全面且系统的梳理。本文对过去15年(2004~2018年)国内外59篇跨国并购股权选择文献展开了系统的回顾。具体而言,主要包括如下三个环环相扣且层层递进的重要部分。第一,“俯瞰森林”部分,从整体上对现有研究的基本特征(期刊分布和常用理论)和研究方法(包括但不限于统计方法和度量方法)进行简要概括,为研究者形成一个宏观的认识;第二,“细究树木”部分,运用已有六种理论解释对现有研究进行详细的归纳和总结,同时提出研究不足和识别新的进展;第三,“植树造林”部分,基于上述两个部分,形成一个系统的研究框架,并根植于此指出未来的研究方向。通过上述努力,我们希望能够让研究者了解过去、认清现在和展望未来,更为重要的是,希冀对中国方兴未艾的跨国并购实践提供有益的启示。International business research has long explored the key decisions in cross-border mergers and acquisitions(CBM&A),such as"why to buy",44where to buy",and"how to buy".However,we know little about the important decision of"how much to buy".This paper makes a systematic review of 59 Chinese and international journal articles on equity strategies of CBM&A in the past 15 years(2004-2018).The paper is organized into three parts.First,the woverlooking the forest"part briefly summarizes the basic characteristics(e.g.,journal distribution and major contributors/authors)and research methods(e.g.,statistical methods and measurement methods)of the existing studies as a whole.Second,in the part of 4<studying trees in detail",the paper makes a detailed summary of the existing research from the perspective of six theoretical explanations,and identifies research gaps.Third,the"afforestation"part develops a systematic research framework and points out future research directions.This paper makes three contributions.First,this paper is one of the first literature reviews on the ownership choice of CBM&A.Second,it complements and improves the research framework of ownership choice of CBM&A by Chari and Chang(2009)from three aspects:home country,decision-maker,and M&A motivation.Finally,we propose several future research directions regarding the theory of application,the acquiring party,the merged party,the distance between the acquiring party and the merged party,the results of ownership choice,and the research methods.

关 键 词：跨国并购 股权选择 文献回顾 

分 类 号：F27[经济管理—企业管理]